Looking to hire a Certified Public Accountant (CPA) firm for your small business? Going the CPA way might actually make sense over hiring just any accountant. The problem is, how do you know which is the right CPA firm for you? Here are some of the factors to consider while selecting a small business CPA firm.1. Does the firm specialize in serving small businesses like yours?
A CPA firm specialized in serving small businesses is likely to understand and address the challenges unique to small businesses more effectively than one that is not. Also, it is likely to be efficient and agile in serving your needs as its services, processes and operations are built to cater to small businesses.2. Does the firm have any client(s) in your industry?
A CPA firm specializing in serving small businesses in your industry is likely to be more familiar with the accounting principles and tax laws specific to your industry than a CPA that serves clients in any and all industries. This industry experience makes it an effective and informed business advisor for better business decision-making.3. Does the firm offer all the CPA services you currently need or will need in the near future?
As your business grows, you will need a CPA firm that provides more than just accounting, tax, payroll and bookkeeping services. You will need a firm that can also be your business consultant, part-time CFO and a personal financial planner. Hire one that is a good fit for your present needs but also has the capacity to serve you as you expand.4. Does the firm have expertise in areas relevant to your needs?
Understand your needs first before seeking a solution. For example, if your internal staff handles your accounting and bookkeeping but you need an outside help for certain types of taxes, then hire a CPA firm that is an expert in those types of taxes, preferably in your industry. If you want to setup a retirement plan for yourself and/or for your employees, hire a CPA firm that also provides financial advisory services.5. What credentials and licenses in accounting and finance do the firm employees have?
Most highly-recognized professional credentials in accounting and finance, such as CPA, CFP, CFA, PFS, EA, etc., have requirements for continuing education and compliance with their standards to ensure that the professional is not only knowledgeable about the subject matter but also that his/her knowledge is up-to-date. It’s always wise to hire professionals with the highest professional credentials in the field of your needs.6. Who will actually serve your account?
A typical CPA firm has accounting staff ranging from the most junior staff accountant to the most senior firm partner. Their ranks are largely determined based on their level of expertise and experience. Ask your CPA firm who will be your single point of contact for your account and who else will work on your engagement.7. What is the firm’s client callback policy?
One of the main reasons to hire a small local CPA firm is the ease of access. Ask whether they have a written policy of returning client’s calls within 24 hours and addressing their queries and getting them resolved within 72 hours. Also, find out whether they will be available over the weekend for an occasional urgent situation.8. What fees will the firm charge?
Depending on the nature and scope of your engagement, a CPA firm may quote you either an hourly rate or a flat fee. Ask them to explain why their quote type (hourly or flat) is appropriate for your situation. Also, ask whether there is anything you can do on your side to help lower the fees.9. Is the firm also skilled in preparing personal tax returns and providing other personal finance services, if needed?
Most small businesses are flow-through business entities whereby their business profits and losses flow through their personal tax returns at the year-end. Therefore, as a small business owner, you need a CPA firm that has experts in not only accounting and taxes but also in personal finances.Such a CPA firm applies a holistic view to your finances in devising optimal tax strategies.10. Does the firm have a strong referral network for your other professional service needs?
For many small businesses, their CPA is their most trusted source for many great referrals. You should be able to count on your CPA for reliable referrals for your other professional service needs such as legal, financing, banking, investment and insurance. Once you hire the right CPA firm, it should become your primary source for other reliable professionals.
10 Things to Find Out While Selecting a Small Business CPA Firm
How to Find Great Live Auctions for Resale Items
Hi, my name is Walt. I’m an auctioneer with 25 years of experience in the auction business and licensed in the state of MA. I own Quick Auction Service, a company that specializes in building and running custom auctions, I’m also the webmaster of my own site and have been on eBay for 8 years. Besides eBay, the types of auctions I run most frequently are antiques and on-site estate auctions, although I’ve run everything from business overstock auctions to charity & special event auctions.
I enjoy sharing my knowledge and stories of the auction business. My goal for article is to help folks get the absolute most out of their auction experience.
Whether your fresh out of the package or a seasoned dealer I think I can offer something in this article to help you with your auciton adventures.
There may be as many reasons to attend auctions as there are types of auctions to attend. Maybe you want to attend an auction to buy items for re-sale on eBay, or some other market. Maybe you want to furnish your home with wonderful antiques, or you want to furnish your home as inexpensively without sacrificing quality.Some folks are just looking for a fun night out. With a little perseverance all these things are possible.
There are antiques and estate auctions, auto auctions, overstock auctions, absolute and no reserve auctions, real estate auctions, specialty auctions where only one genre of items are sold, tailgate auctions, live auctions, online auctions, sealed bid auctions, silent auctions, charity and fund raising auctions and many more.
Can you really buy for pennies on the dollar at an auction? You bet! Many times I’ve seen folks buy and re-sell at the same auction on the same night for a good profit, although be advised, this should only be done after the auction is over.
There are a lot of ways to find an auction, but here are some tips on how to find and attend the best ones.
Visit the genre of shops in the area that apply to the type of auction you want to attend. IE: If your looking for a good antique auction to attend, stop in the local antiques shops and ask for what there are for good auctions in the area. Sounds obvious right? But listen to what they don’t say as well as what they do say. Oftentimes when a dealer speaks poorly about an auction he or she attends, it may be likely that they are trying to keep a good thing secret. Think for a moment, why would a dealer keep attending a lousy auction?
Newspaper ads: I personally like to find ads in the classified ad section rather than flashy display ads. Flashy ads are usually indicative of an auction that will be high priced, may have reserves, (a set price on an item), and usually an enormous crowd. While any auction can be profitable to attend, it is usually best to steer clear of the glitzy ones, at least for the beginner.
Here’s the minimum you want to find out before you go. If there is a phone number in the ad, call and ask for the terms of the sale. What forms of payment do they accept? Is it an absolute auction? An absolute auction is one that has no minimum or reserve bids on items. These are the best auctions to attend! Is there a buyers premium? A buyers premium is like a tax that everyone who makes purchases at that auction must pay above the winning bid price. Most auctions these days do charge a buyers premium, 10% is not unreasonable but I feel much more than that is greedy, and the auctioneer that charges over 10% is counting on most bidders not doing the extra math as the bids quicken in pace.
A fair auction will have ample time to inspect the merchandise, usually at least 2 or 3 hours. Find out when inspection starts and make sure to attend! Never attend an auction if you can’t make the inspection, not unless your prepared to gamble. Most auctioneers sell at a rate of about 100 items per hour, which is why they sell “as is”. They simply don’t have the time to give a detailed description of all the items. Since almost all items at auction are sold AS IS, there are sure to be some damaged, refinished, fake and incomplete items at any given auction. Beware of any auctions that offer very little or no inspection time.
Good auctions will usually have 150 to 400 lots. A lot may be one item or a group of items. The exception to this are specialty auctions, auto auctions, real estate auctions etc.
When you attend your first sale, take note of the 1/2 dozen or so dealers that buy the most often. See if you can find out about other area auctions they attend.
When you do find an excellent auction, attend it as often as possible. By frequenting good sales, you help increase the bottom line of that business. It’s difficult for many auctioneers to keep the quality of merchandise consistent, so good attendance certainly helps. And when an auctioneer gets to know you as a buyer, he/she will go out of the way to accommodate you, to keep you coming back.
Differences in the Types of Auctions That Take Place Around the World
Auctions are those events where properties or goods are sold to the highest bidder. Auctions are mostly public events, where bidders make a series of bids and purchase a particular item for a high price. During auctions, bidders decide the price of an item rather than the seller. It depends on bidders to decide the amount they would want to pay for a specific item. During an auction, a bid is a proof of a legal binding. Bidders agree to pay the amount that they have bid. In a high profile auction, bidders may have to pay a deposit in escrow accounts or give a proof that they can pay for those items.
Types of Auctions:
Different types of auctions take place around the world. Below mentioned are some types of auctions:
1. English auction:
This is a basic type of auction. In this type, people can see the item and then start bidding. Bidders slowly raise the value of their bid until everyone gives up. The highest bidder is the winner. An auctioneer manages an auction, keeps records of the on going bid and decides the winner. Sometimes, the seller will quote a minimum amount for an item to the auctioneer, below which the auctioneer cannot sell that item.
2. Dutch auction:
In this type, the auctioneer sets a particular price and then gradually lowers the price. People in public will start bidding and later decide which prices are suitable for the item. A seller may use this type of auction to sell large quantities of same products to the public. For instance, a seller may want to sell a large amount of hay and will thus, decide to sell this hay to people for the same amount, once a reasonable price is decided.
3. Silent auction:
In this type, the bidders in public will present their bids in a sealed format. These sealed bids open at the same time and bidder with the highest bid wins. There could be a modification in this type of auction. The bidders are allotted a specific period to bid. They can roam in a room displaying the items, and write their bids on an associated sheet of paper. The bidders are allowed to see bids of other bidders and can choose a higher price for an item. At the end of the allotted time, bidder with the highest bid is the winner.
Examples of Auctions:
Auctions can be of two types either public or private. Sellers may trade any kind of items in both types of auctions. Some areas where auctions take place are:
1. Antique auction: An antique auction consists of a trade opportunity as well as provides entertainment.
2. Collectable auction: In a collectable auction, the seller may put up collectables like coins, vintage cars, luxury, stamps, real estate, and luxury for sale.
3. Wine auction: In wine auction, bidders can bid for rare wine, which may not be available in retail wine shops.
4. Horse auction: Bidders can bid for young horses of the best breed.
5. Livestock auction: In livestock auction, bidders can buy pigs, sheep, cattle, and other livestock.
The other examples of auctions may not be public. These auctions are for bidders from corporate levels. Some examples of private auctions are:
1. Timber auction
2. Spectrum auction
3. Electricity auction
4. Debit auction
5. Environmental auction
6. Auto auction
7. Electronic market auction
8. Sales of business auction
Bidders in an auction need to examine the items displayed and decide an appropriate price for an item. Thus, auctions help buyers in getting the best deals and in gaining better profits for sellers.