As a small business owner you make major decisions to secure the successful operation of your company. Whether you are just launching your small business or your doors have been open for years, welcoming the advice of a Certified Public Accountant (CPA) can help your business thrive even more.
So, how exactly can a CPA help your small business?
Within the landscape of your business venture, situations arise where the expertise of a CPA will create a better platform for you to make informed business decisions, prevent you from making costly mistakes and will save you time.
One of the most significant steps you can take as a small business owner is to identify when you need help to further grow your company. Below, we answer some questions you may have about how this uniquely qualified group of financial advisors can effectively boost your business.
What Does a CPA Specialize In?
An expert in the field of finance, a CPA is proficient in all business matters that concern taxes and accounting. A CPA specializes in strategic and long-range financial planning and focuses on your business’ financial statements, budget, bookkeeping, payroll, small business loans, as well as provides professional advice on investments and other financial matters.
Can a CPA Help With Taxes/Audits?
Sorting through business tax laws can be a daunting task, however, working with a CPA will assure that your business complies with all existing and newly implemented tax laws. A CPA is up-to-date on all new tax regulations and avoids using outdated regulations when preparing your taxes, which reduces the probability of an audit.
A CPA is also well-versed in the tax deductions your business qualifies for and can help you maximize on these deductions.
Does Year-Round Advice Benefit Your Business?
While a CPA’s fundamental advice during tax season is invaluable, his/her consultation throughout the year will enhance your work/life balance. Managing your company’s day-to-day operation means you know how your business runs better than anyone, but these daily responsibilities — while worth every effort — can be time consuming. There are many areas you can assign a CPA to handle throughout the year that can lighten your load.
Are CPAs Informed About Small Business Loans?
If you are considering applying for a small business loan, a CPA can advise you on the best loan option for your business. Because a CPA is great with numbers, he/she can establish what loan amount works within your budget and how loan payments will affect your cash flow.
Can a CPA Help Plan For the Future?
As a business owner you know that staying competitive will result in greater business growth and profitability. A CPA can help you with growth and profitability by examining your unique business cycle to determine the best time for you to purchase inventory and budget for big-ticket investments.
A CPA keeps an eye on past, present and future economic trends and can align that with your business endeavors to have a positive influence your bottom line.
Will a CPA Step In To Help with Life Events?
Personal events happen all the time and many of them can affect your business’ finances and development. Circumstances like getting married/divorced, having a business partner leave the business/dies and creating a succession plan are all occurrences that can throw your business for a loop. A CPA can prepare you for life’s curve balls while they are happening or help you come up with plans for potential future incidents so your business experiences a smooth transition.
What is a CPA?
A CPA has gone through years of accounting classes, a specialized exam and needs to maintain continuing education credits each year. A CPA is licensed with the state and is uniquely qualified to your help you reach your business goals.
What Do Other Small Businesses Say About CPAs?
A CPA is a “trusted advisor who understands your business needs,” says a recent survey by Accounting Today. The survey, which is entitled “Small Business Accountant Insight” showed nearly all of the 500 small businesses surveyed (88%) were pleased with their decision to work with a CPA, with 72% stating they were “Very Satisfied” with their results and 12% reporting they were “Satisfied” with their service.
An expert in the accounting and tax field, A CPA can offer valuable advice that will help you make the right decisions for your small business. A CPA helps you identify best practices for your business — today and into the future.
If you are starting a business or your business needs accounting and tax services, Tax Avenger Canton MI can help. With over 18 years’ experience, our CPA / accounting firm is dedicated and committed to providing exceptional service to our clients. Our services include business accounting and payroll services, individual and business tax preparation, tax problem resolutions and more! Call us today for a Free Consultation!