As a small business owner, you’re expected to wear many hats, dealing with a wide variety of tasks at any given time. While it’s typical for business owners to handle many aspects of their business on their own, those that are truly successful understand the value of seeking expert advice where it matters most. That’s where a business CPA comes in!
A certified public accountant (CPA) is a highly skilled specialist who provides tax and accounting services to the public. Hiring a CPA can help ensure you meet all of your tax obligations and government filing requirements. A CPA’s services will also allow you to truly understand your business finances, so you can make informed decisions.
Still not convinced? Here’s a look at five important ways a CPA can help your business.
1. Organize and Track Your Finances
Keeping track of your business expenses, revenues, and accounts receivable can be a challenge, and the busier you get, the harder it becomes. If you don’t keep your records up to date, tax time can become very stressful and you’ll likely have trouble securing business loans. A CPA can help you set up a system for tracking this important information, so you can stay organized throughout the year.
2. Provide Expert Tax Advice
Taking full advantage of tax deductions and credits can help you save a significant amount of money. Your CPA will have a clear understanding of your business finances and can help ensure you don’t miss out on any tax breaks that may be available to your small business. They’ll also be up to date on any tax law changes, helping to ensure you remain in compliance and are positioned to take advantage of new opportunities.
3. Help You Make Strategic Decisions
Your business CPA can provide you with in-depth reporting that will help you understand your current financial situation. They can also run projections and illustrations to help you make informed business decisions. You can rely on your CPA for expert advice regarding everything from structuring your business to setting up retirement accounts, expanding or making major purchases, managing payroll, and more.
4. Assist with Growth Planning
Since your CPA will have a detailed understanding of your business finances, they can provide advice to help you grow your business and increase your revenues. When it’s time to seek business financing, your CPA can also prepare financial statements that adhere to accepted accounting standards, potentially improving your chances of being approved.
5. Represent You Before the IRS
If you’re audited, your CPA will help you deal with the IRS. Since this can be a very stressful situation, it’s extremely helpful to have an experienced professional by your side. This is particularly true when that expert is already familiar with your financial and tax situation. Using a CPA to prepare and file your taxes may also help you avoid making mistakes that can lead to an audit in the first place.
Consult with a Business CPA Today
Gurian CPA Firm provides accounting, tax, and advisory services for small and mid-sized businesses. We’ve earned a reputation for taking a proactive approach that helps business owners achieve growth and success.
Whether you’re ready to hire a CPA or you’re still exploring your options, we’re here to help. Contact us today to discuss your needs and schedule a consultation with a member of our team.
