How often do you engage with your Certified Public Accountant? Once a year at tax time? Or do you utilize services throughout the year?
As a small business or a large one for that matter, there is no better resource for your business than a good CPA! Utilizing all the skills and experience your CPA can bring to the business isn’t about just getting by, it is about doing better! By accessing the analytical, operating, management, and financial skills of your CPA to you will not only save money on your taxes but in your operations. You will also find that your CPA can help you find ways to grow your business, and revenues, internally and externally.
To get the most from your CPA, however, you have to work together as a close-knit team. After all, this is the person you trust your most closely held financial data so - why not go all the way? Tell your CPA your plans, your strategy, and your operations. Let them help guide you, based on their experience with many similar companies, to avoid pitfalls and find the best way forward.
On the other side of the ledger, if you don’t work closely with your CPA you can lose out on many opportunities to grow and increase revenues. It will also be difficult for the CPA to help you effectively when you DO come in at tax time. As you know, CPAs are really busy when tax time rolls around and it is not the best time to get into a detailed discussion of your business for the first time. If your CPA doesn’t already know what you have been doing and where you want to go, it will be hard for the CPA to even get you all your allowable tax deductions.
Working as closely as possible with your CPA is the best way to manage your financials, your operations, and your strategic plan. The CPA will understand your plans, can advise you, and be the sounding board for your ideas. The CPA will also effectively steer you through any trouble along the way. After all, if you are going to pay for the CPA you should use them!
If you need a CPA, and hiring a full-time CPA is out of reach, investigate hiring a part-time CPA firm that can do your taxes but also stick with you through the rest of the year to help with your operations. The money you save by contacting companies like Des Moines Accountants or CustomOne CFO & Controllers could easily pay for the services and increase your profits by eliminating mistakes and refining your business operations!
What does your CPA actually do?