by Jonathan Nyaku
CPAs usually don’t come cheap, but an “investment” in a CPA is well worth the money. A CPA who knows what he is about can make a tremendous difference on your bottom line, top line, and help reduce your stress. Below are a few differences that a CPA could make on your business:
Help you set up robust accounting systems – Most small business owners think of Quickbooks when you mention an accounting system. That is far from the truth. An accounting system consists of people, procedures, documentation, software, hardware, connectivity, etc. In this age of cloud computing and artificial intelligence, a CPA can help set up and maintain your accounting and financial systems such that the data generated is confidential, has integrity, and is accurate.
Provide strategic tax advice – What are the tax implications? That is a question that every serious business owner should ask, repeatedly. A CPA can help determine the deductions, allowances, exemptions, and credits that you may take advantage of. Most small businesses spend the first third of the year working to pay the IRS and other tax authorities. A CPA can help with premeditated tax strategies to help keep more of what you make.
Keep you out of trouble – Have you ever received a threatening notice from the State, Local, or Federal Tax Authorities? Those letters can bring a sweat to your brow and cause your heart to skip a beat or two or even three. They are not fun and if enforced, could result in a levy of your bank account, lien on your assets, and even jail time. A CPA can help resolve any tax debt issues or controversies with the tax authorities and help keep the stress away. You also get to do more of what you love, working on your core business.