According to the U.S. Bureau of Labor Statistics, 20% of new businesses fail after their initial two years. Of the new businesses, only 25% of the businesses make it to 15 years or longer. While there are obvious factors like not investigating the market and not planning ahead at play in the downfall of these businesses, there is one thing that most business owners fail to notice. They do not pay attention to the financing needs of their business. Every growing business needs a dedicated accounts department. While most business owners shy away from investing in a local CPA firm and try to do bookkeeping by themselves, successful business owners own up to the fact that their business needs local CPA firms.
Business owners do not invest in a local CPA firm to keep the running costs in check. This might be a good rationale but then what is the point of saving the expenses if your business becomes unmanageable and fails to sustain itself without the services of a CPA firm.
Investing in a local CPA firm comes with many great advantages in addition to easy finance management. Other potential benefits of hiring an accountant from a CPA firm are they can give a thorough assessment of all your company’s finances. They can also give you useful insights into the expenses of your company and help you understand the cash flow better. Let us take a look at other major benefits of hiring an accountant from a local CPA firm:
Be future-ready with an accountant
Every business wants to secure its future. They want to be a step ahead of their competitors. An accountant can help you deliver exactly those results. With an accountant, you would be able to come up with a sustainable plan backed with financial analysis and reports. An accountant will study the past performances and history of your business. This will give him or her a clear picture of the present situation of your business and then using business and financial planning strategies an accountant will help you to formulate some successful campaigns for your business. By doing this you would not only be securing your future but you would also be able to spot the loopholes in your past strategies and overcome them so that they may not hamper your business anytime soon.
An accountant may help you
In tax preparation and planning
Tax returns are a sore ache for any business owner. They seem pretty straightforward but they are quite complex and it is always better to get the advice of an accountant before filing the tax returns of your company. As a business owner, you would be busy with the operations of your company and it is likely that there would be very little time for you to go over the specifics of tax returns. Also, it just seems an additional burden to know about these returns as you would need to file these taxes only quarterly.
Thus it is always better to hire an accountant who would file your tax returns and help you save some money. You can use these saved bills as a reinvestment for your business.
To save your company costs through outsourcing
Many people tend to think that local cpa firms are only required by big companies and conglomerate giants to handle their finances. They further try to rationalize their argument by stating that these CPA firms usually demand expensive bills for their services. This is a plain misconception. Small business owners can also avail of the services of a CPA firm and moreover, these services are economical. In fact, outsourcing your financing needs will help you cut additional costs.
You will not have to train your company staff. You will be free of additional effort. All your financial woes will be taken care of by the CPA firm.
Thus CPA firms are the need of a growing business. If you are a business owner looking to expand the horizons of your business then you must consider the option of investing in a CPA firm. Click here to know more about the services offered by a CPA firm.