When you’re running a business, you can easily become lost in a laundry list of to-dos. This is especially true if you’re just getting started. There are tax forms to file, operating agreements to execute, and marketing plans to finalize, to name a few. But whether you’re in the startup phase or a seasoned business owner, don’t forget to reach out to a CPA.
I know, I know—you probably think I’m biased in saying that. But a CPA does more than help with tax filings. Your CPA can advise on critical aspects of your business, help you save money, and even connect you to the right professionals. Here’s how we do it.
A CPA can advise on critical aspects of your business
As I mentioned, there’s a lot to think about when you’re getting your business off the ground. Plus, you don’t know what you don’t know. Your CPA can serve as your sounding board, advising you on critical aspects such as the following:
- Business structure — Which entity will you choose?
- Accounting method — Is cash or accrual basis best for your company?
- Business planning — What happens if a partner dies or if one of your co-owners gets divorced?
Once your business is up and running, your CPA can help you weigh your options for mergers and acquisitions, prepare and analyze financial statements as needed, and, when the time comes, assist you with exit planning. Your CPA is also a critical resource for any tax and sales tax audits as well as payroll and 1099 filings.
A CPA can help you save money
A mistake on your tax return could lead to a costly mess, which is why it’s wise to delegate this task to your CPA. We stay up to speed on tax law changes, so your tax filings stay in compliance. Your CPA can also help you plan ahead to minimize your tax liability wherever possible. Without tax and financial reporting tasks to worry about, you stay focused on growing your business.
A CPA can help you make connections
The truth is, you’ll need more than a tax advisor to keep your business running. You may also need to work with a banker, lawyer, insurance agent, and financial advisor. Your CPA can not only connect you to these individuals but also can work with them as part of your team and make sure they are the right fit for you and your business. Having a team of trusted advisors can alleviate the difficulty of certain decisions and, again, allow you to spend more time on operating your business.
Get to know a CPA
Starting (and running) a business can be exhilarating. It can also be exhausting. Having a CPA at your side can ensure a better financial business strategy and give you more time to focus on your critical projects. If you’d like to learn more about working with a CPA, we’re here to answer any questions you have. Contact us today.