4 Reasons Why Your Small Business Needs a CPA
Having a small business comes with plenty of responsibility to ensure daily operations are running smoothly. While you may be an expert in your field at developing key business strategies, selling your services, and growing your client base, making the time every day to focus on accounting duties might prove a challenge. In order to ensure your revenue streams and finances are adequate and up to date, hiring a certified public accountant (CPA) for your business is a non-negotiable consideration.
Let’s take a look at four reasons a CPA is beneficial for your small business needs.
Keep Track of Payroll
As a small business owner, you want to ensure your employees are paid on time. A CPA will ensure your employees are paid accordingly, retirement withholdings are deducted properly, and payroll taxes are handled correctly. They’ll also keep track of your payroll records, profit sharing disbursements, and expense reimbursements. With the help of a CPA, your payroll records will be in superb shape.
Ensure Taxes are Filed Properly
CPAs are highly knowledgeable about tax laws. As a result, they are experts at efficiently preparing federal, state, and/or local tax returns and filing them before the deadline. With their knowledge of tax laws, CPAs can help you figure out tax-deductions from your expenses to minimize your tax burden. Also, if the IRS knocks at your door, CPAs are well-equipped to provide guidance and answer any questions they may have.
Create, Manage, and Review Financial Statements
Financial statements can be a challenge to accurately create. With the help of CPAs, financial statements will be organized and filed correctly. They can also perform audits on your financial books and records to determine the accuracy of your financial statements. From the audit, CPAs can determine if the statements have material misstatements from either errors or fraud. Additionally, CPAs can provide you with legal suggestions regarding financial improvement that will benefit your small business as a whole.
Provide Expert Accounting Guidance and Assistance
When you hire a professional CPA to financially manage your small business needs, you will experience professional accounting guidance and assistance. Your business will benefit with expert investment strategies and receive top of the line advice in making critical financial business decisions. If any issues arise, a CPA will be able to help you financially maneuver through the difficulty with the right strategy.
Tobin & Collins is Here for Your Small Business Needs
Does your small business need help with its finances? Tobin & Collins offers expert NJ CPA services for the real estate, healthcare, and professional industries. We’ll transform your daily transactions, computerize your payroll information, file your taxes, and more. We’re ready to help you begin your financial journey – contact us today!