If you are self-employed, it’s important to ensure you have professional help when you do your taxes. Sure, you can do it yourself, but if you don’t have enough experience, that might be a bad idea.
However, did you know that there are bookkeeping services for small business owners that can assist when it comes to getting a loan, reviewing your documents, assisting with succession and estate planning, and even providing services as a virtual CFO?
Since accounting has to do with interpreting data regarding a company or individual’s operations and finances, a certified public accountant (CPA) is also a critical part of your team of financial advisors. They will assist you with navigating any decision that can have an impact on your finances.
If you’re wondering what one of these pros can do for you and/or your business, here’s a quick look at a few things that might just surprise you.
Starting any business means taking out a loan most of the time. Having a CPA can help you with this as well as with your taxes. See, a professional who understands your specific financial position can assist you when it comes to presenting the lender with the purpose of your loan while considering a variety of funding options.
Once your needs have been specified, accountants can assist business owners with the next phases of getting a loan. Typically, they’ll help you gather the necessary data, from quantifying your current finances and credit needs to identifying sources for repayment. With this information, they’ll also work with you in order to craft a compelling application that can improve your chances for the bank to approve the loan.
Contracts and Documents
Before entering any financial agreement, it’s vital to have your CPA look it over. In this case, and ones like it, you’ll be glad to have a CPA on your team so that they can look it over.
An accountant can go over the agreement or contract and then let you know if there are any problems. Their perspective can help you in terms of avoiding negative consequences that may be associated with the management of cash, financial statements, planning, and even insurance.
Trust and Estate Planning
Since the IRS and what they want from you can have an impact on your estate, you might want to work with a professional to ensure that more of the assets you worked so hard for go to your heirs than to the government.
A CPA can provide you with strategies that will allow you to pass your assets to whomever you please before you die. They can also provide you with strategies that will allow whatever non-profit organization you choose to benefit from your generosity while minimizing any sort of tax ramifications. These plans help you ensure that more of your assets go toward an organization that will provide social good.
Business Succession Planning
In addition to assisting you with your everyday financial decisions, your CPA can also help with shaping the future of your business. That even includes making plans for your successor if you’re getting ready to pass the business off to the next generation in your family or to other employees.
As a business owner, you know that the success of your company hinges on being able to hire the right people right when they’re needed. Accountants are positioned perfectly to help you determine how to make your business grow with smart hiring.
The next time you find yourself needing to make a decision regarding anything financial or that may have financial impacts on the business, call yours immediately.