Are you struggling with taxes? Are you wondering how you can deal with accounting and bookkeeping requirements? You should hire a CPA. More companies in Phoenix are now focusing on outsourcing their work to firms that specialize in the job. Besides allowing small and medium-scale businesses to focus time on important things, they can advise on compliance and even find angel investors in Phoenix. Here are ten things a CPA can do for your business.
- Find the right business structure. If you are launching a company, you need to talk to a CPA about the structure and how you can plan things better to maximize your tax savings.
- Help your company with financial analysis. Before you initiate a business plan, sitting down with an experienced team for financial analysis can help you measure the possible risks.
- Guide you on compliance. When it comes to regulations and requirements concerning businesses, CPAs help clients keep up with compliance norms by keeping a tab on changes.
- Help your company with QuickBooks. Automating your bookkeeping process is one of the first steps of accounting, and your CPA can help create a QuickBooks account and initiate the setup.
- Advice on payroll matters. From paying your employees on time and calculating deductions, garnishments, and bonuses, your CPA can be your trusted resource for payroll-related work.
- Guidance on tax planning. Contrary to what many small business owners believe, tax planning is not something that should be dealt with at the last minute. Your CPA can work on tax-saving strategies from the state of the financial year.
- Create financial reports for you. Your accounting team is also responsible for financial reports. From making understandable quarterly reports to creating documents for year-end tax needs, they will deal with everything.
- Help with cash flow statements. How your business earns and spends money determines the final profits. Get a CPA, so you don’t have to deal with cash flow statements without expertise.
- Guidance on equipment leasing and purchases. You can also expect your accountant to advise on new investments, especially purchases and equipment.
- Offer assistance during audits. Audits are often stressful, and your company could run into trouble with the IRS if you aren’t prepared. A CPA can ensure that you have everything ready to face the process.
Finally, you can expect the firm to help with financial forecasts and budgeting. Just ensure that you choose the right CPA for your business.