Most business owners and entrepreneurs are self-motivated people who do things on their own when possible. When a business is still small, it’s tempting to try and handle all of the bookkeeping and financial records. However, accounting is more complicated than people realize, and mistakes can be costly when dealing with banks, creditors, the IRS, and more. Jack Trent & Co. provides accounting and financial services for individuals and businesses of every size. Here are five reasons why small business owners should use a CPA.
The U.S. tax code is complex and changing constantly. It’s difficult for business owners to keep up with the latest changes to tax law and how it affects a particular company. CPAs, like the team at Jack Trent & Co., are always up-to-date with new regulations and have the expertise to apply it properly to an organization’s financial records. By partnering with a CPA, a business owner gets the peace of mind of knowing their finances comply with current regulations.
It’s sometimes a good idea to get a second opinion before making an important decision. An outsider looking at a company’s finances can see things that may have been missed by the business owner. Since a CPA is already a third party with access to the company’s records, they are in a prime position to provide a financial analysis to the company. CPAs know how to analyze the data to create the most important metrics to measure a company’s financial security.
It’s vital for a company to grow and expand to build a strong foundation for the future. Many business owners have an idea of what they want to do in the future but lack a clear strategy to make it happen. While a CPA can’t tell you what a business owner should do, CPAs can help companies form a strategic plan based on realistic financial projections for the future. A qualified CPA can help company owners make high-level business and tax decisions.
Many small business owners skip hiring a CPA to save money. However, a CPA service pays for itself in cost savings to the business. Because CPAs are experienced in handling financial records and IRS regulations, they can finish a task in a fraction of the time it would take the business owner. By allowing a CPA to handle specific functions, business owners get more time to spend on the projects that pay them the most. Furthermore, CPAs avoid the errors and mistakes that can cost a company time to fix the erroneous documentation and money (e.g.,
potential fines). With Jack Trent & Co., businesses save time and money by using a superior CPA solution.
CPAs can help business owners communicate with the IRS. They know the tax laws, deadlines, and penalties and can provide support when confronted with an issue that needs to be addressed with the IRS directly.
If you’re looking for high-quality CPA in the Boise area, Jack Trent & Co. is the solution you need. We have a wide range of financial services to help individuals and businesses. Send us a message online to learn how Jack Trent & Co. can help your company thrive.