What can a CPA do for your small business?

Adapted from the AICPA (American Institute of CPAs), “What Can a CPA Do for Your Small Business,” 2014.

As a small-business owner or manager, among your chief responsibilities is to make sure your business is profitable and successful, but you don’t have to do it alone. CPA firms are there to help you efficiently manage multiple financial disciplines that make the management of your small business a success.

That’s where a Certified Public Accountant (CPA) can be an essential partner: a CPA can help you establish effective business operations and plan for profitability. In addition, a CPA can assist you in setting short- and long-term strategies tailored to your business.

A CPA’s broad business knowledge and financial expertise make them a valuable, trusted adviser for financial and tax planning, business valuation and accounting services, and for setting and meeting your business-growth goals. A CPA is one asset you can’t afford to do without as you plan, run and grow your small business.

Margo Inc. is a proud member of the AICPA.

Where a CPA can assist your growing business

General Management

The organizational structure of your business is an important consideration. It will have an impact on operating efficiency, personal liability, taxes and the way you report business income. A CPA can help you choose the optimal structure for your business and succession plan development. In addition, a CPA can advise you on your plan, from job descriptions to strategic hiring to financial — and perhaps familial — considerations.

Tax Planning

From payroll to sales tax to deductions, CPAs can educate you about year-round planning, tax-season preparation and filing, liability and record-keeping. We can assist you in deciding whether you want to plan your business according to a calendar or fiscal year, and find out what to do if you are audited.

Technology

Margo understands the capabilities and limitations of a variety of accounting systems, and knows how to use technology to help small businesses meet regulations, establish internal controls and obtain information necessary for critical business decisions.

Personal Financial Planning

As a small-business owner, your business finances and personal finances often are closely related. We can advise you and your team regarding budgets, retirement, insurance, estate planning and more.

What should you look for in a CPA?

Before you select a CPA, you’ll need to do some research.

Ask other businesses in your industry for references.
Make sure the CPA you are considering is a member of the appropriate state and national organizations.
Interview CPA candidates so you can find one who is the right fit for you and your business. Make sure you're comfortable with his or her personality so you can feel confident in building a long-term relationship.

Overall, be sure to consider carefully whether the CPA’s background and expertise are the right fit with your business and your goals.