3 WAYS YOUR CPA COULD HELPING YOU

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As business owners, we all have a CPA. The person we give our financial statements to and cross our fingers they can do the magic with our taxes. But what else could your CPA do for you besides your taxes? What else are they capable of doing? Here are three ways they can help you:

1.  Review your books quarterly. Take the time to send your financial statements to your CPA on a quarterly basis. Have him/ her take a quick peek at what your business is doing. If something isn’t right, it can be caught right away rather than at the end of the year.
2.  Call first. When you are going to make a large purchase, maybe a new piece of equipment, call your CPA first, NOT after you’ve signed the agreement. He/she will know the benefits or drawbacks depending on the type of equipment and the amount of the purchase.
3.  Gray area. Yup, we said it. The gray area. It’s that area in which the question “Can I expense this?” falls. Don’t decide on your own…pleeaassee. Call your CPA first and give your bookkeeper the direction. Not the other way around. Your bookkeeper is not a CPA and doesn’t know all the tax laws like your CPA does.

The CPA’s we work with appreciate being involved in their clients’ businesses throughout the year. It makes their job easier because they are up-to-date on their clients’ issues. It also decreases the calls they have to make saying, “You owe,” when you had no idea.

Your CPA should want to do these steps for you. If not, consider getting another CPA who is interested in your business.