You started your business for good reasons. You had gifts, talents, and experience that you felt would help others in the world someway, and you just couldn’t wait to get out there.
But then the reality of real business life sets in. Some days you wake up ready to conquer the world, but you end the day having only lost the battle against bills, receipts, and payroll problems.
But there’s a reason why we hire contractors to build houses—there are some jobs that you really want an expert doing. You might be able to build a planter for your patio, but thinking that it means you can do framing, electrical, and plumbing for a whole house is crazy talk. It’s no different when it comes to hiring a CPA. Just because you can balance your checkbook doesn’t mean you can do all of the things a CPA is an expert in doing.
HERE ARE 5 REASONS WHY YOU SHOULD HIRE A CPA.
1. TAX LAWS ARE TRICKY
We recently talked with a number of our clients about why they choose to use CRS CPA. A big reason that kept coming up was, “I don’t want to go to jail!” You’ve heard the phrase, “The only sure things in life are death and taxes.” Well, if you don’t do your taxes correctly, you can also be sure you will be paying fines or going to jail!
Our tax laws are quite complex, and they only become more complex when you see them through the lens of a business. Online software is helpful when it comes to keeping a tally of credits and debits, but there are huge judgment calls when it comes to what you can consider taxable or deductible. And for you to get those judgment calls right, you need an experienced tax professional to come alongside you to be sure you are getting it right—the first time.
2. DOING YOUR OWN TAXES INCREASES YOUR CHANCE OF BEING AUDITED
It feels good to push that ‘Submit’ button and send off your taxes to the IRS. “Whew, glad I got that off my plate!” But, if you’re doing your own taxes, you may be putting an audit on your plate in the near future.
Doing your own business taxes is a key indicator to the IRS that you likely have gotten something wrong, thus leading them to audit you. So now, instead of enjoying your evenings in front of the TV or your weekends at the park, you’ll be under your desk lamp going back over receipts and invoices trying to prove what you did was correct—and likely finding out you messed up.
Hiring a CPA may reduce the chance of being audited. It doesn’t guarantee that you won’t get audited, but if you do, your CPA will have the knowledge to help you through the process.
3. YOUR FINANCIAL HEALTH WILL IMPROVE
A good CPA is indispensable when it comes to understanding the real financial health of your business. There are many people who feel like they’re healthy, but a visit to the doctor tells them the real story so that they can get the help they need before things get bad. Having a financial expert on your side ensures that you fully understand the actual state of your business’s finances. This can also provide invaluable peace of mind when it comes to making crucial decisions that will impact the health of your business. We’re the financial doctors and you need to come in for a checkup!
4. A CPA HELPS WITH OTHER FINANCIAL-RELATED TASKS
We get it. When you think of CPAs, you think ‘TAXES.’ Don’t get us wrong—we are experts in doing your taxes. But CPAs do much more than just taxes!
We can save you time and money (and stress!) by doing your payroll, taking on the role of an outsourced CFO, guiding your strategic business planning process, business succession planning, and maximizing your cash flow management. Give us a call to find out all of the services we can offer your business.
5. YOU ARE NOT A CPA
We know, it hurts to hear that you’re not the best at everything—but you’re not. And that’s okay. You are an expert at running your business so let that be your focus and leave the accounting to us. We will make sure all the i’s and dotted and the t’s are crossed and you can spend more doing what you love the most.
If we can help you think through how your business can more fully utilize the service of a CPA, please don’t hesitate to reach out to us! We would love to sit down with you and make a plan for how your business can thrive! Reach out any time.