Posted on: 6 November 2015Share
If you are a business owner, you know how challenging it can be to keep up with all of your financial matters. The demands of getting your suppliers paid and keeping up with your account receivables can simply be overwhelming. One of the best ways to take some of this burden off of your shoulders is by getting a certified public accountant (CPA) to assist you and knowing the ways this individual can help are ideal.
Reason #1: File taxes
You will be responsible for keeping up with all the income your business makes and paying taxes on your profits. This can be challenging to understand unless you are an accountant who knows the tax laws. These laws change annually, and you could overpay your taxes unless you have an accountant to assist you.
Additionally, you may qualify for some deductions you would be unaware of without having the assistance of a CPA.
Reason #2: Business planning
Are you considering expanding your business or making some major changes? If so, your CPA can give you an idea of how these can help or hurt your bottom line, by providing you with a projected income of what the changes you make will be.
CPAs are also in business to make money and are the ideal person to ask about how to create the perfect business plan for success.
Reason #3: Day-to-Day Activities
Keeping your business running on track will require a lot of work, and there are various financial transactions that will need to be recorded.
Listed below are some of the things your accountant can do for you daily:
1. Accounts payable – Pay your bills for you that are owed to people you purchase supplies and goods from regularly.
2. Accounts receivable – Deposit your checks and cash from goods you sold into your business account.
3. Financial statements – The CPA you hire can create various reports that can help you understand how well your business is doing if it needs help. For instance, you will want to have a profit and loss report completed regularly.
The benefits of hiring a CPA to assist you with all of your financial needs are many. Being able to count on a professional who has the adequate training to provide you with this information is important to your company. Be sure to find the right CPA in your local area, like Carmines Robbins & Company PLC, who can assist you.