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Why You Need an Accounting Firm When Starting Your Small Business

April 29, 2021 //  by Contributor

Now that the Nashville economy appears to be headed to recovery, it’s a good time to think about starting that business you’ve always wanted to do. In drawing up your plans, you’ll need the help of an accounting firm who can provide you with guidance on crucial financial matters, from funding your business to setting up and implementing your accounting systems.

Do You Need an Accounting Firm to Start Your Small Business

This raises the question, should you work with a CPA for your small business or would a non-certified accountant meet your requirements?

Here are some things to consider.

Do you need to hire a CPA for your small business?

You are not required to hire a CPA or even a non-certified accountant. If you have the knowhow, you can even do your own bookkeeping, payroll, and other everyday accounting needs, especially when you have an efficient accounting software.

However, tending to these tasks can take up much of your time. By hiring an accountant or a CPA, you can spend more of your resources and energy on growing your business.

Moreover, in starting your business, you will need advice on the most appropriate business structure that complies with tax requirements, while maximizing tax benefits and savings. You will also likely need help on choosing the best accounting method to use, and in setting up and troubleshooting your accounting software.

What can a CPA do that a non-certified accountant can’t?

There are many competent non-certified accountants who can help you with the above-mentioned issues. They can also do your tax preparations, help with your payroll tax and other tax obligations, do your financial statements, and provide you with financial guidance.

A CPA is an accountant with a state license, which they get after passing the Uniform Certified Public Accountant Examination. To keep their license, they’re required to get continuing education, which ensures they are updated with the latest accounting rules, tax rates, and so on.

A CPA is essentially a tax expert who can represent their clients in tax audits, and can audit or review a business’s financial statements for a bank loan, a grant application, and other purposes that require an audited statement.

As an accountant, a CPA can also perform all accounting tasks, including payroll and bookkeeping.

An accountant is not required to be licensed and to have continuing education. They can also represent you in tax audits but only if they prepared your tax returns. However, they cannot audit and review financial statements.

To summarize, there are two crucial things a CPA can do for you that a non-certified accountant can’t:

  • Represent your business in a tax audit regardless of who did your tax returns
  • Audit and review your financial statements for a bank loan, supplier negotiations, customer accreditations, job biddings, and others

As tax and financial experts, a CPA can also provide you with the guidance you need in addressing not only your financial needs, but also other management decisions as your business goes through various stages of growth.

Sources:

Why You Should Hire a CPA, BusinessNewsDaily.com
Why Small Businesses Need a CPA, TheBalanceSMB.com

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Category: Accounting FirmTag: Nashville Accounting Firm

Previous Post: «Sell Your Small Business Successfully With Help From Your CPA Firm Get Guidance from a CPA Firm on Selling a Business Amid the Pandemic
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