Small business owners juggle a variety of responsibilities, which means that some priorities might accidentally fall by the wayside. This neglect may have a negative impact on operations and the bottom line. A professional CPA firm can provide expertise to help keep your company on solid financial footing. Here are several frequently asked questions about what they are and what they do.

4 FAQs About CPA Firms for Small Business Owners

What does a CPA firm do?

A CPA firm’s main service is accounting. A CPA or certified public accountant provides a variety of services to their clients. They prepare financial statements, review expenditures and revenue, and conduct audits. Most firms also prepare federal and state income tax returns for business owners. Other services include payroll, submitting invoices for vendors and third-parties, and managing accounts payable and receivable.

Why should I consult a CPA firm for my small business?

Having an independent set of eyes to thoroughly review your company’s financials can help identify oversights or problem areas. Consulting with an accounting firm addresses these concerns so you can implement strategic solutions. Working with an accountant also helps ensure you’re in compliance with tax laws to avoid costly penalties.

Can they help my business meet its financial goals?

The short answer is yes. CPAs are trained to see the big picture. A CPA firm takes a hard look at your company’s financials to see if your goals are achievable. If not, they can help suggest changes to put your company on the right path. CPAs can also provide you with realistic time frames so you can set reasonable expectations for goal achievement. 

Can I tailor my services?

Many firms offer a comprehensive package while others offer services à la carte. For instance, if you only need payroll and tax preparation, you pay for just those services. You can also hire a CPA firm to work on-site based on an agreed-upon schedule. There are a host of ways to tailor your services when you need to use an accountant.

Partnering with a professional CPA firm can help your small business achieve success. For more than 25 years, Dianne M. Saunders, CPA in Litchfield, CT, has been the trusted accounting firm for a wide range of businesses. From bookkeeping to tax return preparation, this team of accountants provides the expertise and personalized attention business owners need. To learn more about available services, visit their website. For a complimentary consultation, call (860) 567-3022.