There are a lot of different choices for financial help out there. How do you know which ones are right for your business? Should you hire a CPA, an accountant, or a bookkeeper? Well that depends on your business needs at this point in time. It also depends on if you want a system set up at the beginning before your business is profitable or if you want to spend time later to go back and do it right.
Here are some good reasons why you’d want to hire a CPA:
- A CPA can help you set up a financial system that will allow you to efficiently monitor and track your money in and money out and can provide training.
- They can help you set up your business from the beginning so you choose the right entity structure and know what start up expenses are tax deductible.
- A CPA can review your financial statements and show you where your business is making money and what revenue streams to focus on.
- They can generate financial statements that your business can use to apply for more funding.
- They can provide advice around tax planning strategies, what is deductible, and even file tax returns.
- They can help you plan for growth by doing forecasting of future income and expenses and analyzing other offerings you may be considering.
- A CPA is a licensed professional. They have spent many hours in the field and passed a State run exam to obtain their license. They are required to obtain 80 credit hours of continuing education every two years to renew that license.