If you run a small business, you know how difficult it is to juggle all the responsibilities of being a business owner. For many business owners, the thought of handling your company’s finances can feel overwhelming. Even so, you might be tempted to take on the responsibility on your own. While it is possible, there are always advantages to hiring a CPA to assist you. Here are few signs that you may need to hire a CPA for your business.
You Are Just Getting Started
Getting a business off the ground is challenging and can be discouraging to some. If you have just started your own business and are unsure of what to take care of first, hiring a CPA might be beneficial. Many things go into running a successful business that you have most likely never done before, such as creating a business plan or managing payroll. Having a qualified CPA on your side will provide you with the knowledge and guidance you need.
You Keep Misplacing Documents
As your business grows, you will accumulate more files and documents that you need to keep track of. These important papers help you stay on top of your expenses, profits, and other costs each year. If you realize that those documents keep going missing or you have trouble finding the documents you need when you need them, it may be time to hire a small business CPA. Your CPA will help you organize and keep track of your files and documents during the year. Additionally, they will make sure the documents are updated regularly and reflect your business’s activity as accurately as possible. The more organized you are over the fiscal year, the easier it will be for you to submit taxes on time.
You Mix Business and Personal Accounts
It can be very risky to mix your personal and business accounts. Not only does it make it more challenging to keep track of finances, but it can also lead to some legal issues if you are not careful. A CPA will recommend having a dedicated business account that you keep separate from your personal account. With a different business account, you will be able to keep more accurate bookkeeping records. This also gives you more legal protection since many business entities are required to have separate accounts.
Your Tax Bill Seems Too High
You may need to hire a CPA if you have been filing taxes on your own for a while and realize your tax bill seems higher than it should be. Every business’s tax liability differs based on the type of operation they have, their profits, and the deductions they claim. If you haven’t been claiming deductions on your company’s taxes, you could be paying more in taxes than you need to.
Contact Bowman & Company Today
Bowman & Company CPA, PC provides all of our individual and small business customers with experienced, accurate, and affordable financial services. Our financial services aim to decrease your taxes and increase your net worth through responsible, timely, and accurate record keeping. We offer our services to clients throughout the Washington, D.C., metropolitan area, including Maryland and Baltimore County, Columbia, and Howard County. For more information on our offerings, contact us online or call us at (410) 381-8121. You can also find us on Twitter, Linkedin, Facebook, and Youtube.