Service for Business Like Yours
No matter what industry you’re in, there’s one thing all businesses have in common: Owning a business isn’t easy.
That’s why small business owners, who generally don’t have the assistance of a large team, can benefit from a outside professional to lean on. Having another set of confidential eyes never hurts. Never forgetting the number one rule in business, DON’T LET THE CASH RUN OUT.
To break it down to its most basic, think of it as having a CFO, at a fraction of the cost. In an accounting firm, your professional can help you look to the future by monitoring the short and long-term financial health of your business. Also guiding you with strategic business planning and financial projections. Problems that you’re too busy growing your company to spend enough time on.
Your CPA meets with you regularly to discuss financials and offer insight into your data via reports on budgeting and tax planning/minimization. They will also help you track and analyze revenue and profit, expenses, payroll expenses, credit card fees, cash flow and any industry-specific key performance indicators (KPls).
Because ongoing analysis is critical to the long-term success and sustainability of your business, these regular meetings help keep you from getting off-track from your business goals. Your CFO can allow you to focus on growing your business.
One of the major perks of working with an accounting professional as your advisor is their tax expertise. The firm can work with you to file your tax returns, and can help you answer other questions, such as:
Another benefit is the knowledge a professional brings to the table when there are tax law changes or special circumstances. Consider the fallout from the COVID-19 pandemic. Decisions on whether to close businesses or remain open, how to apply for and repay PPP/SBA loans, the financial consequences of employee furloughs, extended tax seasons, etc. It’s their job to get up to speed quickly on tax changes, which is why it’s smart to have them on your team.
Accounting professionals can also offer vital services like payroll and bookkeeping to a growing business, as well as advise you on the accounting software that works best for your situation. Plus, they’re well-versed in business situations that affect different phases of a business’s life. They can improve internal controls, create persuasive financial presentations for loan applications or potential investors, mergers and acquisitions, succession planning, and exit strategies.
If you’d like to free up your time to concentrate on growing your small business, ask us how we can assist you. We can give you a fresh perspective and keep your vision focused firmly on the future.
A well kept secret found in the Tax Cuts and Jobs Act of 2017 is…