What Makes Accounting Firms in Orlando Unique?

Known around the world for Disney World and other attractions, Orlando is showing a steady business growth that goes beyond the tourism and entertainment industry.

Consistently ranked among the best economies in the US (fifth place), Orlando attracts a constant influx of the best accounting experts in the country.

Accounting firms in Orlando offer standard services similar to their US-based peers, however, they stand out in these three aspects:

1. Top-Tier Talent From Across the US

Behind the scenes of its scenic beaches, amusement parks and film studios is a dynamic and diversified economy that has expanded enormously in the last decade. Orlando also enjoys significant educational opportunities and more than welcoming living conditions.

Orlando is home to the University of Central Florida, the largest university by enrollment in the U.S.

Boasting a multitude of faculty programs, from health and political science to marketing and accounting, this institution attracts high-end talent from all over the nation.

Secondly, with a relatively high average salary and job market growth predicted to be 51% in the next decade, Orlando ranks among the top 25 best cities in the US for business and careers.

Last but not least, the cost of living in Orlando is 5% below the national average. Combined with the fact that it’s located in Florida, which means it doesn’t impose an income tax, it’s no wonder why the city became an attractive destination for aspiring young talent and qualified professionals alike - including accountants.

2. A Major Entertainment Hub

As mentioned, Orlando is famed for its world-renowned theme parks and entertainment attractions, including:

  • Walt Disney World
  • Epcot
  • ICON Orlando
  • Universal Studios
  • Volcano Bay
  • Sea World

Such an animated environment easily shifts to the business world as well and by extension, to accounting firms in Orlando.

3. Home To Several Emerging Industries

Orlando is home to a number of companies in growing industries, such as:

  • Life sciences and healthcare
  • Fintech
  • Innovative technologies
  • Biotechnology and pharmaceuticals
  • Autonomous vehicles
  • Digital media
  • Medical technology
  • Aerospace & defense
  • Aviation
  • Advanced manufacturing

Accounting firms in Orlando have gained a deep understanding of the local business ecosystem and in-depth expertise in these dominant sectors.

Accounting firms in Orlando
Orlando ranks among the top 25 best cities in the US for business and careers

What Do Accountants in Orlando, FL Do?

Orlando accountants are at their best when working for the locally dominant industries.

All accounting firms in Florida offer plenty of services that help business owners stay financially ahead of the curve and prepare for business growth. While most Orlando accountants offer bookkeeping and payroll services, some specialize in services such as tax strategy, audits and business consulting/finance valuation.

Generally, accounting firms in Orlando offer services like:

  • Tax planning and preparation: CPA-enabled firms prepare both state and federal corporate tax returns, year-end business documents and more. They are also able to represent client companies regarding notices, information requests and/or audits from the IRS.
  • Operational bookkeeping and payroll: Orlando accounting firms can assist you with many daily operations that are the backbone of your business including managing and maintaining accurate cash flow records, profit and loss statements, payroll and more.
  • Business development and valuation: Accounting firms in Orlando can be invaluable when creating valuation reports. This is a necessary step when a business seeks a loan and/or funding from private investors, preparing merges and/or purchases and more since every transaction needs to be legitimately and accurately valued and recorded
  • Financial advisory and consulting service: Financial consultancy is basically giving a client a broader analysis of their finances. Accountants in Orlando, FL can break down different aspects of your financial operations, including assets, expenses/income and can help in creating a sound financial plan to reach the desired goal.

Many accounting firms in Orlando branched out to create divisions dedicated to specific types of accounting:

  • Full-service accounting firms
  • Tax firms
  • Audit firms
  • Bookkeeping firms

It’s important to emphasize that all of these (with the exception of bookkeeping) are considered Certified Public Accountant firms, which means that they are licensed in the state in which they operate.

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How Much Do Accounting Firms in Orlando Charge For Their Services?

Typically, accounting firms in Orlando may bill their services by the hour. Determining the exact cost for their services can be difficult, as rates largely depend on your accounting needs, e.g., the type of service.

Your typical hourly rate may range anywhere from $25 and $49 to $300 per hour, but, as noted, the price varies on the type of work, accounting firm’s reputation, its size, and most importantly, its level of experience and expertise. Bookkeeping, for instance, costs significantly less.

Each accounting firm in Orlando may have individual pricing structures, with some basing their cost on client’s revenue, or they can offer a flat rate followed by variable cost.

With the exception of audits, flat fees are uncommon as they’re typical for recurring or predictable accounting projects.

Why Should You Hire Accountants in Orlando, FL?

According to the Bureau of Labor Statistics (BLS), in May 2020, the state of Florida was home to the fourth-highest number of accountants and auditors.

Having in mind the high level of competition within the industry, the quality of services that Orlando accountants provide is top-notch. Here are some of the top reasons why you need to work with one of the accounting firms in Orlando:

  • Top-rated talent pool: Orlando is one of the best destinations for top-tier accountants from across the nation. The abundance of high education opportunities coupled with a favorable cost of living result in highly-educated and skillful professionals that offers globally competitive accounting services.
  • Local industry experience: Working in such a competitive and forward-thinking business environment, accounting firms in Orlando gained a deep knowledge of the market and dominant industries. They are best equipped to provide quality services and offer industry insights to help you outperform your competitors.
  • Services at market rates: Orlando has a rather affordable cost of living compared to other big cities on the East Coast. This means that accountants in the area may offer the same quality of services at more accessible hourly rates.

How To Choose the Best Orlando Accountant Among Other Providers

When choosing your ideal accounting partner in Orlando, follow these steps:

1. Focus On the Core Service You Need

Depending on your business needs and goals, look into the accounting firm’s basic set of services to make sure they can deliver on what you require and choose the exact type of accounting service best suited for you.

2. Evaluate Accounting Firm’s Industry Expertise and Experience

See what clients have already worked with the prospective accounting firm to learn whether they have experience in your niche. If they claim expertise in your specific industry, you would naturally gravitate towards experts that have experience with projects similar to your own as they are more likely to deliver a winning approach.

Take the time to read through accounting firms’ client reviews to get a clear understanding of their previous work and the results they have achieved.

3. Learn About the Team in Charge of Your Project

Always try to figure out which accounting specialists will work on your project, learn about how qualified they are and if they dealt with similar business accounts before.

Although partnering with accountants in Orlando, FL means you’ll be working with a team of experts, you should always try to learn more about the said team.

4. Learn About Their Approach and Reporting Process

You need to ensure every Orlando accountant you choose takes a personalized approach based on your unique needs.

No matter how professional the firm may be or how many top-tiered experts they work with, if the initial communication is lacking, if they don’t take the time to understand your business and goals, they will also fail to bring proper solutions to the table.

An ideal accounting partner should regularly keep you updated on your business’ accounts. Learn about their reporting process and if they have a proper channel in place for effective day-to-day communication.

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10 Questions To Ask Accounting Firms in Orlando Before Hiring One

Before deciding to hire one of the accounting firms in Orlando, you should try to gather as much information as possible about their methods, approach, expertise and quality of their work.

Ask them these questions:

  1. How long have you been in business and what accounting services do you provide?
  2. Do you have the right qualifications and CPA certificates?
  3. What is your pricing structure?
  4. Have you worked with clients in our industry/niche before and what challenges specific to our industry concern you most?
  5. Will my account be handled by a single person or a dedicated team and how do you communicate with your clients?
  6. Can you provide feedback on my current accounting system and which (if any) accounting programs or systems do they recommend?
  7. Are you a cloud-based firm or a paper firm?
  8. What steps will/can you take to prepare my business for tax season?
  9. What tax software do you use to prepare returns?
  10. Does your fee prepare my tax return include tax advice throughout the year?

Accounting Firms In Orlando Takeaways

Accounting firms in Orlando are among the most skilled and experienced in the USA because of their unique, local industry-backed knowledge.

They can help you infuse the latest financial strategies into your business, especially when it comes to organizing and managing accounts, tax preparation, bookkeeping, payroll processing and more.

What set accountants from Orlando, FL apart from their peers across the nation are the following:

  • Orlando attracts top-rated talent
  • The city is a major entertainment center
  • They work with innovative industries
  • Local market/industry experience

They tend to be most competent when working for the locally dominant sectors such as:

  • Life sciences and healthcare
  • Fintech
  • Innovative technologies
  • Biotechnology and pharmaceuticals
  • Autonomous vehicles
  • Digital media
  • Medical technology
  • Aerospace & defense
  • Aviation
  • Advanced manufacturing

Most accounting firms in Dallas have an average hourly rate between $25 and $49, or $100 and $300, depending on the type of service you require.

Best of luck!

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