I Didn't Know An Accountant Could Do THAT?
Growing your business means you need to focus best on what you — and only you — do well. Meanwhile, other people on your staff can manage sales, finance, human resources, because that's what they do best.
You've likely used a certified public accountant (CPA) to file your personal and business tax returns. After all, bringing in an expert reduces your financial risks and maximizes your business's potential, while saving lots of your own time. But did you know that many CPA offer a wider range of services that go well beyond tax filings and reviewing your books?
Fill important gaps in your org chart.
A CPA can help you set and achieve quantifiable business goals and make better informed business decisions. In fact, a qualified Certified Public Accountant can act as your de facto controller or business manager, by having an active role in your firm's management.
Trust an accountant to:
1. Write or modify your business plan.
A business plan is vital to your company's success. Any time you write or modify your business plan, you should hire an accountant to take care of its financial planning and projections components. They can create and/or review its components, including the:
Executive summary
Market/competitor analyses
Your financial plan and projections
2. Create and manage your operating budget.
Your small business budget is a living document that should change as your business evolves. That said, you need someone to not only create a budget and manage your current expenses, but also to assess future budgetary needs. When you keep your budget in line with your business strategy, you're reducing your firm's risk exposure.
3. Advise you on your business structuring or restructuring.
An accountant can discuss in depth the types of legal structures you need to understand. and the pros and cons of each for your particular business. These include:
4. Research and compare funding options.
You'll likely require some additional funding as your business serves more and more customers. With an accountant by your side, you can determine the right type of funding for your current situation. They can ensure you don't miss out on growth opportunities because you weren't able to obtain funding.
5. Provide technology and systems consulting.
Since accountants are all about numbers, they're keenly aware of applications and platforms that make working with numbers easier, including accounting software. But that's not all. The most broadly skilled CPAs can help you with migrating data to the cloud, while also keeping you up to date with the latest cybersecurity measures.
6. Offer payroll and benefits management.
An accountant can handle every aspect of the payroll and benefits management process. If you'd like, you can hire them to manage both your personal and business tax returns. They are tax experts and know which forms you need to complete, which deductions you qualify for, and how to get on the IRS's good side come tax season.
To find a reputable, certified public accountant (CPA), ask fellow business owners in your area for some recommendations. Or you can also scout out your state's chapter of the Association of International Certified Professional Accountants for local CPAs.
After reading about these possibilities of how to work with an accountant, you'll likely realize that you want these tasks taken off your plate. And why not? With an accountant handling these six processes, you'll finally be able to exhale.
Since 2008, Fora Financial has distributed $4 billion to 55,000 businesses. Click here or call (877) 419-3568 for more information on how Fora Financial's working capital solutions can help your business thrive.
