Should You Hire A CPA For Your Small Business?

A certified public accountant or CPA is a highly qualified financial specialist licensed to offer public accounting services. The demanding Uniform CPA Exam, additional state requirements, a bachelor’s degree with at least 150 credits, and one to two years of experience working in public accounting are all prerequisites for licensure.
CPAs offer sound financial advice and assist business owners with managing their finances, including taxes and government filings. CPAs are skilled experts who can help you with business-related issues, such as impartial advice and financial statement analysis. Speak to a CPA in Clifton and the Greater Philadelphia area to learn more.
Should you hire one?
As a small business owner, you should consider hiring a CPA to:
- Manage your finances: A CPA can assist you with your financial situation by offering guidance on organizing and setting up your company and future-oriented planning. They are adept at developing growth plans that reduce risk and increase revenue.
- Plan your taxes: Taxes are complicated, particularly if you are just starting. Small businesses frequently find themselves in predicaments where they must pay more than necessary due to mistakes or ignorance of tax laws. A CPA can help you navigate the complex tax filing process so you can stop worrying about tax planning when you work with them.
- Create thorough financial statements: CPAs are qualified to evaluate how specific costs and deductions, like amortization or depreciation, will affect your business’s income statement. They can even assist you in filing for a tax extension or calculating how much money you can save by lowering your tax liability. They fulfill all legal obligations—like timely tax return filing and payment of delinquent payroll taxes.
- Act as your advocate before the IRS: A CPA is the only person qualified to assist you in defending your case during an IRS audit.
When You Might Need To Hire A CPA?
Suppose you are a small business owner needing assistance selecting & organizing your organizational structure or lacking more time or resources to handle taxes independently. You might then need to work with a CPA. Let’s say you have been running your business for a while. In that scenario, the skills and expertise of a CPA can help you manage complicated tax situations, stay informed, and comply with the law.
Why Is A CPA Better Than A Regular Accountant?
An accountant keeps the books and records of a business in check and keeps them organized to assist their clients in making informed decisions regarding their taxes. However, accountants are not state-licensed for the work that they do. A CPA, however, is. You will receive the same benefits and the surety they are licensed workers.