Watching your business grow is rewarding, but it’s also an indication that you should start considering some additional assistance. For instance, as revenue growth accelerates, you’ll want to ensure you’re making the best financial decisions for your company. A certified public accountant, or CPA firm, can help. Here’s how to determine when it's time to enlist the help of these professionals.

When to Hire a CPA Firm for Your Company

1. You’re Taking Out a Business Loan

If you’re applying for a business loan, the lender will want to make sure you’re financially savvy. An accountant can share their insights to help draw up realistic yet promising projections which may help to secure your loan. With their advice, you can create a compelling business plan that will serve as the blueprint for loan repayment and profit generation.

2. Your Company Is Expanding

Sometimes, rapid growth happens with the acquisition of new accounts or big projects. In other cases, it can take place over many months or years. No matter the case, at some point you may find yourself too busy focusing on strategic growth to keep up with the financial planning. When this happens, turn to a CPA for help.

3. You’re Purchasing a Business

Investing in a business with a promising future or acquiring its accounts can be a wise financial move. Yet, there are many financial considerations to bear in mind. An accountant’s keen eye can uncover potential snags, like outstanding debt, to help ensure a sound investment.

4. You Need Financial Planning Help

If it seems like you’re working around the clock, bringing in considerable profits but only ever breaking even, there could be a financial issue you’re overlooking. CPAs can look into your accounts, looking at everything from what you spend on materials to payroll and accounts receivable. This will allow them to uncover opportunities for improvement.

5. You Need Assistance With Taxes

Handling business taxes is one of the specialties commonly offered by CPA firms. All businesses can benefit from the professional input of a CPA, as these tax experts are well-versed in the codes and laws so they can help ensure compliance. Plus, they can minimize the amount you owe by looking for every possible deduction.

If you’re a business owner in Litchfield, CT, or the surrounding area seeking a trusted CPA firm to help guide you in your financial decisions, turn to Dianne M. Saunders, CPA. This firm has been serving the community for more than 25 years and offers a range of services, including tax planning, bookkeeping, and small business accounting. Find out more about their services online, or call (860) 567-3022 for a business consultation.