Everything You Need to Know Before Hiring Accounting Firms Raleigh, NC

Why outsource your accounting needs to a professional?

Outsourcing to a Raleigh accounting firm can give you greater control over financial performance by improving record accuracy, strengthening reporting, and freeing leadership time to focus on growth.

Moreover, these firms often bring experience with your industry (e.g., grant accounting and venture-backed startups) and North Carolina requirements (e.g., NC Department of Revenue Filings). As such, they can help you avoid common pitfalls, help you achieve compliance, and increase visibility into your financial health.

Additional benefits of outsourced accounting services include access to specialized expertise, stronger controls that reduce fraud and error risk, and the ability to scale support during peak periods (e.g., tax season or rapid growth).

According to industry data, these are the top reasons why businesses leverage outsourced accounting service:

• Free up internal bandwidth: 65%
• Improve financial accuracy: 63%
• Scale operations faster: 60%
• Access better technology: 51%
• Stay compliant: 48%

When should you hire an accountant in Raleigh?

Consider hiring a Raleigh accountant if you:

• Have a new business formation and need to set up a legal identity (e.g., sole proprietorship, LLC, corporation), tax registration, and accounting systems.
• Grow or change operations, such as new locations, multi-state activity, loans, and franchising.
• Plan a major transaction, such as a business valuation, sale, or merger and acquisition.
• Fall behind in the books or lack clear financial reporting.
• Face tax or audit pressure, including filings, notices, or IRS representation.
• Operate in a highly regulated sector and need stronger compliance and controls.

When hiring for an accounting firm in Raleigh, it’s best to do it during the slow seasons, such as May to August and September to October.

This way, you have more time and choices to select the right accountant that aligns with your goals and needs. You also avoid potentially higher fees that come with peak seasons.

What questions should you ask before hiring?

Ask these questions before hiring an accountant in Raleigh, North Carolina, to verify that they have the proper accreditation and expertise to meet your needs:

Relevant Background

1. What is your experience in my industry and business structure? Can you provide case studies and client references?
2. Are you working or representing any of our competitors? If so, how do you approach conflicts of interest?
3. How big is your firm, and how do you scale your services?
4. Can you do tax filing and represent clients during IRS audits?

Services and Processes

1. What accounting software do you use?
2. What is your approach to tax planning, especially for minimizing liabilities?
3. How do you handle an error from a previous tax filing or record-keeping?
4. How do you keep your clients’ financial records secure?

Related to Your Project

1. Who will be working on our account? What are their credentials?
2. What is your expected turnaround time for our project, and what are your rates?
3. Can you suggest strategies to improve our financial growth?

What should you look for in a Raleigh accounting firm?

When looking for a Raleigh accounting firm, prioritize those with a proven track record in your industry, location, and business type. Look for these factors:

• Comprehensive services. Beyond bookkeeping and accounting, choose Raleigh accountants with auditing, analysis, and advisory services for more holistic and proactive financial strategies that can scale with your growth.
• Case studies and verifiable client references in your industry and business type, showing that they have the practical experience in serving your business.
• North Carolina Certified Public Accountant licenses for accountants and registration for firms.
• Preparer Taxpayer Identification Number (PTIN), which is required by the IRS for tax filing and audit representation
• Positive client reviews that highlight its professionalism, reliability, responsiveness, and ability to stay within budget and deadline.

What processes do these firms typically follow?

Accounting firms in Raleigh, NC, follow the standard accounting cycle to ensure data accuracy, consistency, and efficiency. It typically involves the following steps:

1. Identify transactions: Collecting and organizing all financial activity within the cycle period, such as sales, refunds, invoices, receipts, utility bills, and employee salaries.
2. Record entries in a journal: Chronologically inputting each transaction using the double-entry method (credit and debit).
3. Post to ledger: Recording the data into the general ledger and classifying it by account, such as assets, liabilities, revenue, expenses, and equity.
4. Run an unadjusted trial balance: Computing all recorded financial transactions to confirm that the total debits equal total credits.
5. Analyze worksheet: Reviewing the data to determine the reason for the imbalance, such as accruals, deferrals, reclassifications, and variances from previous periods.
6. Adjust journal entries: Correcting erroneous entries and updating the ledger to ensure that debit and credit reflect the same total.
7. Prepare financial statements: Compiling the financial information into the required reports, including the Statement of Comprehensive Income and Statement of Cash Flows, and management KPIs.
8. Close the books: Closing temporary or nominal accounts (e.g., income, expense, and withdrawal accounts) to prepare for the next accounting cycle.

Why People Trust DesignRush

Rated 4.8 on Google and 4.7 on Trustpilot, DesignRush Agency Directory is a reliable resource for finding the best Raleigh accounting firm. We owe this to our executive selection team, which follows a strict screening process when featuring agencies on the platform, assessing key performance indicators, like portfolio, client reviews, and industry reputation.

Learn more about DesignRush Agency Ranking Methodology.

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.