Accountant or CPA: Who Do You Need to Hire and When?
Accounting Services Department Director, Chelsea Sheafor.
The term ‘CPA’ is one thrown around to cover a majority of financial bases within a business. But do you really know the difference between a certified, business-focused Accountant, and the software you use that *might* do the same things?
For those unsure of the differences, let’s sit down with EHTC Accounting Services Director, Chelsea Sheafor, and get the facts!
What does the EHTC Accounting Services Department do for its clients?
Chelsea Sheafor: “The goal of our Accounting Services department is to help clients achieve their financial goals by delivering financial clarity and peace of mind to their business finances. We do this by turning financial data into information that our clients can use to make business decisions.
Our Accounting Services team is able to analyze accounting procedures, identify areas for improvement, and implement solutions. We do this through the following (but not limited to) services:
Accounting System Implementation
Financial Processes and Procedures
Transaction Automation
Monthly Write-up Services
CFO & Controller Services
Financial Statement Preparation
QuickBooks Consultations
Managing costs and expenses are imperative to ensuring a company's financial goals and objectives are met. How does EHTC’s Accounting Services department accomplish this?
CS: “Our Accounting Services team works with clients to develop department-specific budgets, separating expenses and income to be correctly allocated to the different divisions of the company and establishing financial goals and targets within those departments.
Creating budgets while managing costs and expenses against those budgets enables a business to focus on the growth of the company while ensuring spending is appropriately controlled.”
Like routine oil changes or replacing your HVAC air filter, a CPA (Certified accountant) keeps up with you through an agreed-upon meeting cadence and furthering their education. Doesn’t everyone do this? How is EHTC different?
CS: The friend or colleague who can help you out in the evenings or on the weekends likely is not keeping up with tax law, best practices, and how the practice is evolving. This is likely someone who simply enjoys bookkeeping.
Additionally, these individuals are also not likely to know much about the business side of your business. It’s one thing to know what services and products you offer— it’s another to know HOW the business works and where there are opportunities for improvement.
At EHTC, we follow a Proven Process where we clearly define the scope of services, identify your team of professionals, schedule a meeting cadence, and include plans and projections to support your short- and long-term goals. Our ultimate goal is to ensure open communication while minimizing surprises and providing immense value.
Why does an accountant need to know about the future of a client’s business? What does that have to do with their taxes?
CS: When accounting is not a business owner’s primary occupation, and/or they do not possess a business development background, it is challenging to forecast how and where a business will grow. Our team is trained in both areas— sure, we ask about business finances, but we also want to know about where the business is headed. We want to know things like:
Would they like help budgeting and forecasting?
Will they be growing out of your current location?
Will they be purchasing property or a building?
Are they doing business in additional states?
Are there plans to sell their business in the near future?
Zooming out of just “the books” allows us to create a more well-rounded picture of our clients, their business, and how we can help them to achieve their full potential. If business owners wait until AFTER something big happens in the business, it could be too late and they can miss out on tax advantages. We’re here to help our clients avoid that miss!
What benefits are there to working with a department in a larger firm?
CS: EHTC is prepared to assist its clients with any question or challenge. We serve a variety of clients, in a range of industries, equipping us with the knowledge to support our clients at any stage of their journey.
We have experts in many service lines including Assurance, Valuation, Transaction Advisory, Tax… you name it! If there’s a question or challenge we cannot solve, we have the resources to help.
Furthermore, with our large network with the BDO Alliance, we have additional access to experts over-and-above the scope of services we can provide. No extra phone calls for our clients. No extra email addresses to keep track of. No separate invoices. It’s all in one family of services to ensure our clients are taken care of.
What makes EHTC the right fit?
CS: Given my experience and my team’s experience in the industry, we have a pulse on the ‘warning signs’ or ideal times for a client to come in and talk with us. Examples include:
Acquiring new business(es) and consolidating their records
Continuously paying additional fees for tax preparers to clean up historical records
Feeling surprised by your quarterly and/or year-end tax payments
Being unable to consistently provide financial reports to your financial institution
If someone is unsure about whether or not they fit into one of the scenarios, we would love to set up a call or a meeting!
Owning, operating, and/or leading a company is a challenge in of itself— our ‘why’ is to ensure our clients have the best fit for the current state of their business(es) and where they want to go. Scheduling some time with us really is the best way to determine what next steps are ahead!
To learn more about the EHTC Accounting Services Department, please visit their Services page here. To connect with Chelsea Shaefor or a member of her team, connect with them here (be sure to select ‘Accounting Services’ in the form!).
