25 Best Accounting Firms in Maryland: Your Guide to Choosing the Right One

preciseledger

Wed, June 12, 2024

7 min read

Maryland: a state known for its colonial architecture, diverse landscapes, great seafood, and top-notch accounting firms. Ok, maybe it’s not famous for the last one—but the state certainly doesn’t lack reliable accounting and tax services!

As a small business owner or individual looking for accounting services in Maryland, finding the right firm is crucial. With the right professional help, one can manage their finances efficiently, ensure compliance with state and federal tax laws, and receive valuable financial advice to grow one’s business.

In this article, we’ll explore the range of services provided by accounting firms—from tax preparation to financial consulting—and present a list of the 25 best firms in the state so you can find the right Maryland accounting firm for your needs.

What Do Accounting Firms Do?

Services Provided by Accounting Firms

Accounting firms provide a wide range of services designed to meet the financial management needs of businesses and individuals. These typically include:

Bookkeeping: Keeping records of and managing daily financial transactions, maintaining accurate records, and preparing financial statements.
Tax Preparation: All manner of tax planning including tax returns, tax law compliance, and identifying deductions.
Financial Planning: Developing strategies with the client to hit financial goals, like retirement, investment, or estate planning.
Business Advisory Services: Business management consulting services that involve giving strategic professional advice and insights on growth, financial management, and risk mitigation.
Auditing: Thorough examination of financial statements to ensure their accuracy and compliance with accounting standards.

The Benefits of Working with an Accounting Firm

Enlisting the services of an accounting firm can provide a great number of benefits to individuals and small business owners. Some of these include:

Time Savings: Hiring a professional to perform accounting services for your business allows you to focus on other essential business activities, like growth, marketing, and product development.
Compliance: Failure to comply with laws and regulations can result in costly penalties. Professional accountants ensure that your business’s financial practices adhere to the relevant standards.
Financial Insights: Through their business consulting services, accountants provide valuable insights that can save money and improve growth. They can provide great advice for the personal finances of individuals, too.
Risk Management: No business ever operated without making a few mistakes. Accounting firms can identify potential risks and implement procedures to help minimize them.
Stress Reduction: Having one’s finances handled efficiently leads to peace of mind. Professional accountants can alleviate the burden of managing your business’s finances.

What About Bookkeepers?

It’s also important to understand the difference between bookkeepers and accounting firms. Both are important and serve different purposes that can each benefit certain clients.

When to Choose a Bookkeeper

Bookkeepers are best suited to handling your business’s day-to-day financial transactions and are particularly beneficial for small businesses. Their services include:

Recording transactions
Maintaining ledgers
Reconciling accounts
Managing payroll
Generating reports

They are also often more affordable than accounting firms and can, therefore, be a better choice for businesses that don’t require the latter’s full range of services.

Precise Ledger, one of the highest-rated bookkeepers in Maryland, offers affordable and professional services tailored for small businesses. Whether you’re an individual or small business owner looking for comprehensive bookkeeping services, their team can provide financial solutions that fit your unique needs.

When to Choose an Accounting Firm

Accounting firms, in contrast, typically offer a wider range of services than a bookkeeper. You should consider an accounting firm if your business requires:

Financial analysis and consulting services
Tax preparation and planning
Auditing
Regulatory compliance
Reporting on complex financial data

Accounting firms are usually more expensive than bookkeepers and are better suited to larger companies whose business operations require help handling complex financial situations.

How Much Do Accounting Firms Usually Cost?

Typical Pricing Structures

Accounting services use various pricing formats that include:

Hourly rate: Fee-based on the time spent on an account, typically between $30-50 per hour for basic bookkeeping, $50-100 per hour for junior accountants, $200-400 for senior accountants, and $300-500+ for specialized services.
Flat fee: A fixed cost for specific work, like tax preparation or financial audits.
Monthly retainer: A recurring (usually) monthly fee for regular accounting services. Prices can range from $500-$5000 per month based on the scope and volume of services.

The cost of accounting services can vary widely based on factors like business size, the complexity of services needed, and the firm’s geographic location.

While costs may seem significant, enlisting the help of a good accounting firm can provide huge long-term benefits for many businesses. By improving efficiency, ensuring compliance to avoid penalties, and offering strategic financial advice, accountants can end up putting money in the pockets of business owners willing to invest in their services.

How Do I Hire an Accounting Firm?

Steps to Hiring an Accounting Firm

A good method for hiring an accounting service involves following these steps:

Identify Your Needs: Determine what you require from an accountant to meet your business goals—whether that’s bookkeeping, financial management consulting, or tax preparation.
Research Firms: Look for accounting companies that specialize in your industry and have a reputation for delivering high-quality work.
Request Proposals: Contact the firms that appear to fit your needs and request detailed proposals that outline their price, methods, and range of services.
Perform Interviews: Meet with these firms to discuss your needs and evaluate their expertise and communication skills.
Check References: Read online reviews and speak with current or past clients to gauge their satisfaction with the firm’s services.

What Should I Look For When Hiring an Accounting Firm?

An important part of hiring a reputable accounting firm is knowing what to look for. Here are some categories to help you choose the right professional services:

Qualifications

Licenses and Certifications like CPA (Certified Public Accountant), CFP (Certified Financial Planner), or CMA (Certified Management Accountant).
Professional Memberships including AICPA (American Institute of CPAs).

References and Reviews

Client References can provide valuable first-hand info on a potential firm’s performance.
Online Reviews from platforms like Google, Yelp, and industry-specific sites can help you get a broader perspective on a firm’s reputability.

Data Security and Privacy Measures

Ensuring a firm’s data security protocols are sufficient to protect your financial information is crucial. During the hiring process, you should inquire about their security measures and privacy policies to avoid any breach of sensitive data.

1. Gross, Mendelsohn & Associates

Description: A full-service CPA and consulting firm.
Founding Year: 1960
Team Experience: Extensive
Price Range: $100 – $149/hr
Contact: https://www.gma-cpa.com/

2. Protiviti

Description: Global consulting firm with extensive accounting and consulting services.
Founding Year: 2002
Team Experience: Extensive
Price Range: Undisclosed
Contact: Protiviti | (410) 454-6800

3. Ellin & Tucker

Description: Accounting, auditing, tax services, and business consulting.
Founding Year: 1946
Team Experience: Extensive
Price Range: $50 – $99/hr
Contact: https://www.ellinandtucker.com/

4. Abrams, Foster, Nole & Williams, P.A.

Description: Minority-owned firm offering diverse accounting services.
Founding Year: 1983
Team Experience: Extensive
Price Range: $25 – $49/hr
Contact: https://afnw.com/

5. Weyrich, Cronin & Sorra

Description: Personalized accounting services focused on client goals.
Founding Year: 1979
Team Experience: Extensive
Price Range: $50 – $99/hr
Contact: https://wcscpa.com/

6. CliftonLarsonAllen

Description: Comprehensive accounting and advisory services.
Founding Year: 2012
Team Experience: Large team
Price Range: $150 – $300/hr
Contact: http://claconnect.com/

7. Business Management Company, Inc.

Description: Tax preparation, payroll processing, and bookkeeping.
Founding Year: 1982
Team Experience: 10 – 49 employees
Price Range: Undisclosed
Contact: https://www.bmcaccounting.com/

8. Ryan & Wetmore, PC

Description: Business consulting and accounting services.
Founding Year: 1988
Team Experience: 40 employees
Price Range: Undisclosed
Contact: https://www.ryanandwetmore.com/

9. Barney and Company

Description: Specializes in commercial financing, funding, and accounting.
Founding Year: 2022
Team Experience: 10 – 49 employees
Price Range: Undisclosed
Contact: https://barneyandcompany.com

10. Hildebrand, Limparis & Associates, CPAs, PC

Description: Business consulting, accounting, and financial advising.
Founding Year: 2000
Team Experience: 10 – 49 employees
Price Range: Undisclosed
Contact: https://www.hlacpa.com/

11. CSI Accounting & Payroll

Description: Accounting, HR services, and business consulting.
Founding Year: 1966
Team Experience: 10 – 49 employees
Price Range: Undisclosed
Contact: https://www.csiaccounting.com/

12. Bridges & Associates, CPA’s

Description: Specialized CPA services for businesses and individuals.
Founding Year: 2010
Team Experience: 10 – 49 employees
Price Range: $25 – $49/hr
Contact: https://www.bridgescpas.com/

13. DCA LLC

Description: Full-service accounting firm.
Founding Year: 2005
Team Experience: 10 – 49 employees
Price Range: $25 – $49/hr
Contact: https://dcsllc.com/

14. Moshe Pelberg CPA

Description: Tax services, business consulting, and accounting.
Founding Year: 2008
Team Experience: 50 – 249 employees
Price Range: $50 – $99/hr
Contact: https://www.moshepelbergcpa.com/

15. Thomas J. Palm, PA

Description: Accounting, tax, and financial services.
Founding Year: 1992
Team Experience: 10 – 49 employees
Price Range: $75 – $150/hr
Contact: https://www.thomasjpalm.com/

16. George Dimov, CPA

Description: Specializes in tax law and accounting services.
Founding Year: 2008
Team Experience: 10 – 49 employees
Price Range: $200 – $300/hr
Contact: https://dimovtax.com/

17. Rosario Accounting Firm

Description: Supports small to mid-sized companies with accounting and administrative needs.
Founding Year: 2015
Team Experience: 2 – 9 employees
Price Range: Undisclosed
Contact: https://www.rosarioaccounting.com/

18. A.B. Reed & Associates, LLC

Description: Provides accounting and insurance services.
Founding Year: 2010
Team Experience: 2 – 9 employees
Price Range: Undisclosed
Contact: https://abreedassociates.com/

19. YHB CPAs & Consultants

Description: High-quality accounting and finance services.
Founding Year: 1947
Team Experience: 50 – 249 employees
Price Range: $200 – $300/hr
Contact: https://yhbcpa.com/

20. Aprio (formerly Aronson, LLC)

Description: Provides audit, tax, and consulting services.
Founding Year: 1962
Team Experience: Extensive
Price Range: $150 – $300/hr
Contact: https://www.aprio.com/

21. SC&H Group

Description: Accounting, audit, tax, and consulting services.
Founding Year: 1991
Team Experience: Extensive
Price Range: $100 – $200/hr
Contact: https://www.schgroup.com/

22. CohnReznick LLP

Description: Offers assurance, tax, and advisory services.
Founding Year: 1919
Team Experience: Extensive
Price Range: $150 – $300/hr
Contact: https://www.cohnreznick.com/

23. KatzAbosch

Description: Provides accounting, tax, and consulting services.
Founding Year: 1969
Team Experience: Extensive
Price Range: $75 – $150/hr
Contact: https://www.katzabosch.com/

24. Snyder Cohn

Description: Offers accounting, audit, and tax services.
Founding Year: 1927
Team Experience: Extensive
Price Range: $150 – $300/hr
Contact: https://www.snydercohn.com/

25. Glass Jacobson

Description: Provides accounting, wealth management, and business consulting.
Founding Year: 1962
Team Experience: Extensive
Price Range: $75 – $150/hr
Contact: https://www.glassjacobson.com/

Conclusion

Choosing the right accounting firm for your business needs is highly important for the long-term success of your company. Luckily, Maryland has plenty of great choices for experts in managing your financial health.

By carefully evaluating your specific needs, plus the firm’s expertise, scope, and cost structure, you can find accounting companies that put your financial future in good hands.

Your Financial Success Starts with a Precise Ledger

When it comes to choosing an accounting firm in Maryland, Precise Ledger stands out as the top choice for small businesses and individuals seeking affordable, professional services.

With a team boasting over 30 years of combined experience, Precise Ledger offers a comprehensive range of accounting solutions tailored to your unique needs. From bookkeeping and tax preparation to financial planning and advisory services, their experts are dedicated to helping you achieve your financial goals.

As one of the most competitively priced firms in the market, Precise Ledger delivers exceptional value without compromising on quality. Contact them today to schedule a consultation and discover how their accounting services can benefit you and your business.