For many small business owners, filing your taxes by April 15th can be a nerve-wracking day if their finances aren’t in order. CPA services should be the first major step in keeping your finances in order.
What are some of the reasons you should consider hiring a CPA? Keep reading to find the 6 reasons your business needs CPA services to be successful in 2018.
Compared to a bookkeeper or even an accountant, a CPA must pass a state exam in order to become certified. After receiving their CPA license they must recertify to stay licensed. After a certain length of time keeping up with changes in tax laws is vital.
A CPA will be able to create a budget for your business, while also forecasting any projections for the business. This will save you hours of valuable time combing through P&L reports. It will also save you from trying to project how much revenue will come in.
When the CPA has finished forecasting for the next year you will be able to determine how to map out your expenses.
If you are in the predicament where you are being audited by the IRS, your CPA will be with you every step of the way. They will explain how the audit process will go and will be able to represent you in a claim fighting the audit.
This is the biggest difference between an accountant and a CPA when it comes to tax returns, and if you are paying someone to file your taxes shouldn’t they be able to stand in your corner and fight for you when an issue comes up?
As stated above, your CPA will need to stay up to date with any changing tax laws not only for them to be eligible to recertify but to keep your business from suffering major tax penalties (they want to get paid for a job well done).
Using CPA services allows you to give them full access to your employee payroll, so you will no longer have to worry about spending hours punching in hours, calculating state and federal taxes, and cutting checks.
If you are an entrepreneur or own more than one business with income and expenses to worry about, your CPA will be able to not only do all the financial tasks for each income stream but can also provide reports showing all income and expenses when tallied together.
After looking at the major facts, it should be clear that hiring a CPA will be the best choice you can make as a business owner.
Not only will they save you time and potentially money if you are being audited, they can bring peace of mind knowing that all your financial issues are taken care of by a trusted and highly educated individual.
Are you looking for professional CPA Services in the Boise area? If so contact us today for a free consultation!