Many small businesses have found that hiring a CPA is one of the most important steps they take in building their business. The knowledge and insight a CPA can bring to the table can have an impact on the amount of money saved at tax time. It also helps when it comes to forecasting and planning for the future.
If you’ve considered hiring a CPA in the past and are unsure if it is the right move for your business, consider the following benefits:
CPA’s are good at finding missed deductions.
Part of being a “Certified” Public Accountant is to maintain an understanding of current tax laws. This gives a CPA an advantage when it comes to knowing where to look and how to find tax deductions. There may be deductions your business is eligible for that you didn’t even know existed.
When you are not familiar with tax laws and regulations, it can sometimes be difficult to know what to consider a business expense and what isn’t. You can use some of these business expenses as deductions, but you have to know what to look for and understand the right way to list these deductions. Additionally, knowing what counts as an expense may make a difference in what you do in the future. You may find that some of your business practices change.
CPA’s save you time.
“Time is money” is something that every business owner understands. When you consume time with growing your business, there are peripheral and often important tasks that go undone. This may include preparing and planning for taxes. Having a CPA who is able to manage your taxes for you will save you a great deal of time. It ensures that things get done correctly the first time.
Consider the amount of hours it takes you to file your own taxes and then think about how you might spend those same hours in other areas of your business.
CPA’s can help you make important decisions.
Many business owners surprise themselves to see just how often they rely on a CPA to help them with many of the important decisions that need to be made in running their business. Too often, CPA’s are simply thought of as tax preparers and are only called when tax season comes around. If you take the time to develop a good working relationship with your CPA, you will find that they are full of good advice when it comes to tracking accounts, balancing books and how to plan for the future of your business.
Are you a small business that needs the services of a CPA? Give Hacker Accounting a call today at 602-375-5251. We’re here to provide you with services in a variety of different financial areas.