Is there any benefit to hiring a CPA for your small business, and if so, what can you expect from the accounting firm you choose? We bring you a short discussion on small business accounting services.
Small business accounting is one of our favorite topics of discussion because we’ve seen the financial results that can be achieved when a small business accountant gets involved in providing bookkeeping, tax services, and financial guidance to SBOs.
So without delay, let’s get into the benefit you’ll receive from hiring a CPA to improve your financial situation.
Small business bookkeeping
Unfortunately, this is one area that is neglected by SBOs. The reasons vary, but they can include a lack of financial knowledge, such as the correct way to record financial transactions, and dedicated software to help quickly and accurately record the day-to-day business activities.
By offloading the responsibility of keeping your financial transactions current and organized, your time is freed up, and you also reduce the risk of errors and discrepancies that could potentially lead to costly financial missteps or compliance issues. This level of meticulous financial oversight ensures that you are always prepared for audits and can make financial decisions with insight.
Reconciliations
Are reconciliations taking over your life or the life of one of your staff? Then you’ll be glad to hear that this can be taken off your hands. By reconciling all accounts and highlighting any abnormal transactions for your review, a CPA can provide meticulous oversight that guards your business against financial discrepancies and potential fraud.
This kind of proactive approach ensures that your financial statements are trustworthy - a big plus for investors, shareholders, and financial institutions. When an eye is being kept on the important numbers, you’ll always know about potential cash flow issues and budgeting concerns.
The use of powerful top-line accounting software
The use of powerful accounting software like QuickBooks Intuit Online, integrates day-to-day bookkeeping functions, correct allocation of sales tax, and a cash flow planner. Hall Accounting Company uses top-notch platforms like this for many of our clients. You can rest assured that your accounting information is integrated, secure, and readily available.
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Payroll
Handling payroll can cause a great deal of stress - especially once you begin expanding. Payroll errors are difficult to fix, not to mention the IRS implications, and employees usually don’t respond well to payroll errors because they take time to rectify.
You can protect your business and employees using the expertise of a small business accountant to get your payroll running like clockwork. Long term this will strengthen your reputation as a stable and reliable employer and make your company more attractive to high-caliber talent who value having their salaries and employee benefits managed by a stable company.
You can relax knowing that an accounting firm is making sure everyone gets paid on time, and payroll taxes are being accurately filed.
Tax Services
Tax Planning
The involvement of a qualified CPA can be critical to the financial health of your business when it comes to your tax obligation. Too many SBOs have had nasty surprises when they receive their federal and/or state tax statements. Realizing that your tax bill is going to erode any financial gains you’ve made for the year, is not pleasant for anyone.
By foreseeing future tax implications of business decisions, and helping you to structure your operations in a more tax-efficient way, you can manage cash flow, and also invest in growth initiatives, while complying with evolving tax laws. Dallas, TX has a number of state tax laws that businesses have to comply with. Having a CPA to guide you through this, will be the best decision you can make for the financial health of your business.
Tax Preparation
Not only is tax planning critical, but also the preparation work required when your tax bill is due. The peace of mind that comes from having a qualified professional prepare your tax submission, deal with IRS queries, and resolve any audits can be priceless when all you want to do is focus on doing what you love.
If you’re facing tax issues, let us advocate for you. Contact our team today for expert federal and state tax resolution.
Business Consulting
Once your business begins expanding you’ll have your mind on a number of business processes, many of which affect the financial health of your company.
It doesn’t matter where you are in the cycle of business expansion, you can always use the help of a CFO... Many SBOs incorrectly believe this is a service that’s out of their reach. But it doesn’t have to be.
A fractional CFO can be exactly what you need to get expert help with your business strategy, investment decisions, investor presentations, and forecasting.
Cash flow forecasting
The ability to run a number of business scenarios and forecast the impact of future business decisions is a skill that is invaluable to SBOs. It will allow you to strategically allocate resources and make key business decisions like hiring more employees or investing in marketing initiatives.
Strategic financial analysis
This is about more than just reviewing numbers. It’s about interpreting them to forecast future performance and identify opportunities for your business to grow. By understanding what your balance sheet, income statement, and cash flow statement are actually telling you, it becomes easier to make decisions on pricing models, growth initiatives and even cutting down operating expenses.
The involvement of a fractional CFO ensures that these insights are not just theoretical but are translated into practical, actionable plans you can share with your team.
Final Thoughts
Thank you for taking the time to consider the benefits of hiring a small business CPA for your Dallas business. We hope you can see from our discussion that hiring a professional to take care of your financial needs is a win-win for your company.
The bottom line is: That you’ll be able to focus on what you love doing, and you’ll get the peace of mind, security, and confidence that comes from knowing you have a trusted business partner who will walk with you every step of the way.
We would be happy to discuss your business accounting needs with you. All it takes to get the ball rolling is to take that first step. So take it now, and schedule a call with us. You could be on track with your bookkeeping, taxation and business strategy before the sun goes down.
We look forward to hearing from you.