I spent my 20s mismanaging my money, and came to regret all of those impulse purchases placed on credit cards when my credit score plummeted due to missing a few payments. I didn't learn how much this would affect my life until I was denied for both an auto loan and mortgage in the same year due to my bad credit score. I spent the next few years cleaning up my credit report and putting every extra penny I had toward old debts. Having to put my impulse spending on halt was difficult at first, but it was a great learning experience and I now realize how rewarding saving and investing money really can be. I have put a lot of research into good money management techniques, so I decided to start a blog to share what I have learned with anyone who needs help!
If taking care of the books is taking more and more of your time as a business owner, it might be time to get some outside help. When it comes to hiring a financial expert, there are different levels of expertise you can hire ranging from a bookkeeper to a certified public accountant. Here are three reasons why you should probably go with a CPA.
Certified Public Accountants Are Exactly What They Sound Like
There's a reason the word "Certified" is at the very front of the job title. A CPA has been officially licensed by the state and is required to continue their training, staying up to date with all relevant tax laws in order to maintain that license and certification. A general bookkeeper does not have to meet any of these requirements. If you want to ensure that your business is benefiting from the most current information possible, you'll want to go with a CPA.
Certified Public Accountants Are Likely Better at Finding Loopholes
Because CPAs are required to keep up with their training, they will be aware of the ins and outs of the tax code at all times and will know exactly what to do to save you a bit of money. By "loopholes" we don't mean anything illegal of course, but a CPA may be better at finding different legitimate ways to give your business a solid tax break because of his or her in-depth knowledge of tax law.
Certified Public Accountants Can Help You When the IRS Comes Calling
Finding out that your business is going to be audited by the Internal Revenue Service is never a fun time. But you rest easy knowing you are in good hands when you have a CPA on your team. In fact, the IRS has strict rules as to who can represent you during an audit. A certified, licensed accountant checks all the boxes but your local bookkeeper might not. If you find yourself in this situation, hire a true professional to go to bat for you.
If your business does not yet have a certified public accountant on its payroll, it's time to take care of this oversight. Certified public accountants are licensed for a reason and will likely be better at finding ways to save your company money when compared with a general bookkeeper. A CPA can also be a Godsend if you ever have to deal with the IRS. Contact a local CPA today for more information.Share
18 April 2018