When do I need an accountant and what can an accountant do for my business?

How do I know when I need an accountant?

Basically, if you are running a business, you will need an accountant. This is especially true if you are a small business owner that wants to focus on the core of their business. There are certainly some benefits to having a CPA at your side helping you are making your business successful.
Cash is king for small businesses and good cash flow management is a skill that most small business owners will want to develop. It is important that either you or someone on your team will help you managing your cash flow. Cash flow management is important to start-ups and will determine whether you will survive the first year of business or not. Cash shortages and short-term liquidity are common short-term concerns for small businesses.
When should I think about hiring a CPA?
There are a few key people that are necessary for any small business team. People need to find a banker and a lawyer to help them set up and operate their business. This also holds true for accountants. You should consult a CPA to consult you on the best business structure for you when you launch business. A CPA can also help you set up your financial system.
Budgets can be tight when first starting a business but making the right decisions up front can save a business owner quite a bit of time, money, and headache. A good accountant should save you both: a) time so you can focus on running your business and b) money so you can reinvest more into your growing business. Right from the start, setting up the right business structure will protect you from legal liability and could also potentially save you money on your federal and state taxes.
What do I look for in my potential CPA?
It is important to get an accountant that that is going to be competent enough to help you and your business. Accountants are not just responsible for taxes and should be able to help you set up your business structure and your financial system. We at Jack Trent & Co CPA will customize services depending on your business needs with experience in various industries.
Your accountant should be accessible by phone and email and he or she should be easy to talk to you. You definitely do not want to walk out of your CPA’s office feeling more confused than when you went in. Your CPA should be making life easier, not harder so your accountant should be someone you feel comfortable reaching out when you have questions. Our accountants at Jack Trent & Co Company do exactly that.
What kind of things can my CPA accountant help me with?
Accountants are not just solely for doing your taxes. As mentioned before, at business start-up, CPAs will help you decide which business structure works for you at that current point in time. Many people first choose to start their business as a sole proprietorship at first because it is the easiest and cheapest to set up. There are advantages and disadvantages of each business type.
Accountants can also help you decide which accounting system would be best for you. Quickbooks is a common accounting software choice for many small to mid-sized businesses. With the advent of cloud computing, you can review your financial reports real time from anywhere with an Internet connection. Our CPA firm also offers bookkeeping services if you need someone to get your financial data into your preferred accounting system.