As a small business owner, you are in the unique position of having to be an expert in running the daily operations of your business. This includes being your business visionary who needs to invest time growing your client base, developing business strategies, and selling your services. Having a small business Certified Public Accountant (CPA) who understands the stress you are already under, and can handle your accounting and tax services, can lift some of that burden from your shoulders. Here are 5 reasons your small business would greatly profit from a CPA.
You need a business advisor as you seek to grow and invest in your business.
CPAs can offer financial guidance with appraising the viability of future projects with profitability, gain, and loss forecasts. The expertise of a CPA can be instrumental in preparing business proposals and plans that will grow your company.
Your budget is falling short.
According to the Bureau of Labor Statistics, close to half of all businesses will fail within five years of opening. Although there are many factors that contribute to failure, not meeting budget goals can decrease the chances of your businesses survival. That is why it is important to have an accountant for your small business on hand to analyze your budget, assist in making changes, and to catch errors you might have missed. Thus, making sure your budget is on target for success!
You need a greater understanding of your businesses financial statements.
Monarch CPA can act as an advisor and perform reviews on key financial reports that your business will rely upon to make other important decisions. We believe that when you understand your books, you understand your business better. Thus, making smarter, more strategic decisions, letting your business thrive the way you want it to.
You will need full financial statements for your investors, creditors, and your bank.
A CPA has the professional training to prepare complete financial statements and to ensure those reports adhere to an accepted accounting standard. The GAAP ( Generally Accepted Accounting Principles) includes revenue recognition, balance sheet classification and materiality.
You will have a tax audit.
Accountants for small businesses have the professional credentials to represent their business clients on cases involving audits, payment/collection issues, and appeals. They also can be instrumental in helping clients avoid these situations by giving their professional guidance and ensuring all appropriate paperwork and information is filed correctly and in a timely manner. This way you are never surprised by your tax bill. Monarch CPA offers a dedicated team of tax specialists to provide regular check-ins and quarterly tax services. These services range from simple tax prep services to complete tax planning strategies to help you small business stay aware and proactive about your tax situation.
Contact Monarch CPA Today
For more information or to schedule an appointment, contact Katie Mongelli at Monarch CPA. With services provided in Rockville, Maryland, Northern Virginia, and the D.C. area Monarch CPA can come alongside you and help your business thrive. Monarch not only offers financial consulting, but also offers tax and accounting services to help give you peace of mind that your business is being taken care of right and on time.