What are unique challenges that large accounting firms face compared to solo accountants?
Minneapolis attorney Tom Shroyer discusses different legal challenges that large accounting firms face.
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Large firms find themselves more often in the crosshairs of people who are looking to recover money because they have deeper pockets, so that’s a big challenge for them. Their clients also tend to be larger and more complex, so that they face deeper challenges in terms of providing information about them in the form of financial statements and also in terms of advising them about how to make the most of their tax situation or improve their businesses. So, larger often means they’re dealing with larger, more complex issues and, in turn, then they have to have systems in place that are more elaborate, more systematized, and better explained and communicated throughout their organizations – and enforced – than might a smaller firm.