If you're a business owner in the energy industry ready to outsource the company finances, an energy industry CPA might be the way to go. An energy industry accounting or CPA firm is familiar with all aspects of your business's financial requirements. Partnering with an accounting firm can save you valuable time and money.
Beyond that, you must decide to partner either with a general accounting firm or a specialized firm. Essentially, choosing a CPA or accountant that specializes in the energy industry makes more sense. Only energy specialized CPAs are familiar with renewable energy tax credits and incentives, and other financial considerations specific to the energy industry and "green" energy projects. Choosing from accounting businesses for energy clients ensures the following:
1. Your CPA will be knowledgeable with the accounting needs of an energy company.
2. A specialized firm can suggest qualified, industry-specific ideas for making the most out of your revenue.
3. Accountancy firms servicing the energy industry can offer industry-specific tools to help you balance your books.
Action Steps
The best contacts and resources to help you get it done
Decide what energy accounting firm services you need for your small business
Not only do specialized accounting firms cater to your specific industry, but their individual services vary across the board. Make a list any financial services you think you want. Where one accounting company for energy clients may just prepare federal taxes and generate financial reports, another may offer more complex services, such as audits and longterm financial advising.
I recommend: Virchow Krause & Company can offer detailed analysis on both current market regulations and your contracts.
Hein & Associates offers national accountants for energy companies; they can oversee your internal operations, mergers and acquisitions and private placements.
Make sure your prospective energy industry CPA is committed to customer service
When partnering with an energy accountant or CPA, make sure that the firm you choose is as committed to customer service as you are. You need a partner you can rely on. More importantly, you need one that offers prompt and knowledgeable customer representatives, prompt response times and detailed reports on the status of your account.
I recommend: Grant Thornton, LLP is a leading national CPA firm focused on accounting needs for midsized companies. They offer a wealth of information to add value to your business.
BDO Seidman, LLP is also a national CPA firm specializing in energy; they promise every account will get experienced attention.
Choose among top energy accounting firms with the right technology
When deciding which energy industry CPA to pick, find out what your prospects have to offer in the way of online tools and access. The ability to manage your account remotely can be a great time saver.
I recommend: Reznick Group offers ClientFlow, an online access tool that helps clients check the status of work in progress and exchange information with CPAs.
Deloitte also offers many online tools, including podcasts, financial analysis and a client login portal.
Tips & Tactics
Helpful advice for making the most of this Guide
- Many accountancy businesses for energy companies offer accounting software that might help streamline your financial operations. Though human capital is important, many firms offer attractive software packages to draw in clients.
The official source of CPAs and Firms Specializing in the Energy Industry is
the CPAs and Firms Specializing in the Energy Industry page at Business.com
Related Resources from Business.com
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