6 Types of CPA Services for Your Small Business
By hiring an accountant, you make a critical financial investment.
Otherwise, you won’t be able to keep track of your finances. If you’re not able to keep track of your finances, you can’t accurately gauge your business’s progress.
Without that information, you could inadvertently break the law or miscalculate how much your business owes in taxes.
These are only two out of many potential consequences that your business could suffer by misdiagnosing its finances without a CPA. However, you may still be unsure about what CPA services can offer your small business.
So keep reading to learn more. Below, we’ll explain a few small business CPA services that can help your business.
1. Tax Preparation
The most common CPA service small businesses use is tax preparation. CPA tax services ensure that small businesses file taxes without error. Your CPA will also make sure businesses don’t overpay on taxes and that the proper documents are filed away for future reference.
CPAs will also handle IRS audits and file any necessary extensions on businesses’ behalf. They can also speak to the IRS if they’re more willing to correspond with tax professionals representing the business.
2. CFO Services
CFOs do not need to be full-time employees. Many small and mid-sized companies outsource CFO work to minimize the service’s price tag.
Businesses can hire CFOs to manage cash flow, create financial reports, and assess their financial performance. The information CFOs produce will help you keep track of your business’s revenue progress and help you modify your financial strategy.
3. Payroll Processing
Public accountants can also handle documentation of your business’s payroll. They will keep track of employees’ work hours, issue paychecks, and calculate tax withholdings.
These CPA tax services will also have the expertise to ensure that the information they generate is accurate. To learn about payroll processing services, click for more information.
4. Bookkeeping
Bookkeeping is one of the most popular CPA tax services, as they enter businesses’ financial transactions into a ledger, accounting software, or some other platform.
They record expenses, files, receipts, invoices, and more. By doing so, they ensure that every penny a business receives is accounted for.
5. Forensic Accounting
This CPA tax service is used to identify financial discrepancies — particularly those involving taxes. With this information, businesses can aid legal investigations to locate the source of any financial fraudulent activity.
6. Internal Auditing
To ensure that they’re completely abiding by the law and functioning in tip-top shape, companies will use small business CPA services for an internal audit. To audit a business, accountants will scour through a company’s policies and practices.
CPA Services for a Successful Small Business
Keeping your finances in order is a financial investment in and of itself. By finding a CPA for your business, your business will stay afloat and help you restrategize your business plan to optimize revenue.
This guide explains several out of many CPA services that can benefit small businesses. If it inspired your financial strategy, check out the rest of our blog! We’ve got plenty of other content for business owners such as you.
