Managing a small business’s finances can be daunting, especially if you’re focusing on running and growing your company and don’t have time or resources to devote to financial management. If you’re overwhelmed and need some help with finances, you could benefit tremendously from hiring a certified public accountant (CPA) to work with you.
Here, we’ll go over what a CPA is and the ways you can benefit from hiring one for your business.
What Is a Certified Public Accountant?
So, what is a CPA, exactly? A certified public accountant, or CPA for short, is a licensed accountant who functions as a certified professional, unlike unlicensed accountants. Specifically, for someone to qualify as a CPA, they must carry a license from the Board of Accountancy in the state where they practice.
Ultimately, you benefit from high-quality services that can keep your finances and data more secure by working with these reliable professionals.
CPAs go through a rigorous process to obtain their Board of Accountancy licenses. The various steps entail:
- Earning a bachelor’s degree in business, accounting, or finance
- Completing a total of 150 hours of education
- Gaining at least two years of accounting experience
- Passing the Uniform CPA Exam
- Continuing education for a certain number of hours each year after passing the exam
Based on these qualifications, you can see why hiring a CPA is a bit different from hiring an unlicensed accountant.
The Benefits of Hiring a CPA for Your Business
Now that you know more about what a CPA is, consider the advantages of hiring one for your business. The following are some of the specific benefits of hiring a CPA to handle small business accounting:
Handle All of Your Business’s Financial Elements
While a bookkeeper can help micro-manage your expenses, a CPA will have the expertise to handle every aspect of your finances as a small business. A CPA will be able to assess your current financial situation and expenses and work with you to develop a comprehensive, personalized financial plan.
Get Help With Taxation
Another area where a CPA can help is tax planning and preparation. It can be difficult to balance taxation and compliance with running a business, but CPAs will be able to prepare you during tax season, maximizing reductions while keeping the taxation process generally smooth.
Continually Work to Reduce Expenses
With a good picture of your finances and costs, a CPA can guide you toward saving more money through more effective expense management. Subsequently, you can maximize your business’s profitability and experience meaningful growth.
Work With the CPAs at The Total Wealth Group
Need reliable CPAs to handle small business accounting for your business? The team at The Total Wealth Group can give you everything you need in a fully tailored solution that’s right for your organization.
Get in touch with us today to discuss your needs with one of our experts, and be on the way to the ideal solution based on your requirements.