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Signs Your Small Business Needs a CPA

Just about every small business owner should be familiar with the numerous benefits of having an accountant.  Nothing is more crucial than staying on top of your business’ finances. But have you considered the perks of hiring a CPA?

A CPA, or Certified Public Accountant, can do everything a regular accountant can do and more. By definition, they have passed your state’s CPA Exam, which means that they are especially adept at tax planning. Today, we’ll be reviewing a few signs that your business needs a CPA.

Could your small business benefit from a CPA?

You Can’t Keep Up with Tax Laws

It’s no secret that tax laws change rapidly. From one year to the next, filing your taxes can feel like quite a different process. Thankfully, this is the field of specialty of your CPA. It is their job to stay on top of annual changes and help you get the best tax benefits possible. Regular accountants are not permitted to represent their clients to the IRS regarding taxes—only CPAs can.

You Need Help with Your Tax Audit

Tying in with our last point, one of the best perks of having a CPA is that they can assist you with your tax audit. Of course, most businesses aren’t audited every year. You might think that you can hire a CPA if you receive a notice that you will be audited by the IRS. But it’s best if they were with you throughout the previous tax season. They may even offer audit insurance.

Your Business is Rapidly Growing

If the rate of your business’ growth is rapid, a CPA can help you with the rapid change that tends to occur as a result of expansion. You might find that a lot of your headspace is taken up with matters such as payroll or insurance packages. CPAs can provide you with expert analysis on these matters, helping to lighten your load. They can also guide you through acquisitions and mergers.

You’re Taking Out Loans

Does your business need a loan? If so, a CPA can help. Leave it up to their expert analysis to provide you with a picture of what risks your business might face when taking out a loan. Of course, any accountant can help with loans. But what makes CPAs unique is that they will also keep an eye on the potential changes to your taxes this process might have.

Too many people are deterred from hiring a CPA because they think it will cost them unnecessary money. But the truth is that, without the help of a financial expert like a CPA, you could end up losing money—not to mention time. The last thing you want is to end up paying tax fines. Get the help of a CPA.

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.

This entry was posted on Thursday, October 8th, 2020 at 8:59 am. Both comments and pings are currently closed.