Not only can a certified public accountant handle traditional tax filings and financial statements, they may also act as your business adviser on a broad range of issues, including: budget plan creation, cash flow projections and investment analysis. While some highly qualified bookkeepers will also handle some of those functions, there are certain items that only a certified public accountant will handle, like audits of public company books.Find additional information at Virginia Beach Accountant
The financial expertise of a certified public accounting firm can be invaluable, helping a small business determine how much debt the company can handle; the pros and cons of a loan vs. a line of credit; and how to seek financing from investors. The certified public accounting firm can also handle the more mundane bookkeeping (sometimes misspelled book keeping or bookeeping) but often at a higher cost.
A certified public accountant (CPA) can make recommendations on variety of systems available, and know how to establish internal procedures and gather important information. Many small business owners will call their CPA firm only when it’s time to prepare taxes at the end of the year. However, you can save money on taxes and business expenses year round:
Your CPA firm can advise you on how to keep business and personal deductions separate, which creates a major advantage at tax time. And at what level of deduction each expense belongs.
Your CPA firm can review your financials on a regular basis – another major advantage at the end of the tax year. Consistent and regular financial analysis is key to a healthy business portfolio.