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Starting a new business involves considerable planning and preparation, from ensuring you’re meeting regulations to finding the right individuals to represent your company. A certified public accountant (CPA) is a vital position to add to the team, especially when you’re establishing the business. Below are a few ways a certified public accountant can help.

Why Should You Hire a CPA When Starting a Business

1. Develop Systems

When beginning your new business venture, you should establish systems and processes involving your finances. A CPA can develop the plans and procedures you will follow in the early stages to ensure you are spending money responsibly and sustainably. This includes helping you select the ideal accounting software for your specific needs, as well as cleaning up any receipts or invoices. They will also help you manage a payroll system to ensure your employees receive payment and tax deductions accurately.

2. Manage Numbers 

certified public accountantOne of the leading roles your certified public accountant will fill is maintaining the numbers for all of your acquisitions. This means they will monitor your company’s expenses, as well as what funds you are receiving. This will help you develop a budget to follow throughout the year to build your finances.

3. Handle Audits

Business taxes are incredibly complex, which is why you should have a CPA on your team to manage any audits and file the taxes. For example, if you sell goods to multiple locations, you must pay the appropriate amount of sales tax to the local tax commissioners. Penalties are high for companies that don’t file taxes properly or miss deadlines. However, having a CPA handle this area of finances ensures you will be following the best practices.

4. Produce Year-End Reports

The end of your first year involves significant processing and planning, like creating budgets for the upcoming quarters, promoting staff, or branching into new avenues. Your CPA will prepare a detailed report to help you make educated decisions on where your money should go, and any areas where you can cut costs.

 

If you’re looking for a certified public accountant to manage the finances for a company, consult STL Tax in St. Louis, MO. With more than 15 years of experience providing the financial assistance and support you need, these professionals can help you regulate funds and handle business taxes. Learn more about the services they offer by visiting their website. Schedule a consultation by calling (314) 645-1614.

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