Certified Public Accountants, or CPAs, are trusted financial advisors who hold and maintain CPA certification. While CPAs can be accountants, they are also commonly auditors, business advisors, tax consultants, and accounting consultants. Due to the continuing education requirements and high business standards, CPAs like those at The Huntington Group can provide you with more expertise and experience than most financial planners. But when exactly do you need to hire a CPA?
CPAs are very versatile and there are many great reasons to have one on your team, but the most common times that you’ll turn to your CPA are:
Starting a New Business
Are you starting a new business venture? Maybe you’re taking your freelance work to the next level by creating an agency or you want to start taking commissions for art, craft, or skill set. Whatever your business idea may be, whether small or large, you will need to make sure that you have the proper legal status for your business. Do you need to form an LLC, a C-Corp, or an S-Corp? What is the difference for each and what are the tax implications?
These are questions that a Certified Public Accountant can answer for you and more. A CPA will make sure that your business has the proper foundation from the start to ensure a successful business plan that’s right for your family.
Tax Return Season
You may think that you can save some money for your business by filling out your taxes and filing them on your own, and while that is true if you do it perfectly-correct the first time, that is usually not the case. The last thing that you want to have to do is fix your tax mistakes after the IRS discovers the errors. This will cost you more time and money in the long run.
As CPAs, we can file your taxes correctly the first time while making sure that you never miss out on any incentives or deductions. Not only will this save you the headache caused by making mistakes, but it will also make sure that you never pay more than you have to.
It’s inevitable that eventually, a business will go through financial downturns. Sometimes it has nothing to do with the poor decisions being but rather it is just the result of economic conditions. Being prepared to endure all of these slow periods can be all of the difference between staying in business or tapping out at the first sign of a slow season. A CPA can make sure that your business is prepared for all of the ups and downs by helping you plan for the long term.
How do you know that your payroll, overhead, benefits, and profit margins are all in line with your budget? Having an annual check-up with your CPA is a great way to ensure that all of your finances are up to date, accurate and that your business is right where it needs to be to continue operating and growing.
Contact us today to schedule an appointment with one of our Certified Public Accountants.