Accounting firms Orlando are sought by many people. Some of them include employees and business owners. An Orlando accounting firm is not limited to catering to just business owners and the decision to use the services of certain firm depend on several factor. Here is a guide that will help you make the right decision.
- For Business Owners
Usually, Business owners seek services of accounting firm Orlando to look for holistic solution to their business problem. They want solutions that are not company specific but also industry specific. Accounting firm Orlando that cater specifically to business owner provide following services:
- Audit and Assurance
- Legal Services
This is the most common type of service provided to business owners. Auditing can be an arduous task especially when operations are large and spread over different countries. An accounting firm Orlando while auditing assures that financial regulations are compiled with and reported according to the IFRS standards. These services also guarantee that the company’s reporting process and its financial stability is in accordance with Sarbanes-Oxley law. The firm also conducts internal audits and assists in capital markets transactions.
Accounting firm Orlando provide consulting services that includes defining strategies regarding operational aspects of the business. This includes suggestions in areas pertaining to Organizational development, growth of revenue and sustainability.
Services of an accounting firm Orlando can be useful during business negotiations and mergers and acquisitions. They can be helpful in providing suggestions when making a business recovery deal or re-structuring. Many accounting firms also conduct financial investigation on request of their clients.
Accounting firm Orlando also provide legal services that include management of assets, providing corporate and commercial lawyers, drafting letters of employment, providing legal services in the matters of immigration, public law and real estate.
Orlando Accounting firms also provide tax services which involves compliance of financial statements with global standards. These services also include providing international tax service, conducting mergers and acquisitions, promoting effectiveness of tax accounting and ensuring transfer pricing.
- For Job Seekers
Job seekers seek accounting firms in Orlando for better job. While Orlando accounting firms provide a stable source of employment, they are also notorious to be demanding employers. While seeking employment at an accounting firm Orlando, you need a specialized degree in fields relating to finance and accountancy.
Currently there are four accounting firms operating in various countries. They are known as the ‘Big 4’ and are acclaimed to hire only the best and qualified. The names of the most sought after accounting firms in the worlds are:
- Ernst & Young
These firms are favorite choice for prospective employees as they provide an undisputable standard of living and envious life style. For several years, these firms have remained on top and audited many corporations listed in various stock-exchanges around the world. Along with generous bonuses and work incentives, the Big 4 have a defined career path progression and expose their employees to the corporate world. Many firms, while hiring for positions such as Chief Financial Officer, look forward to hire those with some experience in either of the firms.
Mergers and Acquisitions in Accounting Firms Orlando
The decision to merge or acquire can be exceptionally tricky for both parties involved. In accounting firms Orlando and otherwise, most mergers and acquisitions are destined to doom because of certain factors which are overlooked in the planning process. Nevertheless, there are several benefits and disadvantages associated with mergers and acquisitions in accounting firms Orlando, alike.
Accumulation of Resources
Not only tangible assets like equipments and furniture tend to be accumulated from both ends after a merger, but also a converging of talent and expertise occurs. Merged accounting firm Orlando tend to have wider and unique talent pool, opening the doors of opportunities for new work dimensions. Moreover, the tangible and cash resources can be used to build better workplace environment and structure. While some companies wrongfully pursue mergers for material gains, asset accumulation should be a benefit the merger should not solely seek.
More Market Share
When two companies merge, they tend to gather their clientèle on a single platform. Their accumulated market share is therefore more than the individual sum and hence they are now a more formidable foe for their competitors.
Removal of a Competitor
Mergers result in the removal of a competitor. As Orlando accounting firms decide to work together, they profit more than their respective individual efforts. Moreover, each company now has one competitor lesser to fight with.
Assessing New Markets – Diversification
If the merger takes place between accounting firm Orlando of different specializations, it gives rise to an unmatched learning opportunity. Not only can the merged company offer a variety of services becoming the one-stop solution to all accounting Orlando problems, it will give the employees a chance to learn beyond their boundaries.
There are certain aspects of accounting Orlando services which a company cannot seek from the same accounting firm Orlando. For instance, it is ordained by the law that a company cannot seek accounting Orlando consultancy services and external auditing services from the same accounting firm Orlando. This means that if a merger occurs with these conflicting specializations, it will result in reducing the customer base instead of growing it.
Confusion for Clients
Mergers often tend to create confusions regarding their individual and merged competencies. A company which originally sought assistance from one of the merged entities may not feel comfortable or safe sharing confidential information with other company’s employees. It is all the more possible for the client to get confused and seek altogether a new accounting firm Orlando for their accounting problems. This will also cause a reduction in customer base and the overall market share.
Different Orlando accounting firms offer different compensation plans for their employees. It is possible for people employed on the same designation to be compensated differently by the merging accounting firms Orlando. If this discrepancy is not addressed properly, it will readily become a source of demotivation and cause immense voluntary turnover. This attacks the accumulation of talent pool and may actually result in the loss of skilled Orlando accountants.
Clash of Civilizations
This is quite a common phenomenon with all mergers around the world. Mergers cause clash of two entirely different civilizations – their work pattern, their culture, their values and everything related to their workplace setting. Not only are new job roles confusing and time-consuming in adaption, they can give rise to innumerable work conflicts.
Unless the merger is properly planned and both parties taken into confidence regarding every detail of the new entity, it is most probably bound to fail.
If you need more information about our, Orlando accounting and tax services, please contact us at 407-344-1012. Freedomtax Accounting’s staff has been providing honest accounting services and tax services for 15 years. Our Orlando accounting and tax firm has its main offices in Kissimmee, FL. Our services are provided nationwide, but mainly in the Central Florida market to areas like Orlando, South Orlando, Kissimmee, St. Cloud, Poinciana, and Hunters Creek, FL. Our tax accountants and IRS enrolled agents (irs ea) specialize in corporate accounting and bookkeeping, tax services, tax preparation, back taxes help, tax debt relief, tax resolution, tax planning, itin numbers, incorporations, and non profit 501c3 tax exempt status applications.