Friday, March 28, 2014

Should I hire a Certified Public Accounting Firm for my Business?

Should I hire a Certified Public Accounting Firm for my Business?
By: KOS Leadership

Whether you are starting a new business or have an established company, you most likely have a budget. Within that budget, it is important for business owners to allocate expenses to the most appropriate places. Companies often need assistance with tax planning, record keeping, personal financial planning, auditing and advice on developing effective accounting systems.  An established certified public accounting (CPA) firm can provide innovative accounting solutions that will save businesses money and keep them in compliance. When asked if a business owner should hire a CPA firm for their business, the answer is yes.

If you have an accounting background or a solid understanding of business finances you might be able to start your business without hiring a CPA firm. However, if you lack the experience of managing a business, you should think again. Managing your business accounting system incorrectly can slow your business growth and hurt your business in the short term and long term. A CPA firm will not only manage finances and taxes but can provide a variety of other consulting and business services. Further, since they deal with hundreds of businesses, they can provide a unique perspective based of their broad business experience. 

Here are four ways a CPA firm can help business owners, and why a CPA firm is a great resource to assist the growth of your company.

Start Up Assistance

When starting a business there are a number of things that are needed to create a foundation of success.  A CPA firm can advise on the structure of the business (LLC, corporation, partnership). Assistance can also be provided on keeping personal and business records separate and financial analysis for the business plan and recommendations on the type of accounting software that may be needed. Hiring a CPA firm will ensure your businesses accounting procedures comply with government regulations and requirements. 

During regular business operations, a CPA firm can review internal controls,  provide counsel on tax payments made during the year, and determine who and where to send W-2 and or 1099 forms. A CPA firm can help insure any independent contractors are classified properly and handle all tax related matters for the business. This includes compiling and submitting the business taxes, financial reporting and any other paperwork that needs to be sent to the IRS.

A CPA firm can help determine the business areas of growth by providing insights on cash flow patterns, inventory management, pricing and business finances. Advice on property and equipment leasing and purchasing can be delivered. Further, financial forecasts can be created that will contribute in making the right decisions for future growth.

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