Businesses Large AND Small Can Benefit from Consulting a CPA!
There are many differences between a large business and a small business. Size matters in terms of logistics, strategy, cash flows, and revenue. In essence, however, business is still business. The issues a small business faces compared to a large business are much the same. Tax issues, managing personnel, business administration, product management, strategic planning, financial analysis, managing growth – these are all issues common to every business. Engaging a Certified Public Accountant (CPA) to help manage business operations and finances will benefit every business, large or small. The question comes down to how to best employee, and afford, those services in a small business.
Why You Need a CPA
If you have a very small business, you could do fine with an accountant to service your needs. At least until tax time, then it is a good time for any business to have a CPA available to at least review your returns. This is mainly due to the fact that CPAs are licensed and can if needed, represent you in any proceedings that you might face with State and Federal tax agencies. In addition, CPAs are specifically tested on tax law for their licensing and required to maintain continuing education credits in tax law to maintain their license.
Beyond tax preparation, review, and representation, CPAs provide a wealth of other input and services to your business. These include:
Financial Analysis
Whether your business is larger or small, accurately tracking and analyzing your finances is key to efficiently and profitably operate your business. Beyond net revenue, cash flow is king and getting timely, accurate analysis of your position will prevent many mistakes, potential missed bill payments, and sleepless nights!
Growing Your Business
Using the data and analysis from their financial reviews, CPAs can also help you find growth opportunities in your business from operations or market trends. Optimizing your production to minimize how long you hold inventory, pricing of your goods or services, and financing for growth are all areas where a CPA can help your business.
Simply Good Advice
Involving a CPA in your business and strategic planning can yield the best benefits for your small business. From selecting your business structure to operational analysis and market analysis, a CPA will hugely benefit your business. Sorting through your financial data and data about your market, your CPA can help you understand the financial data necessary to make informed decisions about your business operations and strategic direction. Of course, there is also the added benefit of the time you save by having the CPA provide these services, efficiently and effectively, instead of you spending the time trying to do these things on your own.
But Can I Afford a CPA?
If you are worried about money, the good news is you don’t need to pay a full-time CPA to get the benefits of CPA services. As a business, you want to hire a CPA that understands your business and maintain that relationship over time, for continuity and trust. By hiring a contract CPA firm like Des Moines Accountants you can get cost-effective and efficient part-time CPA services on an as-needed basis. Contact Des Moines Accountants or CustomOne CFO & Controllers and ask for information on their contract professional services. A CPA can save you time and money in your business – not least by eliminating potential mistakes you could make trying to do it all on your own!
