There are many ways an accountant can help you grow your business.
One essential element of any successful business is a budget framework to help guide you to your financial goals. This must be built upon a solid bookkeeping and accounting foundation from which timely information is available throughout the course of the year. The right accountant or the right CPA firm well versed in the type of business you’re operating should be able to set this up with you so that the financial compliance and planning of your enterprise will represent a positive experience for you.
You work hard and have great talent, so it’s important to be able to focus on what you do best and not feel ‘burdened’ by your compliance requirements and the financing of your operations. This way you can concentrate on your core product, growing your business, and hopefully, having some fun!
In addition to these basic accounting functions, if you’re working with the right firm, it should feel like you’re working with trusted advisors or even your financial partners. A good accounting firm guides you through discussion, based on their experience with your industry, as well as through developing business models for starting new ventures, expansion, including internal as well as partnering with new capital and/or management, marketing or design sources, improving management efficiencies, succession planning and other areas of growing your business.
If you have the right CPA’s, they should be keeping their eyes on the welfare of not only the owners but also the key employees of your business with help and coordination of savings plans, tax planning, compliance, retirement planning and all aspects of the financial wellbeing of your whole team. After all, it takes a team to run a successful business.
Any accounting, business or tax advice contained in this post, including attachments and enclosures, is not intended as a thorough, in-depth analysis of specific issues, nor a substitute for a formal opinion, nor is it sufficient to avoid tax-related penalties. If desired, we would be pleased to perform the requisite research and provide you with a detailed written analysis. Such an engagement may be the subject of a separate engagement letter that would define the scope and limits of the desired consultation services.