Business

The ABCs of CPAs

December 20, 2017

The right CPA is essential for your business' health. Learn the ABCs of CPAs and decide if hiring a Certified Public Accountant is the right move for you.

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How Hiring a Certified Public Accountant Can Save Your Business Money

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Kevin Welch, President & CEO, Journey Employer Solutions

The right CPA could easily become your new best friend, especially when he or she takes over the heavy lifting for your business’ financial health and well-being. Not only is their expertise valuable, establishing a partnership with a trusted financial advisor gives you time to work on your business. The difference is subtle, but it makes all the sense in the world: you do what you do best, while the CPA works his or her magic. And saves you money, to boot.

Kevin Welch, President of Journey Employer Solutions, shares his feelings on pairing with the right CPA, “Having a skilled CPA, that truly cares about you and your business, who is proactive with your needs, is absolutely critical for any business.”

Processes and Systems

It’s easy to get lost in a bookkeeping hazard. If you don’t have an accounting background, your systems can get derailed very quickly. A CPA has the expertise to build the systems and processes that make sense for your business. The right CPA will build efficiencies—both in time and money—that come with streamlining processes.

Journey Employer Solutions works with countless amazing CPA’s that focus on tax advice and strategy.  If a client is ever looking for an introduction to a trusted CPA partner of Journey, we always look to encourage our clients to ask our team members for a recommendation.  A local shareholder of Journey will connect you with someone they believe will be a good fit for you and your business.

The Dreaded Audit

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If the IRS knocks on your door, your CPA will help you through the entire audit process. They know your books inside and out and have a thorough understanding of your taxes. They know what the IRS is looking for and how to answer questions. Consider them your financial fullback. You hand off your tax documents, and they take them down the field, blocking until they reach the end zone. Letting your CPA handle the stress and worry that come with an audit is worth every penny.

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Pay Exactly What You Owe in Taxes

Your CPA knows the tax code. They will keep you from paying too little, resulting in penalty fees and fines. Paying too much in taxes gets you a refund, but that’s money you could be investing back into your company.

Deductions

Remember the first point about setting up systems and processes? Having them in place makes knowing what can and cannot be considered a deduction much easier. It may end up lowering your taxes when you discover deductions you haven’t been taking or lower red flags that might trigger an audit if you take deductions you’re not entitled to.

Continuing Education

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In order to keep their licensure, CPAs are required to take 40 hours of CE courses every year.

That keeps them up to date with new tax laws and maintains professional competency. That alone is worth the cost of admission. Imagine how much time it would take away from growing your business to educate yourself on the ever-changing tax code.

Partnering with a CPA that is skilled and proactive in working with you, that you can trust and rely on can change the trajectory of your company. Up.


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