For many entrepreneurs and SMEs, the task of managing one’s financial processes can be overwhelming. As many individuals do not come from accounting or finance backgrounds, working with an experienced CPA firm can help you take the confusion and complexity out of running a business and allow you to focus on innovation, vision, and leadership.
But what exactly is a CPA firm? How can a CPA firm benefit your business? In this article, we look to answer those questions and provide professional advice on how entrepreneurs and SMEs can utilize these parties to build better businesses.
What is a CPA Firm?
CPA firm is short for Certified Public Accountant Firm. CPA firms that are licensed in their local jurisdiction in which they operate to perform professional accounting related services – in Hong Kong, CPA firms are eligible to perform statutory audits in Hong Kong.
A typical CPA firm will consist of trained and certified professionals with varying levels of expertise. These can range from the general staff accountants who handle day-to-day accounting operations for companies, as well as veteran accounting professionals who are qualified to offer expert advice to owners and shareholders.
What does a CPA Firm offer?
Partnering with a CPA firm is a cost effective way to obtain and utilize professional accounting knowledge without having to invest in an entire department. Hong Kong CPA firms will typically offer the following services that businesses of all sizes can take advantage of:
- Accounting, Audit and Tax
The suite of services that CPA firms offer can be utilized by businesses of all sizes and from every industry. These can range from daily bookkeeping, performing statutory audits, and filing tax returns. Given that many individuals often do not have these skill sets or in-depth knowledge of Hong Kong’s various obligations, engaging these services can help a business increase their bottom line and avoid any potential instances of non-compliance.
An experienced CPA firm can also help companies with their payroll services. By taking the payroll duties outside the office, a CPA firm can help you save time and money while simplifying the payroll process with consistent payouts and tax processing for all employees.
The best CPA firms will utilize the latest technology and software to perform their services. Traditionally, CPA firms would utilize manual based processes which are often associated with inefficiency and can give rise to manual-errors. Cloud-based accounting platforms like Xero, improve on traditional processes by letting its users manage their company’s finances anytime, anywhere and on any device.
The best CPA firms are those that can leverage these cloud-based solutions to provide value-adding services to their clients. As a Xero Certified Advisor and Xero Platinum Partner, the FastLane Group is not only able to help clients implement these solutions, but can provide our accounting, tax and audit related services through the platform. This makes CPA firms like FastLane better able to serve our clients ever changing needs in a constantly developing business environment.
What are the Benefits of Using a CPA Firm for My Business?
An experienced CPA firm that has a proven track record with other companies can help your company grow and scale with confidence. Trying to build a business without the expertise of a financial expert can put you and your business in a potential position of non-compliance. Whether you are looking to save money on tax preparation or stay above-board on the financial side of your business, a CPA firm can come alongside your business and boost your effectiveness – while allowing you and your team to focus on what you are truly passionate about.
How FastLane Can Help
The FastLane Group is a licensed Hong Kong CPA firm. With our team of qualified professionals, we can assist clients in their audit and taxation. Whether you need help preparing your financial statements, tax calculations or communicating with the IRD, please contact the FastLane Group!