How Your Business Could Benefit From Having a CPA

Have you ever wondered why some very good products or services fall off the market? Many people think that having a solid business concept is enough for any new business to thrive. However, it takes more than just an awesome product or idea to survive past the launch stage. The real reason behind early entrepreneurial failure is the lack of internal structure, from bookkeeping to payroll. After all, data and numbers are the real lifeblood of any company.

Hiring the services of a CPA will not only ensure that the proper taxes are filed on time, but will also set up the foundation needed for you to grow your business. Here are some of the benefits your business could have if you hire a CPA:

A CPA can save you money.

It might be difficult to believe that paying for another person will result in savings. After all, you can learn to file your taxes yourself and you can even download accounting software to help make the job easier.

However, CPAs are trained to be fully aware of all tax laws and they can help you file your taxes in the way that will save you the most money. This is not common knowledge; and this will require a thorough knowledge of tax laws and the agencies behind them—which is what CPAs are trained to do.

Moreover, tax laws change without your knowledge. CPAs stay updated with all the changes in tax policies, exemptions, deadlines and requirements, so you will never have to worry about paying more taxes than you should actually be.

A CPA will save you time.

As a business owner, you are constantly meeting new clients, going to meetings, attending conferences and important events to ensure your place in the market. This is just the tip of the iceberg—you may also find yourself visiting different suppliers, going to the bank, and juggling your own personal life.

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Hiring a CPA will save you time because you don’t have to worry about sending out the wrong information or submitting beyond the deadline. These instances will stack on penalties and fees, which will be more costly for your business. Sending out wrong or incomplete information may also prompt an inspector to pay you a visit and manually scan through your paper trail—which you further derail you from your already tight schedule.

A CPA provides the guidance needed to grow your business.

When you want to take your business to the next level, you are first going to need to look at historical data. A CPA can handle all bookkeeping of company sales and purchases, while also overseeing your cash flow. If you need to know how much you have in the bank, or if you need to know how much you spent last month, your CPA will be able to tell you.

Before you take your business further, you are going to need a solid housekeeping system. This means that all the bills (e.g. store rent, utilities, cable, phone and Internet) are paid and all the employees are given their due wages. This also entails keeping an eye on attendance, tardiness and leaves. A CPA can develop a streamlined payments system for all bills and the disbursement of payroll according to approved records.

Moreover, a CPA can provide astute advice and sound recommendations when it comes to strategic planning, brand positioning, and managing business finance. It is their job to draw out business insights based on the data they see on a regular basis.

If this sounds like something that your business needs, you can get in touch with Hazzouri Accounting. We provide professional tax and accounting services to businesses looking for leverage in order to grow. Call us at 734-844-1614 to know more about how we can help you today.

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