Why Small Businesses Need a CPA

October 4, 2021
Published by Gonzales Group CPA

It’s no secret that running a small business is hard. So often you are wearing many hats, juggling a variety of tasks and burning the candle at both ends. Chances are, something is falling through the cracks. You do not want it to be your financial record keeping!  This is why you should prioritize securing a CPA in San Antonio.  It is perhaps the number one best investment a small business can make. A Certified Public Accountant will serve as your financial and tax advisor ensuring you are not only well-prepared for tax season but that you are making the best business decisions throughout the year and keeping track of your finances.

Why not a regular accountant?

Where accountants can perform bookkeeping, prepare and audit financial statements, prepare tax returns, and conduct financial analysis, they do not take a licensing exam nor are required to maintain any educational requirements.

However, you might consider choosing a CPA firm that includes bookkeepers and accountants to perform more routine financial work. This is a way to save some money.  A CPA should do your business taxes but a bookkeeper or regular accountant can create monthly or quarterly financial reports for you.

Why hire a CPA?

A CPA, in contrast to a regular accountant, is licensed by a state and must keep current with tax laws in order to maintain their license. They have to pass the challenging Uniform Certified Pulicant Accountant Examination as well as meet other rigorous educational requirements.  And only CPAs can:

– represent your small business before the IRS in the event of an audit; and

– conduct mandatory audits for publicly traded U.S. companies.

The additional oversight and licensing required of a CPA means they can analyze all the work you do, offering informed tax and financial advice at touchpoints throughout the year, if necessary, and especially at tax time. They can help you grow your small business, leverage capitalization rules on purchases of property and equipment, advise between buying or leasing a property, offer retirement planning guidance and so much more.

Given the complexity of tax law, hiring a CPA offers small businesses peace of mind and the best insurance against an audit. CPAs ensure your small business is tax-compliant and that you pay the fairest level of business tax.

RECOMMENDED READING: 8 BEST PRACTICES FOR SMALL BUSINESS TAXES

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When choosing a CPA in San Antonio for your small business needs, make sure you select one that fully understands your organizational goals, company culture and best industry practices for optimal results and an enduring relationship.

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The Gonzales Group is accepting new clients! Contact us for more information on small business taxes and to schedule a complimentary consultation.

Categorised in: Why Small Businesses Need a CPA

This post was written by Gonzales Group CPA