Many entrepreneurs have a long to-do list. Unfortunately, trying to manage time, production, and deadlines can mean some important financial priorities don’t get enough attention. An accountant or CPA can provide small business owners with much-needed relief. Here are several ways these specialists can assist your business. 

How CPAs Benefit Small Businesses

1. Monitor Cash Flow

Knowing what’s owed and spent is the foundation of most established firms. An experienced CPA or accountant has the skills and training to strategically manage cash flow. They’ll use an accounting system such as QuickBooks™ to create customized channels to stay on top of invoices, purchases, and other bookkeeping tasks. As a small business owner, you’ll have detailed tracking that provides clear direction of how your operation is faring financially. 

2. Provide Advising Services

Whether you’re preparing to launch a start-up or expanding an existing business, your CPA or accountant can offer guidance to help reach your goals. From creating a business plan to determining which company structure is most advantageous, their expertise will plot a path to get you up and running. For established companies, you can also rely on a CPA to outline specific growth strategies such as acquisitions and mergers and opening additional locations. 

3. Offer Tax Return Preparation

Business owners work with different laws when filing their state and federal income tax returns. If they have employees, payroll withholding taxes are required and must be submitted for each pay period. Estimated tax payments may also need submitting each quarter. The best CPAs know the current tax codes and will ensure accurate returns and met deadlines so that you don’t end up paying penalties for non-compliance. They’ll also highlight deductions and other tax incentives to save your business money.  

If you need a CPA or accountant to manage your company’s finances, the office of Roy E. Carter, CPA, PC in Staunton, VA, has provided customized service to businesses of all sizes in a variety of industries throughout Augusta County. From tax help and bookkeeping to small business advising and QuickBooks™ specialization, you can count on Roy and his team to create tailored solutions designed to meet your firm’s needs. To learn more, call (540) 886-6251 or visit the website to view their available services.