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Why your business needs a CPA

cpaAs entrepreneurs and business owners focus on achieving their vision and growing their company, they are often left with little time to focus on crucial yet often neglected financial component of their businesses. This is where companies can really benefit from the support of Certified Public Accountants (CPAs).

CPAs can be a resource for much more than maintaining financial records, filing tax returns, and generating reports. The right CPA adds value to the business by evaluating decisions and their long term affect on the profits and cashflows. This is why medium and large companies hold as one of their key management team a Chief Financial Officer (CFO). Although small businesses may not have the resources to bring on their own full time in-house CFO, it does not imply that they cannot benefit from one.

Let’s explore some of the key values delivered by adding the right CPA to your team.

Financial Advisor:

Among other roles, one key area CPAs are needed include business financing, cash flow management, price control, inventory management and technology. These affect companies of all sizes and the approach taken can impact both the short-term profits and long-term health of businesses.

On-going accounting and bookkeeping:

Maintaining current financial records for the business and having the ability to generate reports are important tools needed by every business owner and manager. The numbers tell a story about the company’s past and with the right information, business owners can identify issues and make informed decisions that affect the future. With the right tools, managers can analyze and evaluate company output (both operational and financial) of their business and make decisions that impact the company long term.

Industry knowledge:

In any business, it is important stay aware of regulatory requirements, industry changes, and tax strategies that can affect the company. As a business owner, this can mean less time spent implementing the company’s vision. By recruiting experts who make it their business to stay on top of all industry and regulatory changes, owners cam focus on what they know best without the risk of being non-compliant with other obligations and requirements. This includes staying on top of payroll filings and requirements, entity selection and tax filings, among others.


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