Business owners understand the necessity of measuring and predicting their business’ growth, but many are too busy or perhaps not qualified to undertake these tasks on their own. By engaging a Certified Public Accountant, owners are able to alleviate the stress of financial predictions, and can receive the much-needed assistance that keeps businesses running. Read our list on why you should engage a CPA.
Years of experience
A CPA has years of experience handling finances, and are required to have an audit and business law background. These professionals know everything from type of compliance issues business owners must follow, information on budgeting, analysis and predictions of profitability for a business. These professionals must pass a rigorous professional exam, comparable to the bar exam, to earn the license to practice. The CPA must also undergo strenuous educational requirements each year to renew his CPA license. Hiring a CPA allows business owners to feel comfortable that their finances are being handled by someone who has vast resources and information to assist clients on their needs.
A CPA offers a complete range of accounting services, including business consulting, cash management, equity management, receivables, payables and payroll management. CPAs are trained to prepare financial statements in accordance with Generally Accepted Accounting Principles (GAAP) as used by banks, investors and other third parties. Additionally, they can also prepare custom financial reports for internal management usage.
Tax Return Preparation for Individuals and Businesses
Whether you are self-employed, filing for your business, or yourself personally, your CPA is knowledgeable of the ever-changing tax code. For example, CPAs receive training to comprehend the complex 2018 tax changes, known as the Tax Cuts and Job Act (TCJA).
CPAs specialize in ensuring you receive all the deductions you are entitled to when they file your individual taxes. They can also help with tax planning needs to help lower taxes and avoid surprises during the tax season. Added bonus: Because of their vast knowledge and experience with tax returns, your accountant will know if you qualify for any tax deductions or what income you need to claim that you wouldn’t know of otherwise!
When handling corporate taxes, CPAs perform careful tax planning as they prepare clients’ income taxes. By minimizing taxes within the limits of the law, they can improve clients’ profitability through best possible strategies.
Bookkeeping is necessary for a business to efficiently run. CPAs keep up-to-date with a business’ profitability. Your CPA will maintain your financial records and carefully manage all the accounts involved in your company. From ledger maintenance and bank statement reconciliation, to payables tracking and general transaction journals – CPAs can do it all!
Business setup and formation
Whether the CPA is setting up an LLC, a Partnership or a Corporation, they will provide tools and knowledge in choosing the organization type that is right for you. They will advise on the advantages and disadvantages of the different types of entities you can choose, then assist in market evaluations for new business and business valuations for the purchase of an existing business. A CPA will charge you a reasonable amount to set up your new company and do not charge large attorney set-up fees.
Creating a business budget can be harder than one might think. Hiring a CPA to help analyze revenues and expenses and create a plan can save money and time in the long run. With the budget created by a CPA, you will be able to allocate the proper amount of money to each of your needs while planning for the future.
Reach out to us today with any questions or comments you may have about our services at (781) 436-5810 or http://hylencpa.com/contact-us/!