Whether you are a large or small business, having a CPA firm help you year-round always has its benefits. Not only can a CPA firm save you time and money during tax season, but they can save you from a lot of headache and grief during the year. In fact, they can even help you plan out your next company move!
How you might ask?
Truth be told it wasn’t always this way, but as businesses have grown and our markets have gone global, a CPA firm can give you a strategic advantage. Firms have expanded their practices beyond tax services. With full account analysis, they open up opportunities and negate losses. If you are looking to grow your business, a CPA firm can get you on the right course. However, don’t settle for mediocre services. Instead, invest in a CPA firm that can help you with these items year-round.
- Bookkeeping & cash flow
- Corporate tax planning
- Litigation support
- Audit or external review
Bookkeeping & cash flow
No matter if you are a small or large business you need accurate bookkeeping. Updated bookkeeping can provide you with a clear picture of your financial state. A CPA firm can not only do this for you but help choose accounting software to keep you up to date. The right CPA firm can also give you monthly, quarterly, and yearly reports on your financial status, measuring growth and performance.
However, as your business grows bookkeeping and cash flow management can become much harder due to processing payments, payroll, and tracking seasonal purchases. The right firm can help you optimize and improve your business operations in all of those areas. On a fundamental level, you can get specific data into your accounting and double down on what you do best. On an emotional level, you no longer have to worry about things like payroll at the end of the month because that is already taken care of.
You can know exactly how much cash you have on hand. More importantly, you are always working with the full financial picture.
Corporate tax planning
The advantages of having a CPA firm file your tax returns are almost too numerous to count. Corporate entities have multiple assets and a vast number of employees. Not only do you have to worry about the significant amount of taxes on those assets, but international taxes, debt balancing, and much more. Corporations need help navigating state and federal taxes, even if they don’t do business outside of the United States.
Because corporations are so large and pay large amounts of funds in taxes, It can be a year-round process. Your business may choose to pay quarterly or annually. A CPA firm can help you make the best decision based on your bookkeeping and cash flow. Even if you have in-house accountants it’s still in your best interest to have an objective third-party review your books. Not only because CPA firms can represent you to the IRS, but also because you can track any stealing that may have happened within your business.
Litigation support
No matter the size of your business you will always want help when it comes to dealing with the IRS and your taxes. Any firm you choose should give you tax representation, which means they will represent you in front of the IRS after filing your taxes. Instead of having to hire lawyers and navigate the entire process yourself, you can have expert accountants represent you.
That’s not all though. They can help you in regards to:
- commercial litigation
- financial investigations
- business valuations
- business and marital dissolutions, and bankruptcies
Why take a chance when you can have professional representation?
Audit or external review
If you want to know more about your business, both its weak and strong points, you should conduct an audit. This audit can be conducted by a 3rd party and can be a good thing for the future of your business. An external audit can provide you with accurate information and help you forecast the future of your business. In short, an external audit can:
- Catch employee theft
- Improve trust with investors
- Prepare for an audit by the IRS
Audits can also help you navigate your next step as a business owner. The right CPA firm cannot only conduct an audit but help you diversify your revenue streams afterward. Don’t just ride along with the market. Start beating the competition!
Are you interested in what a CPA firm can do for you? Want to start growing your business or prepare for your best tax season yet? At Sheffield, Trackwell and Rapp LLC. we can help! Our dedicated team of CPAs is looking forward to working with you to achieve your goals. Contact us today to get started!
