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Dissecting CPA Services: Going beyond the Standard Narrative
When you hear the acronym CPA, it usually relates to Certified Public Accountants. But within DeFreitas & Minsky LLP, one of the most experienced CPA firms in NY, our understanding of ‘CPA’ goes beyond what you typically know. With over three decades of experience in the financial industry, we offer CPA service insights that most blogs rarely scratch the surface on. This article demystifies the CPA services we offer, backed by statistics, data, and expertise that only come from years of hands-on experience in the industry.
The Depth and Breadth of CPA Services
When most people think about CPA services, they generally think about tax preparation, audit services, or financial reporting. While these services are indeed fundamental offerings, CPA services extend far beyond that. Speaking from our experience at DeFreitas & Minsky LLP, our portfolio of services ranges from estate planning, financial planning, business consulting, to litigation support. These services are intricately woven to provide comprehensive financial solutions to our clients.
To illuminate the extent of these services, considering the data from the American Institute of CPAs (AICPA), a whopping 92% of small businesses rely on CPAs for tax-related services. However, over 72% use CPA expertise for business planning and consulting.
Business Consulting: A Pivotal CPA Service
CPA services are more than just number crunching. They entail providing strategic business solutions. CPAs often serve as trusted advisors, offering invaluable advice on business operations, expansions, acquisitions, and even exits. Based on a 2020 AICPA survey, over 54% of businesses turned to their CPAs for strategic advice during the recent global pandemic.
At DeFreitas & Minsky LLP, business consulting lies at the heart of our CPA services. We delve deep into each client’s individual business dynamics and market trends. This approach allows us to provide tailored solutions that spur our clients’ financial growth.
Estate Planning: Navigating the Intricacies
This is one area where you might not expect a CPA to play a significant role. However, estate planning is a crucial aspect of CPA services. CPAs guide clients in managing and planning their estates efficiently to ensure smooth transition and minimal tax liabilities.
Recent data from the National Association of Estate Planners & Councils (NAEPC) show an increasing reliance on CPAs for estate planning. There is a 40% increase in the demand for estate planning services from CPAs within the past few years. At DeFreitas & Minsky LLP, we help our clients sail through the complexities of estate planning, ensuring they secure their financial legacy for generations to come.
The Unmatched Value of Forensic Accounting
A lesser-known but incredibly important CPA service is forensic accounting. It involves investigating financial discrepancies, fraud, financial disputes, and even legal cases. According to the Association of Certified Fraud Examiners (ACFE) 2020 report, businesses lose an average of 5% of their yearly revenues to fraud every year.
At DeFreitas & Minsky LLP, our forensic accounting services are designed to uncover financial discrepancies, helping businesses keep their finances intact and stay lawful.
In Conclusion: CPA Services – The Unseen Iceberg
CPA services are akin to an unseen iceberg. Most people and businesses only take advantage of the ‘visible’ part, such as tax preparation or financial reporting. However, venturing into the ‘submerged’ part brings the comprehensive financial solutions businesses need for growth and stability.
At DeFreitas & Minsky LLP, we offer these broad CPA services, backed by our rich experience and industry knowledge. So, the next time you hear the term ‘CPA’, remember that there is an entire unexplored depth to it – a depth that can potentially help shape financial success. The challenge is in acquiring the right CPA Service insights which we proudly offer here at DeFreitas & Minsky LLP. Our goal is to help you see beyond the typical CPA services to the wealth of possibilities beneath.
