As a small business or startup owner, you want to ensure your enterprise thrives. While you may want to focus on your company, you need to take care of those other matters, such as financial planning and taxes. It may be time to seek professional help. Working with a certified public accountant (CPA) is an excellent way to ensure you make the most of your financial success.
Not only will an accountant help you with the necessary forms and paperwork, but they can also provide you with valuable advice on financial planning and projections. Together, you can get help to set realistic and achievable financial goals for the future, ensuring continued success for your business.
Do You Need a CPA for Your Business or Startup?
Knowing when to hire a certified public accountant is half the battle. While there is no set time for every small business owner to hire a professional, some signs indicate you might need one.
No Experience With Financial Matters
If you are starting your business and are unfamiliar with accounting basics, a CPA can help you develop your financial strategy, teach you how to manage your finances, and ensure that you avoid mistakes that could cost you in the long run.
Need to Establish a Legal Structure for Your Business
When deciding on your company’s legal structure, an accountant can explain the options available, helping you choose the best one for your business or startup. Many business owners need to become more familiar with business taxes since most have only filed personal taxes in the past. A CPA can ensure you pay the right taxes for your business type and industry. They can also help you take advantage of tax credits and deductions to save money.
Require Help With an IRS Audit
If your business is growing rapidly, an accountant can manage your cash flow, help you use your money more effectively, and identify areas where you can cut expenses. Unfortunately, there are times when you could face an audit from the IRS. In that scenario, a certified public accountant can guide you through the process and ensure that you comply with tax laws.
Find Funding for Your Business
Finally, if you need a small business loan, an accountant can help you prepare the financial documents required by lenders and ensure that your loan application is well-organized and detailed. When looking for a company that offers small business accounting services, here are a few tips to choose the right professional for the job.
Finding the Right CPA for Your Situation
A business accountant can benefit your company at every stage of its growth. From managing finances to providing valuable insights and advice, the right accountant can be your business’s trusted advisor. You want to ensure you find the right fit for your small business or startup.
Search for Referrals
First, ask for referrals from lawyers, business advisors, bankers, and other professionals. Many of them have worked with CPAs that they trust for their financials. You may even want to attend local business events hosted by your Chamber of Commerce. Also, utilize your existing networks, such as family, friends, and colleagues. Someone is bound to know a reputable CPA to help your business or startup.
Skip the Internet
Finding a trustworthy business accountant is crucial for the success and growth of your company. While you may come across multiple options by doing a quick online search, you may want to avoid hiring someone you find on Google or online directories. Some CPAs may pay to add their names to a list of local business professionals. However, you don’t have to discount an online search completely. If you cannot find a personal referral, use the internet to read reviews about the local CPAs in your area.
Choose a Certified Public Accountant
Keep in mind that not all accountants are the same. Working with a certified public accountant can provide numerous benefits for your business’s financial health. CPAs have passed a rigorous examination and must be licensed. That ensures they possess the necessary knowledge and experience to provide reliable financial advice.
Additionally, a CPA’s certification must be periodically renewed to keep their skills and knowledge current with the industry’s standards. Many business owners and startups want to work with a CPA to get a handle on their business finances.
If you’re looking for a CPA, you can start your search by reaching out to the American Institute of Certified Public Accountants (AICPA). The AICPA maintains a directory of CPAs, accounting firms, and accounting organizations that can connect you with the right professional.
Once you have found a CPA, ask them a few questions. First, find out the accountant’s experience with small businesses or startups. A qualified accountant should understand the complexities of running a small company. Along with that, they should have references from past clients. Also, ask if the accountant has experience in your specific industry. You will want to work with someone who understands your business’s needs.
Make sure to also inquire about their services. Many of these professionals provide tax and auditing assistance. However, other CPAs can offer to help with bookkeeping, business valuation, or budgeting. Additionally, ask about the billing process. Most accountants charge by the hour or offer a monthly retainer.
Need an Accountant for My Small Business?
At TMD Accounting, we provide you with the flexibility, dependability, and affordability you need in an accounting firm. With over 40 years of experience serving Gloucester County, we have helped numerous small businesses and startups manage their financial health. If you would like to schedule a consultation, call us at 856-228-2205.