Welcome, Harvard Grace readers! Today we have a guest post from the blog Adulting Digest: Making Sense Out of Dollars. Enjoy!
Does your small business need a certified public accountant (CPA)? If you’re just getting off the ground, it may be tempting to save the money and forgo this additional expense. But a CPA can benefit your budding business in more ways than you may think! Managing your business finances on your own can get out of hand quickly—and you could be in for quite a headache when tax season rolls around. If you’re still on the fence about this decision, here are some good reasons to hire a CPA to support your growing business.
Setting Up Your Business
Starting a business can be incredibly complicated. As you launch your first business, hire a CPA who will be by your side every step of the way.
- Your accountant can help you devise a business plan that is realistic and feasible from a financial standpoint.
- A great CPA will help you evaluate your options when it comes to structuring your business so you can maximize your profits.
- They will further ensure that your business complies with all local, state, and federal regulations.
- Overall, hiring a CPA is an excellent way to ensure your business and personal finances remain separate.
Simplifying Tax Time
Doing your own business taxes can take a lot of time. This time is better spent doing what you do best—growing your business!
- Taxes can eat up a lot of your business profits, so rely on a CPA to help minimize your taxes owed.
- Your CPA will ensure that you are taking full advantage of all the business write-offs and benefits available to you.
- Making mistakes on your taxes can lead to costly fines and penalties.
- Ensuring that your taxes are done properly will also help you avoid time-consuming audits by the IRS.
Helping Your Business Expand
As your startup slowly grows into something big and promising, make sure you have a professional accountant on your side to keep your finances organized.
- An accountant will ensure you’re using your business budget optimally without jeopardizing your cash flow.
- You’ll have more time to make important growth decisions such as obtaining equipment—options include leasing, which Harvard Grace Corporation offers.
- Ready to hire an employee? Your CPA will help you determine if you can afford this additional expense.
- Having a CPA handle your finances can help you adjust to a new normal of working virtually, allowing you more time to explore funding opportunities during this tough time.
- If you decide to sell your business one day, a CPA can help you assemble all of the documents and information you need.
From helping with your business plan to handling taxes, a professional CPA can do a lot for your business. Don’t try to take on these delicate accounting matters yourself! Hiring a CPA will ensure that your business is financially prepared to launch, welcome your first few customers, and grow into the venture of your dreams.
For more content like this, keep following Harvard Grace and make sure to check out Adulting Digest as well!