When starting a business, you might consider if you need the services of a Certified Public Accountant (CPA).
CPAs are accountants but with a certification from the American Institute of Certified Public Accountants (AICPA), which requires strict educational standards in addition to experience before an accountant can be certified.
If you’ve decided you could benefit from hiring a CPA, it’s a good idea to determine what specific needs you have that a CPA could assist you with. This will help you determine the best time to hire a CPA for your business!
You Need Someone to Help You Make Decisions
If you have an accountant for your business but the information they’re giving you isn’t detailed enough for you to base decisions on, it might be time to hire a CPA.
A CPA can play an essential role in helping you set up a business and choose the right entity, whether it’s a limited liability corporation (LLC), sole proprietor, or a corporation. These certified accountants can provide financial information that’s essential to acquisitions, mergers, and even your own financial management.
When you need a partner to help you make decisions based off your finances, a CPA can help.
When You Have Trouble Managing Your Finances
If you’re having trouble managing your finances even though you have an accountant, it might be time to invest in the services of a CPA.
Some businesses are seeing a growth in revenue but are still having trouble paying their employees and keeping up with expenses. A CPA can analyze your financial statements to figure out what needs to change to support your continued success.
Other business owners are too busy to keep up with their finances and need an experienced professional to help them manage their income or set a budget to stick to. A CPA can assist here as well!
It’s Tax Time or You’re Planning for Tax Time
Of course, one of the most popular times for companies to hire a CPA is tax time. While some CPAs specialize in taxes, not all of them do. If you have a complex tax return and want an experienced accountant to review your information and sign your tax return, a CPA is for you.
You may also need advice when planning for tax time in regards to minimizing the amount of taxes you owe. A CPA who has experience in tax law and tax codes can assist you here and help you make the best decisions now for when tax season comes around.
These are some tasks regular accountants may be able to help with, while other organizations need or prefer the expertise of a CPA.
You Need Financial Planning Services
If you’re planning on selling your business, merging with another company, or want to keep your organization as successful as possible in the future, a CPA can provide financial planning services to help you.
With financial business planning, you can make smart choices now to ensure your future success. A CPA can not only advise you on steps you can take now, but can assist you with considering your options for the future and creating a financial plan to reach your goals.
Is It Time to Hire a CPA?
When you need the services of a CPA, don’t delay in starting your search. Even if you decide you don’t need a CPA until tax time, consulting one now can help you when tax season comes. These professional accountants can provide invaluable financial services to companies of all sizes!