You may find it surprising to learn 40% of small business owners consider bookkeeping and taxes the worst part of managing business finances. Consulting a CPA eases the time and frustration associated with burdensome administrative tasks. Here’s a look at how hiring a small business CPA makes good business sense.
What Is a Small Business CPA?
The Certified Public Accountant (CPA) designation highlights people who have passed the Uniform CPA exam. The American Institute of Certified Public Accountants (AICPA) awards this designation in recognition of the education and experience achieved.
CPAs operate in different capacities. Several job functions managed by a CPA include accounting, bookkeeping, and auditing. Don’t overlook the benefits of having the experience of a small business CPA at your disposal.
Be responsible if you’re thinking about owning a business or if you currently manage a business. Consider our advice on when to hire a small business CPA.
Starting a Business
Enlisting a CPAs expertise in the early stages of your business guides you in making good financial decisions. A small business accountant gives advice on business plans. They’re able to forecast risks and protect you from jeopardizing the financial health of your business.
So when you’re putting together a list of qualified professionals to help build a business plan include a CPA. Trying to tackle it all yourself makes money matters worse.
Seeking Business Advice
Accountants for small businesses also suggest the best options for structuring your business. There’s more to understanding Sole Proprietorship, Limited Liability Company (LLC), and Corporation than knowing their titles. CPAs detail the features of each business entity to help you weigh the tax benefits and other important factors.
Daily Financial Management and Taxes
Proper budgeting controls the most critical aspect of your small business. Hire a CPA to ensure compliance in the management of payroll, bookkeeping, and taxes.
If you don’t wish to have a full-time accountant, know when to hire a CPA for taxes. CPAs are knowledgeable in planning, preparing, and filing taxes. They provide advice before and during a tax audit.
Keep your small business out of financial turmoil. Read this guide for important information about IRS tax resolution services.
Buying or Selling Assets
Whether you’re intent on buying or selling computers or property, consult with a CPA. Your business thrives on good business decisions. Buying and selling assets may sound good even when they’re not best for your small business.
Depreciating assets having many business implications. CPAs for small businesses help track acquired assets and record the sale of business assets when filing taxes.
Do I Need a CPA for My Small Business?
To answer that, you need to evaluate the importance of your business’s success. A small business CPA protects against the financial pitfalls and hardships many businesses suffer.
Start out on the right business track. Hire someone with the professional experience and financial knowledge of a CPA.
Stay connected with our blog to discover answers to important questions about business, health, and lifestyle choices.