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    Beyond Taxes: 10 Things Your CPA Firm Can Also Help You With
    The Vault

    Beyond Taxes: 10 Things Your CPA Firm Can Also Help You With

    May 2023

    Enlisting the services of a CPA firm gives your business a competitive edge. It opens the doors to the comprehensive accounting functions your company needs to thrive.

    We provide more than tax accounting. We offer bookkeeping, auditing, and assurance services. In addition, we help business owners avoid risk, increase revenues and cash flow, reduce expenses, strategize growth opportunities, and plan their personal wealth management.

    Trusting your many accounting needs, not just tax filing, to a full-service CPA is a wise business move. With the help of a dedicated CPA team behind the scenes, you’ll gain peace of mind and so much more.

    Here are the top 10 things your CPA Firm can help with (that aren’t preparing your taxes).

    1. Taxes

    Umm, this is a tad embarrassing. Allow us to quickly explain:

    Utilizing a CPA firm for more than yearly or quarterly tax preparations is a great way to make smarter business decisions. CPAs can help you solve some taxing dilemmas (pun intended).

    We can also foresee potential tax implications and help you wisely use tax credits or deductions to your advantage. For example, suppose you need to purchase a company vehicle. Our CPAs can tell you that buying a heavier automobile over 6,000 pounds can pay off with a more significant deduction at tax time.

    2. Bookkeeping

    Accurate and complete bookkeeping is vital. From paying vendors, creditors, and employees to collecting money owed to you, a CPA firm can help you stay on top of cash flow.

    3. Statements

    Reports may need tailoring for different uses or audiences. An accounting expert can help you present accurate and timely financial data the right way to the right people.

    4. Consulting

    Partnering with a CPA firm gives you access to insightful advice. Business is a numbers game – you must remain profitable to stay in it.

    Think of your business, any business for that matter, as a bicycle wheel. Money is at the center (hub) of it all. The spokes represent the many different departments of the company, such as Sales, Product Development, Human Resources, etc.

    CPAs can help you with a holistic approach to your business because it all relates to one fundamental – money. Need advice on human resources issues? How about contract negotiations, investments, or risk management? Your CPA team has you covered.

    5. Complicated Transactions

    Intricate accounting operations can eat up valuable time and increase personal and workplace stress. Plus, the results could produce inaccurate data.

    An experienced business CPA firm will apply their expertise and knowledge in GAAP (Generally Accepted Accounting Principles) to solve your dilemmas. You’ll have the brunt of the work taken off your shoulders while gaining valuable time and peace of mind that you're making the wisest decisions.

    6. IT

    It may sound surprising that an accountant can assist your business with advancing information technology, but a CPA can help you evaluate, select, and implement the best accounting and operational software to fit your needs and budget.

    Additionally, we can assist you with cybersecurity essentials. Many businesses are turning to the cloud for computing and file storage, allowing them to connect to information and clients anywhere, any time. We can help you update to the cloud and implement safeguards to protect your sensitive data.

    With modern technology comes updated accounting standards. A CPA firm can keep your business updated on new accounting principles that pose significant changes to your accounting and reports, such as:

    • Contracts and leases
    • Investments
    • Revenue recognition
    • Fair value measurements
    • Credit losses

    7. Budgeting and Forecasting

    You likely have budgeting and forecasting needs or concerns. A CPA can assist with those plans, forecasting operational outcomes or developing cash flow models for different scenarios.

    No business strategy is complete without measuring, yet many companies struggle with assessments. A dedicated CPA can help you track results and compare them to budgets and short- or long-range plans.

    8. Auditing

    A CPA can examine your accounts to ensure your financial statements are fair, accurate, and compliant. When shareholders, lenders, or government grant agencies ask for statements, you’ll be ready and confident.

    9. Forensic Accounting

    Have suspicious or known monetary abuses, fraud, or embezzlement occurred? Consider a CPA your detective for any money concerns.

    10. Compilation and Review

    Last, but not least, sometimes, a business owner needs the credibility of a CPA-backed review that is less intense and in-depth than an audit, such as documents or reports meant for investors, lenders, or other external parties. In those cases, they can rely on their CPA for a compilation or review.

    With a compilation, a CPA looks over financial documents to determine if they appear appropriate and clear of any distinguishable mistakes or misinformation.

    During a review, a CPA analyzes, makes inquiries, and delves deeper into information than in a compilation, assuring financial statements in a limited capacity.

    Hiring a CPA Firm for a Holistic Business Approach

    A CPA firm can help your business file its yearly taxes. But don’t miss out on a 360-degree view of your enterprise by using them only during tax season.

    Utilize the knowledge of a CPA for everything under the sun when it comes to making wise business decisions. A CPA can assist you with bookkeeping and statements, budgets and forecasts, audits, compilations, and reviews while advising you on the best use of your resources.

    The best CPA firm for the job will give you the time and attention you deserve. They’ll be proactive with your finances and upfront about their fees. Always.

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