Many people think of CPAs as payroll managers or tax preparers, and while they can and often do help with those things, there’s so much more to the story. Here are some of the ways a CPA can support your business beyond basic bookkeeping.
- Beyond tax preparation: year-long tax planning
Sure, a CPA can help you file taxes correctly so you don’t get audited, but they can do so much more. Throughout the year, they can suggest ways to cut down your tax burden, and they can handle quarterly taxes so you don’t have to keep track of those.
Though you shouldn’t have a problem if you hire a CPA to prepare your taxes, they can also represent you in front of the IRS and your state tax board if anything does come up.
- Beyond accounting: business audits
Wait, didn’t we just say that you don’t want to get audited? Yes and no. You don’t want to get audited by the IRS. You do want to get audited by a CPA.
When a CPA audits you, they’re simply trying to get a clear, unbiased picture of your finances so you can make smart financial decisions. Your CPA will usually put everything into a report—and break it down for you in easy-to-understand language—so you have all the information moving forward.
A CPA audit can also help you identify any financial or cash flow issues. If you can’t figure out where a certain amount of money is going every month, if you suspect someone of embezzlement, or if you want to figure out how to use your profits more effectively, a CPA can help.
- Beyond budgeting: comprehensive finance management
A CPA is more than just a lowly accountant. With a solid set of mathematic and business skills, they can help oversee your company’s financial operations and long-term goals, managing things like:
- Budget
- Cash flow
- Insurance
- Investments
- Risk
- Financial statements
- Estate planning
The beauty of a CPA is that, in addition to handling minute daily tasks like payroll and invoicing, they can also support you in big-picture tasks that will define your future—which brings us to the next point.
- Beyond daily expenses: long-term growth
What’s your vision for your business? Do you know how you’re going to get there? A CPA can help you visualize and solidify your goals, then create a concrete plan to achieve them.
As a sound financial advisor, they can recommend ways to reach your goals faster, advise you on stock and investments, and keep you abreast of any changes in the economy that you may need to plan for.
At the end of the day, there are many reasons to hire a CPA, and about a million ways they can support your business beyond just keeping track of your daily figures and preparing your tax return.
Ready to partner with an experienced CPA? Use TaxGlobal to find the perfect match for your business.