Here’s why your small business needs a CPA firm

As a small business, you probably deal with a lot of financial issues on a regular basis. Important decisions need to be made on time and you need to invest your time in various daily activities and tasks that have a significant influence on your resources. It’s no wonder that business owners look for the maximum ways to save money and in that search try to save on the cost of hiring a CPA.

Well, hiring a small business CPA is not an option, at least in the competitive market where you need a tax and financial advisor on all matters related to your business. In this post, we will try to decode the reasons why every small business and startup needs a CPA.

1. First things first, let’s understand the difference between a CPA and a general accountant. A CPA must pass a particular exam to become certified, as well as practice as a trainee under another CPA for several years. In short, all accountants are not CPAs. CPAs are held to a set of standards, a certain amount of continuing education, and ethics that must be adhered to in order to maintain that license.

2. If you’re a small business, you may have a wide range of new ideas, but before you take the final leap, you should talk to your CPA about the best type of legal structure and how it will help your business in the long run. . Be sure to ask your CPA if they have experience with entity selection.

3. CPAs simplify the entire accounting and bookkeeping process. There will be fewer errors, omissions, and accounting errors, helping to smooth other processes related to tax and financial matters.

4. As an entrepreneur, you’re probably most interested in the bottom numbers on your spreadsheet. As such, hiring a CPA firm is one of the best ways to get accurate numbers you can trust and make decisions. You don’t need to worry about the smallest things because you know an experienced accounting professional is on the job.

5. CPAs save you a lot of time and money. They’ll help you avoid common tax mistakes and make sure you pay the tax you owe and not a dime more. Hiring a CPA that is self-managed and that you do not have to train is the smart way to save money and time for the entrepreneur.

Don’t forget that CPAs offer considerable advice on business and tax matters, when needed. They will handle IRS notices and even IRS representation. It goes without saying that be sure to discuss your financial and other requirements with your selected firm before hiring them because each CPA firm has their own experiences. Also, shop around because some of the CPAs have been known to work for smaller businesses and startups, which can be an added bonus.