This is a common question from many people that I meet throughout the year. Being a partner in Associates in Accounting, CPAs you would think that the answer would always be “Yes”, right? Not so fast – it depends!
Typically the financial needs of a business are multi-faceted. Every business has a need to “keep score” – establish and maintain a set of financial records or “books”. Operating a business requires knowing the numbers. In addition, staying in compliance with various government agencies and bank reporting requirements will always depend on a set of accurate books and records as well.
“I really wish I was paying more in taxes” – said no business owner ever. Structuring properly, paying yourself as owner efficiently, and capturing all of the deductions for your business are all keys to minimizing the income taxes that your business pays.
How are your profits?
Most businesses have some ability to improve the bottom line of their operations, to make more money. Being intentional about the techniques that will enhance profitability is an important tool to accomplishing this.
CPAs that focus on small businesses and are consultative in nature like we are at AIA will be able to help in these areas. Whether or not you choose to work with a CPA largely depends on the evaluation of how well you are managing your books, taxes, and profit efficiency on your own. The typical business owner or manager is usually very good at what they do for the business and the fulfillment of product sales or services provided to the business’ customers. However, the financial skills that are necessary to accomplish these financial tasks often aren’t intuitive. If you believe you can improve in these areas, hiring a CPA might be the right solution for you.
Our client managers have had multiple years of experience in helping multiple companies achieve these goals. The ability to try and test various techniques and discover which are most effective results in a wealth of experience and knowledge that can be brought to the operation of your business. When evaluating the cost of CPA services, being astutely aware of the benefits and what it can mean for your business is key in choosing a relationship.
We actively offer bookkeeping, tax, and advisory services that address these needs for small businesses and their owners. CPA services are usually on a menu – meaning that any services plan can be customized to the needs of your business.
I would encourage you to interview and evaluate CPAs to see if there is a role for a CPA in your business. The process will help you determine your needs and which firm might be a fit.