What a CPA Can Do to Grow Your Business and Your Financial Security

When it comes to your business, maintaining financial security is one of the key ingredients to success. One of the best ways you can ensure fiduciary security and integrity for your startup is to seek out the advice of financial professionals, including a CPA.

On the fence about hiring a CPA for your business? Here’s what you need to know.

CPAs Can Recommend Financial Tools for Your Business

Having the right software and tools can make routine accounting tasks so much easier.

  • Accounting software for your business can streamline the backside of accounting and operations for your business and provide real-time projections and insights.
  • Cash flow is also crucial for small businesses. Your CPA will also let you know which apps and tools make the most sense for your accounting and business needs.
  • If you want help creating a plan for your finances or with specific financial goals, like investments, there are CPAs who also take on the role of business advisor.

CPAs Can Also Help You Avoid Mistakes on Your Tax Returns

A major advantage of hiring a CPA is that you can avoid costly tax issues and/or audits.

  • New business owners tend to make a lot of mistakes on their first-year tax returns, but one of the biggest and most costly is attempting to DIY this complex accounting task.
  • Working with a certified public accountant will help you avoid errors on your business tax returns that have the potential to trigger IRS or CRA audits.
  • In fact, many financial experts list owning a small business as one of the top reasons to hire a CPA or accountant to help with your taxes because mistakes can be expensive.

Working With a CPA Can Also Help You Retire Earlier

Planning for retirement can take on a new meaning when you operate your own business.

  • Retirement planning is just one of the many surprising things that a CPA can help small business owners simplify. This is in addition to making hiring and pricing decisions.
  • During your search for the right CPA, you should make sure the professionals you consider have experience with retirement planning or any other financial needs.
  • You can also seek advice from a financial advisor when it comes to planning and investing for your future.

More than just a number cruncher, the right CPA can help you map out financial plans for your business, ensure future growth, and take the necessary steps with your business so that you can enjoy your golden years. So whether you are starting a new business or looking to expand an existing one, you should think about hiring a CPA to save you time, stress, and guesswork.

Get financial planning guidance from the top accounting and tax firm in Toronto! Reach out to Vlad Alyokhin today!

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Vanessa Holwell and her husband, Rick, created HiringSquad.net after losing their jobs during the financial crisis in 2008. The site is designed to be a forum for people to share advice on how to get hired, provide job search resources, and give you the tools you need to get the job you want.

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