When tax time rolls around, it’s common for companies to turn to a CPA for assistance. There is a lot of value in hiring a CPA for small business to help with more than just taxes, however. Find out why small businesses need a CPA and see if your company might benefit from having one.
Why Small Businesses Need A CPA?
There comes a time that taking your company to the next level requires the expert knowledge and skills that a CPA for small business has to offer. Here are some reasons why small businesses need a CPA and what a CPA actually does to better your business:
- Discovers innovative ways to save your business money
- Prepares your taxes
- Has expert knowledge of tax changes
- Provides retirement planning
- Keeps an active eye on where finances are going throughout the year
There’s nothing worse than finding out you could have saved a fortune on taxes if you had only done this or that differently. The money your SMB saves by enlisting the help of a financial expert very well may cover the cost of hiring a CPA and leave plenty left over. That is the reason why most hire a CPA for SMBs.
But the scope of a CPA’s expertise reaches far beyond the realm of just preparing taxes. They are able to advise you of changes in tax laws and can keep you abreast on creative ways to invest and save money too.
When it comes to strategies to prepare for your retirement, you can’t beat having the help of a CPA because that’s one area you don’t get a do-over in. You certainly don’t want to reach retirement only to find out how you went about it all wrong.
There is a myriad of reasons why small businesses need a CPA. While an accountant, advance accounting software or a bookkeeper can certainly be conducive to tracking your company’s finances, a Certified Public Accountant elevates your business even further because they not only possess all the skills and knowledge of accounting but are experts in the tax field as well.
A CPA has passed a rigorous Uniform CPA exam that entails basic accounting knowledge and tax laws. They are state licensed and must retain a high degree of integrity and are accountable to practice good ethics or they are at risk of losing their license. In addition, a CPA has exclusive unlimited representation rights when it comes to the Internal Revenue Service which could ultimately save your company from ruins if you are called on the carpet for a tax audit.
The reasons why small businesses need a CPA are many. From taking preventative measures, like avoiding costly errors in tax preparations, to looking ahead at future issues, such as growth and retirement, a CPA can be one of the most valued members of your team. Not having one, on the other hand, can be a costly error.
CPAs can be hired for full-time assistance, they offer a benefits package at various stages during the growth of your company or can serve you on a part-time basis. If you are wondering if you can afford a CPA for SMBs, a more important question might be – can you afford NOT to? Schedule your free consultation with an experienced certified public accountant.