As an entrepreneur in charge of running a small business in Brooklyn, you probably have encountered many problems so far. However, there is a list of tasks that need expertise and not merely a hands-on approach. Accounting is on that list. Hiring Brooklyn, NY accounting services can help your business in numerous ways, and for your help, we have shared some key details about CPAs.
Bookkeepers vs. certified public accountants (CPAs)
A bookkeeper is in charge of maintaining your records and books along with tasks like payroll processing. Bookkeepers usually work on software programs like QuickBooks. A certified public accountant (CPA), on the other hand, is licensed by the state, and if required, they can represent you before the IRS. An accountant/bookkeeper is required to take the Uniform Certified Public Accountant Examination to qualify as a CPA.
Need for CPAs
- Tax advice and planning: Before you assume that you can handle tax preparation on your own, remember that rules change every year. There are also compliance requirements to be met, and more importantly, there are strategies that can help you defer your income and save on taxes. A CPA can handle all that and much more.
- Audit: If you have filed your tax returns and believe that are issues that could affect your operations and become a point of contention, hiring a CPA is your best bet. A CPA can help audit and find issues in your tax returns before the IRS does so.
- Financial management. CPAs also offer advice on aspects like expansions, financial goals, and getting loans. They can also guide stakeholders on how their decisions would impact the company in terms of finances and compliance.
- Expertise. Let’s not forget that CPAs have the training and expertise to offer the support you need. You can always hire an accountant to take care of the key bookkeeping needs, but for issues concerning the IRS, filed returns, and tax saving, you will need an expert.
- Reduced workload. When you hire accounting services and outsource the key tasks related to bookkeeping and tax preparation, you reduce the burden on your core team. This leaves your in-house experts free to do the tasks they truly need attention.
Working with a certified public accountant could help your business in numerous ways. Just don’t merely assume that you know it all, unless you meet a CPA and understand what they bring to the table.