Business owners know they have an exceptional product or service that the market needs. What we find out over time is that to sell the product we are often called on to also be marketers, lawyers, administrators, web designers, and yes, accountants.
Instead of trying to remember everything from your Principles of Accounting class or google everything, consider the ways a CPA can help you build credibility in your business.
Accounts receivable can be a frustrating part of your business. You may be concerned about what is appropriate when trying to collect payments or wondering how to build your terms in a way that does not harm your cash flow.
An accountant can step in and not only relieve some of this tension but help you build a process that makes your business look sophisticated in the eyes of your customers.
Whether that is implementing more appropriate terms or implementing things like reminders or software systems for accurate tracking.
Accounts payable holds a delicate balance of making sure your payments are made on time, while not disrupting a healthy cash flow.
Rather than just submitting payments when they are due, review your expenses and make sure there is a flow that works with your projected income.
Cash flow is not the only thing to keep in mind. Having a tracking system that can help keep your bills organized can ease the stress of not knowing what upcoming expenses you may be responsible for.
Taxes to Audits
You know you will eventually have to pay taxes and you may never get audited, but for both, you need accurate financial statements.
Failing to provide IRS agents or auditors with the correct information can leave you with expensive fines you didn’t anticipate.
Accountants are used to working with auditors and some even have experience in the audit field! Taxes to go hand in hand with accounting, so when it comes time to file your taxes or submit paperwork to your auditor, you can trust they will not be googling 1120, 1099, or 941.
If you are looking for ways to build credibility from your customers to your vendors, and everyone in between, consider a consultation with a CPA. We can talk about the areas within your accounting that can be improved without you needing to do extra work.