How do you decide when it is time to contact a CPA in San Antonio TX ? For many small businesses, determining when a professional is needed to serve their tax and accounting needs isn’t always obvious. Many small businesses will, in fact, try their best to handle these financial matters on their own for as long as they can usually as a cost-saving measure. However, at some point in your businesses’ growth or life span it will be in your best interest – and a cost-saving measure – to seek the services of a Certified Professional Accountant. Below we’ve outlined 5 indicators that that time might be now.
5 Signs Your Small Business Needs a CPA:
1. You’re spending more time on accounting than on your core business
You started your small business to do something you love – not to stay on top of your accounting and tax requirements. Your business will flourish when you focus on it rather than spending valuable time trying to figure out your books, learning the ins and outs of accounting. By engaging the services of a CPA, you will win back time and gain peace of mind knowing a professional is taking care of your financial records.
2. You are experiencing rapid growth or expansion
Though always a welcome development, growth can bring financial complications. If revenue has increased significantly, maybe now is the time to invest in the services of a CPA to ensure the continued success of your business. A professional accountant can help manage your growth, improve financial efficiencies, optimize payroll services and offer comprehensive tax preparation and planning services to keep your financial house in order.
3. Tax season is too stressful
Staying on top of ever-changing tax laws and codes is a challenge – one many of us are not equipped or available to meet. However, this is what CPAs do! As part of their licensing and professional responsibilities, they are required to acquire this knowledge and stay up-to-date on all revisions. This ensures your taxes will be completed in accordance with the IRS’s expectations and in a timely, efficient manner. Moreover, in the event there is an issue with your taxes and an audit is required, you’ll have greater peace of mind if your taxes were completed by a CPA. Their license allows them to represent you in front of the IRS.
4. You mix business and personal accounting
Though this is an unwise decision, many small businesses do this, especially when they are just starting out. This is not recommended – ever. Having a separate business account offers legal protection and cleaner bookkeeping and is legally required for specific business operating entities, namely, corporations. A CPA can help you establish your separate accounts correctly to ensure your finances are on the right footing.
5. You lack basic business education & spreadsheets distress you
If, for example, you own a bakery and are a trained pastry chef, you will know the difference between a good puff vs. a good choux pastry; however, you may know little about the financial intricacies of running a small business. In order to ensure your bakery is successful, a CPA can decipher your financial data, run regular analytical reports, keep you well-informed and counsel you on making sound business decisions that serve to improve and grow your business.
Once you’ve recognized these signs, make the smart business decision and hire a CPA. Their counsel, professionalism and due diligence is sure to save you money in both the short and long runs.
RECOMMENDED READING: Remember, the relationship with a CPA may last for years, so check out our post: Choose your CPA Wisely: Top 10 questions to Ask when Hiring an Accountant
At the Gonzales Group, our success is based on your success. We have proudly served the small and medium sized business community in San Antonio for over 30 years providing accounting, tax prep and planning, financial and legal and payroll services. Contact us for more information on our services.
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Categorised in: 5 Signs Your Small Business Needs a CPA
This post was written by Gonzales Group CPA