Beyond bean counting: The CPA as a strategic partner

You’ve heard all the slang terms for accountants: bean counter, number ninja, ledger lover. The list goes on and on.

But you may not have heard the one that can help your business: strategic partner.

That’s because if you only use your CPA to help you make tax deductions, balance the books, and keep you audit-free, you’re missing out.

Today, we’re going to show you how to employ a CPA as a strategic partner so your business can reach its true potential.

Let’s go!

Business Structure and Entity Selection

There are a million things going on when you start a new business, and choosing the right business structure is one of them.

With so many other distractions, it’s easy to make a mistake at this juncture. However, choosing the proper structure and entity is essential to getting a business started on the right foot.

It can also be complicated.

Do you choose an LLC or sole proprietorship? What about an S corporation? What are the pros and cons of each?

These are all areas where a CPA can provide wise advice for your particular situation, allowing you to concentrate on getting your business going.

Tax Strategy and Compliance

Once your business is running, you’ll want to keep as much revenue as possible while trying not to run afoul of the IRS.

That can be tough if you go it alone.

Meet with your CPA to develop a tax strategy so that you utilize deductions and credits without raising red flags.

The U.S. tax code is dynamic, to put it mildly. Leaning on a CPA to help navigate it can free up your time and resources you may not have known were available.

Financial Planning and Analysis

Entrepreneurs tend to lean on mentors and friends in the industry for financial planning and advice, and there’s nothing wrong with that.

However, involving a CPA can bring a whole new level of insight that is usually unavailable anywhere else.

Bringing in a CPA to analyze financial statements and perform audits, reviews, and compilations can reveal strengths and weaknesses you may not have known existed.

And that knowledge can help you avoid bigger problems while exploiting previously unseen opportunities.

Risk Assurance

Risk assurance is one of the most important strategic elements a CPA can offer a business.

It’s like having someone tell you where the mines are in your financials.

That’s nice because it only takes one tripwire to do irrevocable damage. By employing a CPA to implement internal controls and compliance programs, you can safeguard your business and move toward goals with confidence.

The Bottom Line

This post covers the most common ways a CPA can be a strategic partner, but the list goes on.

From buying and selling a business to general tax preparation and planning, keeping your CPA on speed dial opens up exciting new possibilities and gives peace of mind.

So, take some time to sit with your CPA to discuss business goals and concerns. You might be surprised at how much advice they have to offer!