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    1 Reply Latest reply on Aug 10, 2012 11:07 AM by Tran Nguyen

    I need a cpa or an accountant in New York

    john Newbie

      Hello everyone, this is my first post on sboc. I recently started a recycling company on Long Island. I am in need of a CPA or an accountant to handle the tax end of the business and to assist me with financial planning. I would prefer someone with experience in my industry. I basically buy metal from the public and sell it to an end user. Now, do I definitely need a CPA or in this case is a CPA preffered over an accountant? I have many questions and will be asking them in the near future, I think this community will have most of the answers I am looking for. Who better to ask for advice?


      Thank you.

        • Re: I need a cpa or an accountant in New York
          Tran Nguyen Tracker

          Hi John,


          Congrats on the new business and welcome to the forum.


          Well, there are several options that you should consider for this. As an accountant, I have several suggestions for you.


          1. A CPA for tax makes sense. They are familiar with the ins and outs of the industry and can definitely lower your audit risk (not because they sign "CPA" but because they know the tax code better than us mere mortals). So yes, getting a CPA for tax reasons make complete sense and I would recommend it.


          2. Do you need a CPA for financial planning? Definitely a "No". An accountant will suffice for this task and it will cost you much less than a CPA. In Missouri, it costs $35 for an accountant. On the same token, it will cost $100 to $120 for a CPA. Considering financial planning takes time, tweaking, and a lot more, you're looking at huge amount of expenses just to keep a CPA. In this case, an Accountant would be a better bet.


          3. A CPA isn't actually preferred over an Accountant in this situation. You will be working to fine tune your business, making changes, asking a lot of questions, and requiring a lot of personal attention. An accountant would be far less expensive -- consider a CPA once in awhile to make sure your financials are correct. Consider the CPA as a cross-referencing source for your company rather than the main source of information.


          Recommendation: A lot of the accounting world has moved online and you shouldn't consider yourself "trapped" to a local accounting firm. Much of what is going on now can be automated and you should consider looking at accountants and CPAs outside of New York as well. Standard of living would be less which means, lower costs -- and they're just as good at a New York firm.