Friday, Jun 21, 2024
Business

7 ways a CPA in Nashville can help your small business

Regardless of whether you run a small business or a tech startup in Nashville, you have to spend considerable time on accounting and related tasks, including taxes. If you don’t have a team or lack the expertise to do things proficiently, your next bet is to get professionals to do the work. Working with a CPA in Nashville, TN, can be a great idea, especially if you don’t have funds to hire people on payroll. Here are seven ways a Certified Public Accountant can help your small business.

  1. Do a financial analysis: CPAs start with new clients by doing an overview of their current financial situation. The analysis is resourceful in determining the aspects that you have been overlooking and finding potential scope for improvement.
  2. Advise on tech: If you are not using QuickBooks or any other accounting software, your CPA should be able to guide you on that. They can also help implement the new system and systemize things to avoid common bookkeeping errors and other usual mistakes.
  3. Ensure compliance: With regulations and requirements changing often, it is almost impossible for small business owners to keep up with compliance norms. With a CPA, you don’t have to bother about all that, as they will take care of these updates and ensure your company remains compliant.
  4. Tax planning: If you use the right strategies and make the most exemptions, deductions, and other tasks, you don’t have to stress during the tax season. Unlike accounting professionals with a generic degree, CPAs have the expertise to help with tax planning.
  5. Help with financial statements: Preparing financial statements every month, quarter, and year is critical for tracking the growth trajectory of your business. When it comes to these documents, CPAs are pros at ensuring accuracy and can offer valuable data in an actionable format.
  6. Business consulting: Another reason to get a CPA is to simplify how you do business. From retirement planning and real estate investments to growth plans, your accounting firm can offer valuable services and insights. Because they know the data, they can provide inputs that can help make critical decisions. However, if you’re interested in real estate investments, it is best to know the various sources of risk in real estate investment so you can better manage them.
  7. Help with audits: You also need a CPA to represent you during an IRS audit. If you have their assistance from the start of your venture, your books will be in order, which help avoid an audit. Your accounting firm will ensure you don’t take business tax accounting for granted.

Find a CPA near you in Nashville now!