Hiring a CPA for your business is not a decision to be taken lightly. The odds are good that you approach most business decisions by weighing the costs versus the potential for savings or profits in the long run. This decision should be no different. When you look at the long run, hiring a CPA to handle your accounting services is a sound decision since a CPA can help your business save money in a variety of ways, whether your business is large or small.
Hiring a professional means that the work gets done faster because they are better at it – if they weren’t, they wouldn’t be a professional in the field. While you could slog through all of the financial work that your CPA would handle, it is not a good use of your time and it will take way more of your time than it would take if your CPA simply handled it from the beginning.
Catch Mistakes and Errors
Having a CPA on your team will help you catch errors and mistakes. This is important for your current financial records, but a CPA can also go back and look at old tax returns to find past errors as well. The most costly of those errors could be worth revisiting if they can be corrected to secure your business more money.
Spot Tax Savings
Doing the taxes for your small business is one of the best uses for your CPA and they can help you save money in a variety of ways. First, they are highly trained in tax law and can make sure that you’re following all of the rules correctly. Small business accounting can be complicated and making mistakes on your taxes can result in fines and penalties that add up quickly. A CPA can save you from these fines while also finding all of the ways to maximize your deductions. A CPA will also be able to help you get any tax rebates that your business qualifies for. Tax law changes yearly and it is way more than the average business owner can keep straight – hiring a professional whose entire job is understanding it is the best financial move.
Offer Advice and Oversight
Depending on who is managing your books (you, your admin team, a bookkeeper), A CPA could be a valuable addition in terms of oversight. Simply having another set of eyes to keep everything running smoothly is a plus, but your CPA can also advise you on major business purchase decisions and ways to maximize profits and manage your cash flow.
Contact Bowman & Company CPA 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 at decreasing your taxes and increasing your net worth through responsible, timely, and accurate recordkeeping. 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.