If you’re a small business owner on a limited budget, you may think it’s beneficial to save money by not hiring a Certified Public Accountant (CPA). Many business owners make the mistake of thinking they can do their own bookkeeping, payroll and taxes. This cannot only be time consuming, it can also cost your business a lot of lost money. Accountants are apprised of current tax laws, know how to do payroll efficiently and can reconcile debits and credits easily.
A CPA can assist a small business owner during the start-up process by helping the owner to determine the best business structure with our business consulting service. From a sole proprietorship to a corporation, a CPA can help to determine the best financial choice for a business owner. A CPA can also provide advice and assistance about opening bank accounts, make sure that accounting procedures comply with government regulations and can help to keep personal and business expenses separated.
During the running of your regular business operations a CPA can help to explain your financial statements, oversee payroll issues, send out W2 and 1099 forms and close out your financial books at the end of the year. CPAs are able to use financial software to create profit/loss statements and assist business owners in getting a picture about how their business is doing.
Rather than lose money on completing taxes, payroll and all financial statements yourself, give it to a certified public accountant to complete it correctly. Accountants know how to do these components of a business effectively and their knowledge will ensure that your business in good financial standing. Rather than save money by not hiring a CPA, hire the CPA to give your business the financial future it deserves.