29 August 2021
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As an entrepreneur, you want to do all you can do to ensure your startup thrives. A certified public accountant can help your business at every stage, from the initial foundation to future tax filings. Local Business Rules! Lays out the benefits of working with a CPA to boost your business success below.
How an Accountant Can Help You Get Your Business Off the Ground
An accountant can be pivotal in the early stages of setting up a business, from setting up the operating structure to filing ongoing paperwork
A CPA can advise on what type of business entity (e.g., LLC, corporation, S-corp, etc.) to set up. You can then file online to register your new business, which will allow you to begin filing documents like your annual report.
Your accountant can likewise suggest what type of business bank account to set up to manage your company’s finances.
Every business needs a standardized accounting method, such as the accrual versus the cash method. A CPA can explain your options and help you choose the right one.
CPAs can further advise on what accounting software to implement to simplify day-to-day bookkeeping.
What an Accountant Can Do to Help You Maintain Everyday Operations
After you’re set up, you’ll want a financial pro by your side. An accountant can continue to support your ongoing success after your business’ foundation.
A CPA can implement a standardized expense tracking system to help you stay on top of business finances.
CPAs can create monthly, quarterly, and annual financial statements, which you can use to guide business decisions.
Your CPA can provide an analysis of your company’s financial performance within set reporting periods.
How an Accountant Can Help During Tax Season
Perhaps there’s no better time for having a good CPA than tax time. A CPA is also qualified to help you with your tax paperwork when it comes to payroll taxes throughout the year.
A CPA can explain the tax filing and reporting requirements for your chosen business entity and ensure that you adhere to them.
Your CPA can provide tax planning services to reduce your business’ tax burden.
A CPA can file your taxes, helping you to avoid the more common mistakes that might lead to an Internal Revenue Service, IRS, audit.
Your CPA will know about tax legislation reform that impacts your company.
A CPA can help your business at every stage of development. The guide above identifies some of the most useful purposes a CPA can serve. With this kind of professional help, you can anticipate greater success in business.