Expert: Rick Fields, CPA
Company: Associates In Accounting
Phone: (502) 451-8678
Website: Associate in Accounting, CPA • Tax & Financial Services • Louisville, KY (associatesinaccountingcpa.com)
Published on February 26th, 2024
This is a common question from business owners. Being a partner in Associates in Accounting, CPAs you would think that the answer would always be “Yes”, right? Not so fast – it depends!
The financial needs of a business are multi-faceted. Every business has a responsibility to maintain a set of financial records or “books.” And operating a business requires “knowing the numbers.” In addition, staying in compliance with various government agencies and bank reporting requirements depend on a set of accurate books and records.
No business owner ever exclaims – “I really wish I was paying more in taxes!” So, to minimize the income taxes of your business, the structure of your company and how you pay yourself really matters.
Does your business make a profit? Most businesses have some ability to improve the bottom line of operations and to make more money. And being intentional about the techniques will enhance profitability and is an important approach.
Whether or not you choose to work with a CPA largely depends on the confidence of how well you are managing your own books, taxes and profit efficiency. The typical business owner is usually very good at the business (itself). He/She knows how to manage products sales, fulfill orders, deliver services and provide quality customer service. However, the financial know-how may not be as intuitive. If you believe you can improve in these areas, hiring a CPA might be the right solution for you.
Our client managers have had years of experience in helping companies achieve financial goals. We work with business owners to find the best approach for their industry needs and – in the process – they gain a wealth of experience and knowledge in managing a more successful business. When evaluating cost of CPA services, be aware of the benefits and what it can mean for your business. Find a CPA that fits you and build that relationship for a successful experience.
AIA offers bookkeeping, tax and advisory services which address the needs for small businesses. Most CPA firms offer a a menu that can be customized. So be sure to have a conversation about what you need and what you’d like to accomplish as a business owner.
