Most people only associate CPAs with tax season. But there's so much more that these professionals can do for you and your business. While the intricate details might be confusing for some, working with a CPA can actually be pretty simple and extremely beneficial.
Here are two CPA services that you may not be aware of.
Auditing
Most people associate audits with big businesses, but they can actually be performed on any size company. In fact, many small businesses choose to have an audit performed periodically to ensure that their financial statements are accurate.
An audit is an objective examination of your financial statements. This is done to ensure they are accurate and free of material misstatements. And while most people dread audits, they can actually be pretty helpful. They provide assurance that your financial statements are accurate. And if any issues are found, they can be addressed quickly.
Audits can also help to identify areas where your business might be vulnerable. For example, if your inventory numbers are off, that could indicate that you're not properly tracking your inventory. This is something that could be corrected with the help of a CPA.
Business Consulting
A CPA can also act as a business consultant. If you're starting a new business or having trouble growing your existing business, a CPA can help. They can provide advice on everything from choosing the right business structure to creating financial projections. These projections can be incredibly helpful in securing financing for your business.
CPAs can also help you to create systems and controls for your business. For example, they can help you to set up a system for tracking inventory. This is especially helpful for businesses that carry a lot of inventory.
And if you're having trouble with your taxes, a CPA can help you find deductions you may have missed. They can also help you file your taxes to minimize your tax liability and ensure that your business is run efficiently and effectively.
A CPA can also help you negotiate loans and leases. And as a growing business, these are things you'll likely need at some point. So if you're unsure what terms to agree to, a CPA can help you get the best possible deal. They can provide advice and guidance on how to get the most out of your financial resources to help you to save money, grow your business, and avoid potential pitfalls.
Lastly, a CPA can act as a sounding board for your business ideas. If you're unsure whether or not a certain idea will work, a CPA can help you assess the risks and potential rewards. They can help you to determine if your idea is feasible and whether or not it's worth pursuing.
