While some people simply use a concierge accounting service (CPA) when they file their taxes, others tap into broader services. Here, the accounting company works with you more closely on a rolling basis—you don't just use them when your taxes are due. But, what are the advantages of signing up for a CPA?
1. Get Personalized Financial Help
If you use a CPA to file your taxes, then you probably only deal with them once a year. They look at your taxes for the previous year and help you claim any applicable breaks and refunds. While this is useful, it doesn't necessarily help you with all your finances. Your CPA only sees a part of your money picture. However, if you use a concierge service, then you forge a closer ongoing relationship with your accounting provider. They can give you advice on all your financial accounts and plans. Typically, these firms take on fewer clients and they work more closely with them to help manage all their finances.
2. Get Better Control of Your Taxes
While a regular CPA firm helps you control your annual taxes, they might not get involved in any future financial decisions you make. For example, you might use other wealth management professionals when you want to invest or make estate planning decisions. Alternatively, if you deal with a lot of different consultants at different times, then your finances typically work on a stand-alone basis. The decisions you make might increase your tax liabilities without you realizing it; you might miss out on opportunities to save on taxes.
As such, if you use a concierge accounting specialist, then they take a position at the center of your finances. They work with other firms you use, such as investment advisers, insurance companies, and attorneys to bring your finances together. They can also talk to you about your goals. With them, you get a more personalized experience that looks at your financial situation, both now and in the future, on a more in-depth and individualized basis. This can help you make the right financial decisions at the right time.
3. Create Centralized Wealth Management Reporting
If you have a few investments and financial accounts, then you have to keep track of them. Each of your providers will give you statements and updates; however, it can be hard to pull everything together. Fortunately, many concierge services offer regular summaries and reports across all your finances. This big-picture service makes it easier for you to keep track of how things are going.
Contact a concierge accounting service for more information.
