Many small business owners may not be aware of the tasks performed by a professional accountant and how they can help your business flourish in the market. The vast array of roles and responsibilities performed by a professional accountant influences business operations in various sectors including, not-for-profit organizations, the public sector, academia, and regulatory bodies.
The primary role of CPAs is to safeguard the integrity of financial reporting, but they also contribute to the progress and stability of society in general by handling various aspects of the business.
Why Does Your Business Need a Professional Accountant?
A competent and qualified professional accountant is an invaluable asset for the company. A professional accountant oversees all matters related to the financial health of the company. Various roles and responsibilities fulfilled by a CPA include:
Ensuring Quality of Financial Reports
A professional accountant is competent enough to handle all financial issues and advise you on matters related to financial reporting. A CPA is licensed by the state and can demonstrate essential skills and knowledge to use the latest technology in accounting and reporting. A professional accountant monitors your small business operations and assets, including debit details, losses, profits, and credit amounts, to advise how to improve or allocate your financial resources.
Tax Planning and Advice
A CPA prepares tax documents, files returns, and plans methods to minimize tax liabilities for your small business. If you deal with clients from different countries or sell products in multiple states, a CPA can help you file your taxes faster and save effort. With the help of a professional accountant, you can thoroughly understand and comply with the latest changes that affect your business.
Assistance Before Commencing the Business
Hiring a professional accountant while commencing your business is like any other startup cost. A professional accountant can help you avoid costly mistakes and ensure a steady financial position at the start of your business venture. Moreover, a CPA can guide you about the best business structure suitable for your resources and operations and suggest appropriate accounting software for your small business.
Assisting During Structural Changes
You may require a CPA’s expertise at specific instances, such as during significant structural changes. While purchasing, merging, selling, or closing your small business, you need to consult a professional accountant to understand the tax implications and other legal formalities. If you wish to purchase a business, a CPA can analyze its financial reports and records and verify its assets and overall value. Whereas, if you want to sell your small business, a professional accountant can help you assess the fair market value of your business and prepare your business statements and financial reports.
Looking for a Professional Accountant for Your Small Business?
If you wish to hire a competent professional accountant to assist you throughout your business phases, we can help you at every step. Whether you need business planning and advice, tax planning tips or any other accounting assistance, we have got you covered for all your business needs. Contact Doerhoff & Associates CPA today to learn more about how we can help your small business flourish.