While there are many CPA firms that you can choose to work with, developing a strong, long lasting relationship with the right firm can provide your business with the financial footing that it needs to enjoy financial success. While many companies consider calling their CPA or accounting firm only when tax time rolls around, the fact is that your relationship with your CPA can benefit you throughout the year. Understanding the services that a top CPA firm offers is the first step toward maximizing the benefit that you can enjoy from your professional relationship with your accountant.
Tax Planning and Services
While some businesses follow the approach of calling an accountant once a year as the tax filing deadline approaches, the fact is that the right CPA firm can benefit you through strategic tax planning and other related services throughout the year. Your tax return is a reflection on your past year’s business activities. Consider that the tax ramifications of the business entity you choose to operate under are far-reaching, but other actions like major purchases, how you utilize tax credits, handling mergers and acquisitions and more all make an impact on your taxes. When you work with an accountant throughout the year and regularly seek advice and guidance, you can make wise business decisions that ultimately can minimize your tax liability at the end of the year.
By working with a top CPA firm throughout the year, you can minimize your likelihood of having to endure an audit. An expert accountant can monitor compliance to ensure that you do not cross lines or break rules unintentionally. If you are audited, the accountant can work with the auditor on your behalf to minimize the hassle to you while maximizing the opportunity for favorable results. A quality CPA will work with you with IRS audits, 401(k) and qualified plan audits and more.
You are in the position to make major financial decisions for your business from time to time, and a CPA can help you to analyze the impact of those decisions on your finances. While some financial decisions are major, such as pursuing a merger or acquisition, even smaller financial decisions can have an impact on your business over time. An accountant can work with you to review and evaluate your internal controls, and he can make recommendations regarding how to improve your internal system for maximum results. Further, a CPA can provide you with financial advice and assistance regarding the financial aspect of legal proceedings. Such proceedings may involve fraud, reorganization and other similar matters.
While some businesses may utilize the services of a CPA for periodic advice and guidance, others may benefit from regular business management services. Your accountant can work with you to provide you with assistance with check writing, preparing financial statements, budgeting and financial planning, payroll processing and more. While some business owners enjoy managing the financial side of their business on a day-to-day basis, others may benefit from outsourcing these tasks to a dedicated, highly educated professional or team of professionals.
The fact is that your relationship with your accountant can be customized to meet your needs. Some business owners only make use of their accountant’s services a few times per year for very specific needs, and others benefit from an accountant’s services on a regular and even daily basis. The key to benefiting from the services of a CPA is to first find a reputable CPA who you enjoy working with and who has the skills and experience to provide you with expert guidance, advice and results.
We hope you take the advice into consideration when planning financials. Be sure to check out cpa firms