When a small financial business owner looks to delegate the company's accounting department, CPAs and firms specializing in the financial services industry are usually the solution. An accountant or CPA firm is experienced in all aspects of taxation and auditing. Choosing to partner with financial accountants can save a business owner time and money.

The other choice you must make is whether you want to partner with a general accounting firm to assist you, or a specialized one. Ideally, picking a finance accounting firm that specializes in the financial industry is the safe way to go. Such firms are familiar with the needs of the financial services industry, including forensic accounting, strategic planning, and executive compensation planning. Choosing an accounting finance firm ensures the following:

1. Your financial accountant will be familiar with what your business needs.

2. Financial CPAs can offer qualified, industry-specific suggestions so you can make the most of your revenue.

3. A financial CPA has the tools to support your specialized accounting needs.

Action Steps
The best contacts and resources to help you get it done

Decide what financial accounting services you need for your small business

Specialized accounting firms cater to your specific industry; however, the services provided by these specialized firms varies greatly. Put together a list of all your requirements. Where some financial service businesses need an accounting firm to simply prepare federal taxes and compile financial reports, others look for more complex services.

I recommend: Horne, LLP provides accounting services, including tax preparation, audits and litigation services, to a broad range of financial institutions across the Southeast. Eide Bailly is a national CPA firm that offers comprehensive, specialized services to the financial industry.

Select from financial accounting firms with a commitment to customer service

Customer service is an important area to focus on as you search for the right accounting firm to partner with. You should choose a firm that offers prompt response times and knowledgeable representatives. In addition, make sure your account will get the attention it needs.

I recommend: McGladrey & Pullen, LLP, is a leading national CPA firm focused on accounting needs for midsize companies. Battelle & Battelle, LLP is another firm devoted to the needs of banks and credit unions.

Choose accounting for financial firms with the right technology

These days, technology is an important part of tracking your financial picture. When choosing a financial industry CPA, ask what they have to offer. Many firms offer everything from client portals to customized programs to manage your financial records.

I recommend: Parente Randolph has CPAs that specialize in financial services, and offers software to help you manage a broad range of financial transactions. BKD LLP lets you connect to your account online, and can help upgrade your company's financial tracking software.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  The qualifications and experience of a financial CPA usually differs from those of an accountant. Therefore, your first decision is whether you want an accountant with general knowledge or a licensed CPA.