Choosing a tax preparer or CPA for your business is very different than finding someone that can help you fill out your income tax forms once a year. Not only are they going to help you manage all of these end of the year responsibilities but they are going to help you make day to day decisions that will ultimately impact the profitability of your business. Taking the time to find a quality CPA can make a world of difference in the financial future of your company.
Managing the Software
Most businesses manage their accounting needs on QuickBooks. This is ideal because it makes it very easy to share information back and forth between companies but it is also difficult because if you are not familiar with this software it can make it very difficult to get started. Finding someone with expertise can help you make sure you are not missing out on software or training that could make managing the books easier. Working with a certified tax firm will also make sure you are not missing deadlines or payments that the IRS requires which could result in a penalty.
When should I find an Outside CPA?
Small businesses or those that are self employed might not have the funds to hire a full time CPA. Even if you are not going to employ someone full time it can be helpful to establish a relationship with a tax specialist if you have any questions along the way. You can also bring in a tax specialist to help you with:
- Tax returns
- Balance sheets
- Statement of cash
- Income statement
- Securing reliable financial advice
In addition to filing forms, you can always talk to your CPA when you are considering expanding your business or making other significant changes.
When To Hire a Full-Time CPA
If your business is starting to grow or you start taking on more complicated tasks it might be worth your while to bring a CPA full time. This will help you make sure no key tasks are missed and you are making sound financial choices that will make it easy for you to keep turning a profit.
- Fill out a 1099 for contract workers
- Manage fixed asset accounting or payroll
- Prepare and analyze financial statements
- Create a general ledger for maintenance
- Manage all daily transactions
- Manage bank reconciliations
- Manage cash and treasury needs
- Analyze cost and variance
Finding the Right CPA
Not all tax specialists are prepared to work full time with a business. You need to ensure that the tax specialist you are interested in has the time in their schedule to meet all of your needs. Write up a list of all of the items you are hoping your CPA will manage and how often you plan on consulting with them. This will help you find a CPA that can easily manage all of the tasks necessary to keep your business in a sound financial state without missing deadlines.
