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Every business needs accurate accounting – that much should be obvious. But who should you hire to do that accounting? Will any experienced accountant be able to get the job done, or should you look specifically for a CPA? While you might have to invest a little more money to retain the services of a CPA Firm, that investment will be well worth it considering the quality of work that you can expect to receive. A Clear Picture of Your Business One of the most valuable accounting services that a CPA can offer to your business is accurate financial statements. Making the right decisions in business comes down to having accurate information, and much of the information that you need will be included in the financial statements provided to you by your CPA. It is important that you trust the numbers included in these statements, as they will be the basis for some of the key decisions that take your business into the future. Follow the Tax Laws No one wants to get on the wrong side of the tax laws. In addition to having to pay hefty penalties for non-compliance with tax rules, you could also face criminal penalties in serious cases. There is no room to ‘mess around’ when it comes to taxes, so trust your business to a CPA who has the experience and knowledge to skillfully file all of the proper forms for your company. In addition to keeping you in compliance, a good CPA can also help you save money on your taxes by taking advantage of all relevant deductions. Create a Complete Financial System It is key for any business to manage its money safely and securely. Having a CPA available to help you create a system of money management from the top to the bottom can be a huge help in reducing loss. Even things as simple as petty cash can become a serious problem if they aren’t managed in a professional manner. Allow your CPA to help construct a system that keeps everyone accountable for each and every dollar that comes in and out of the company. Software Implementation Using the right software for your company’s accounting needs can reduce the man hours required to deal with financial tasks. A fully-integrated system will enable your management team to take a quick look at the financial status of the company at a moment’s notice. There are many powerful accounting software systems on the market today, and a qualified CPA will be able to recommend and help you implement the perfect option for your needs. Available Knowledge Outside of the everyday tasks that will be performed by your CPA, simply having access to their knowledge and experience on a daily basis can be an invaluable asset to your company. When accounting-based questions arise, you won’t need to bring in an outside consultant because you will already have the right person in-house. Accounting relates to everything that happens within a business, so keeping your CPA involved in the decision making process is a good practice to maintain. There is a big difference between a CPA and someone who simply works as an accountant. The requirements for ongoing education and other experience that a CPA is required to possess will make their higher price tag well worth the investment. Right from the start, you will have a high level of confidence in the ability of your CPA to manage all accounting-related tasks within the company because of the requirements they have had to fill in order to earn their license. Bring an experienced CPA into the fold at your business and start reaping the benefits right away. Ben Wayne writes for Abrams, Foster, Nole & Williams, P.A., a minority owned CPA Firm in Baltimore MD.
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