Everything you need to know before hiring an Orlando accountant

What can an Orlando accountant do for local businesses?

Orlando businesses are obligated to follow state and federal tax standards, and a local accountant can organize and make sure all business receipts and licenses are up to date to avoid penalties.

Orlando accountants also aid with cash flow forecasting and preparation for the off-season in tourism-heavy months.

Within their advisory role, these specialists help with entity selection, i.e., determining whether to form an LLC, S-Corp, or C-Corp based on Florida’s tax advantages.

If an entity is looking to sell the business or buy out a partner in the Orlando metro area, they also support activities related to business valuation.

Many accounting firms in Orlando are QuickBooks ProAdvisors, and as such, can set up automated systems that sync with bank and point-of-sale (POS) systems.

What kind of ROI can I expect from hiring a professional CPA?

In the context of accounting, return on investment (ROI) is determined based on the tax savings, reduced penalties, improved cash flow, and the monetary value of time regained.

Rather than just filing, Orlando accounting companies can help identify missed deductions and set up businesses for greater tax efficiency.

For example, if a business spends $5,000 annually on an accountant and they uncover $15,000 in missed deductions or tax savings, the ROI is a $10,000 net gain.

The advantage is especially visible across small businesses, as having an accounting firm on board means registering 3x to 4x ROI in the first year.

Beyond this, proactive tax planning can reduce tax liabilities by 5% to 25%. In some cases, specialized tax planning can save companies tens of thousands of dollars.

There’s also the significant decrease in errors. Namely, professional CPAs can offer up to a 230% ROI simply by reducing errors that lead to costly tax penalties.

In addition to all this, business owners can gain 5 to 10+ hours monthly by outsourcing bookkeeping, which can be allocated for other revenue-generating activities.

What factors should I consider before hiring an accountant in Orlando?

Consider the following things before you hire an Orlando accountant:

1. Define the service range
   Determine if you need basic tax preparation, or a firm that offers end-to-end services like bookkeeping, payroll management, fractional CFO services, and business valuation.
2. Inquire about the staff's licensing
   Ask if everyone on the team is a licensed certified public accountant or enrolled agents (EAs) who are qualified to represent you before the IRS.
3. Read reviews and referrals
   Check third-party reviews on Google, DesignRush, and Yelp, and ask for references from clients in similar industries.
4. Discuss regional financial opportunities
   A firm with experience in Orlando is more than familiar with the local business regulations and can help you tap into tax incentives and other financial alleviating opportunities.
5. Assess their technical proficiency
   Ask about their use of modern accounting tools, such as QuickBooks Online, secure client portals, and cloud-based systems for real-time reporting.
6. Consider the advantage of proactive tax planning over reactive tax planning
   Proactive planning considers strategies like tax-loss harvesting, income deferral, and income splitting that are unavailable once the tax year closes.
7. Consider the cultural fit
   Choose a firm with which you feel comfortable, as they will be handling sensitive financial data.

How can I find the best local specialist on DesignRush that fits my budget?

To help you find a local Orlando accountant that will meet your criteria, we’ve prepared a list of providers within different price points.

For easier browsing, explore our filters for hourly rate, service type, team size, location, and more.

What questions should I ask an Orlando accountant before hiring one?

Before hiring an accounting firm in Orlando, ask some of the following questions to determine if the candidate is a good fit:

Relevant Background

1. How long have you been into business?
2. What certifications does the team possess?
3. Can you provide references from current, similar-sized clients?

Services and Processes

1. What services does your full-range portfolio cover?
2. What services are included in your base fee, and what is extra?
3. Can you walk me through your tax planning tactic?
4. What accounting software do you work with?
5. What is your philosophy on tax liability?

Related to Your Project

1. What are the common financial mistakes you see businesses like mine make?
2. Who at the firm will take care of our tax work? Who will be the regular point of contact?
3. Could you represent us in an audit?
4. How will you keep my data secure?

Sources

DesignRush sustains a directory of over 40,000 agencies categorized by service category, location, expertise, and reviews. We build our database in two ways:

• Our dedicated team of agency experts actively searches the web for top-performing companies. We then pull information from their websites, online presence, and client testimonials to verify their status and qualifications prior to listing.
• The agencies listed get notified of their profiles on the website and they can choose to claim it or not, which suggests their availability for more collaborations.

Agencies can also reach out to DesignRush and must go through the verification process prior to being listed.