Business Consulting Services Overview
Many business owners wonder if accountants or CPAs make for good business consultants or tax advisors. As it turns out, CPAs can make wonderful business consultants and advisors. They are a very wise choice for taking your business to where you want it go while staying tax compliant.
Why are CPAs Good Business Advisors and Consultants?
Because CPAs have done extensive training and studying in the areas of both investing and financial planning, they make excellent business advisors, tax advisors and consultants.
How to Pick the Right CPA or Accountant?
So is every CPA or accountant a trustworthy business advisor or consultant? To get straight to the point, NO, and here’s why. First off, when you are selecting a business consultant or advisor, you should take into consideration the number of years of experience of the CPA or accountant. Are you willing to trust your business and livelihood to someone that has no real-world experience and no proven track record for getting business results while staying above board with the IRS? Speaking of the IRS, what if you have a tax issue with Uncle Sam (and yes, they do happen on occasion)? Are they trained and prepared to represent you to the IRS?
Avoid Flyby Night Accountants and Tax Advisors
As you can see, picking the right business advisor is critical, and the stakes can be high. Do you really want to hire someone fresh out of college or someone that takes a quick course with H & R Block so they could make a little side money during tax season? Many of these so-called “accountants” or “tax experts” don’t even have a degree (maybe they didn’t even graduate high school). Unfortunately, mass accounting companies like H & R Block have chosen to press the easy button when it comes to managing people’s money.
When it comes to your financial future, do both yourself and your business a favor and go with an experienced CPA Business Consultant that is proven and tested. A good business advisor will certainly be worth their weight in gold for both your business and your peace of mind.
Don’t Wait too Long to Get Started
If you’re a small business owner, hiring a licensed CPA or Accounting firm will often save you both time and money sooner than later in your business. By simply adjusting your corporate structure, a CPA can quickly reduce your tax liability right off the bat.
What Our CPA Business Consultation Services Cover?
- Accounting Services – Our bookkeeping services include general journal and subsidiary ledger maintenance, receivables and payables tracking and analysis, as well as bank statement reconciliation.
- Bank Financing – We help you create a “stellar application” and obtain bank financing for your business venture. Whether you want to start a new business or expand or grow an existing one, we can make sure you put your best foot forward.
- Bookkeeping – It’s a better use of your time as a business owner to focus on the products and services of your business and not get stuck in the world of accounting services, tax laws, bookkeeping, and receipts. That’s where we come in!
- Business Investors and Partnerships – We provide guidance for investors and/or organizations looking to invest in a business. Our team will investigate the opportunities with you to learn about the business’s current corporate structure and the investment options that may be available and best for you.
- Business Management and Tax Advisory – This includes management, cost controls, employee benefit plan restructuring, systems implementation, and more.
- Business Structuring and Incorporation – We get your new business off to the right start by helping you set up the proper business structure (LLC, S Corporation, C Corporation, Sole Proprietorship & Partnerships). We will advise you on the disadvantages and advantages of the various types of business entities so you can make an informed decision and select the best option for you. We can also assist in market evaluations for new businesses as well as perform an in-depth analysis of existing businesses in case you are considering purchasing one.
- Business Succession Planning – No need to continue worrying about how your business will survive without you in the driver’s seat. As experts in business succession planning, we can offer many different courses of action to help provide the assurance that your business will enjoy a smooth transition and that your business associates and heirs will be well protected
- Cashflow Management – We help manage your cash flow so that things remain on an even keel. Ups and downs are only fun on a roller coaster. Most business owners who have experienced the hustle of scrambling to make payroll will tell you that the level, the consistent road is the one they’d choose. Our cash flow management services can provide this consistency.
- Decreasing Tax liability – If anyone knows how to leverage the latest tax deductions, it’s a licensed CPA. We have committed a good portion of our lives to dissecting all the little details of the ever-evolving IRS tax code, so you don’t have to.
- Filing Annual and Quarterly Reports – We track and report on all the KPIs that are unique and pertinent to your business and industry. By doing so, we can help you improve relationships with investors, stay compliant with tax regulations, organize your transactions and invoices, maintain your budget, make payroll, and keep your finger on the pulse of your company at all times.
- IRS Representation – We are experts in tax law and will analyze your financial, business, and tax documents so that potential issues can be identified in advance. We will then thoroughly explain the audit process and answer any questions you have, and recommended a course of action. Receiving a notice of audit is not something that anyone looks forward to, but we are well qualified and prepared to represent you.
- Part-time CFO Services – Since CFO salaries are typically very high, most small to medium companies do not even bother to have a CFO position in their company filled by a fully qualified professional. They mistakingly don’t think it’s possible or even an option to get a reputable CFO to fill this role in their company, but it is. We serve as part-time or fractional CFO for companies that need this sort of guidance but are not able to create such a high-paying position in their company.
- Payroll – Once a business grows to ten or more employees, this chore becomes more difficult and takes more time. Errors and late tax payments are more likely to happen with large numbers of employees to manage, too. There are software programs available to help improve the process, but they’re only tools; they do not do the work for you.
- Profit Sharing – Our Orlando accounting firm can assist your business in weighing the complex costs and benefits posed by today’s qualified and non-qualified pension and profit-sharing plans. This includes SEP IRA, SEP 401(k), life insurance, Keogh, and various health insurance plans.
- Quarterly Taxes – Most small businesses (this includes sole proprietors, partners, and S corporation shareholders) are required to file taxes every quarter to the IRS if they expect to pay $1,000 or more. Corporations generally have to make estimated tax payments if they expect to owe taxes of $500 or more.
- State and Federal Compliance – Both the state and the IRS want their due share, and they both have their own set of rules to play by. We make sure you are compliant with all of their regulations.
- Tax Planning – A good tax plan or tax strategy is a key component to a sound financial future. Our tax experts stay abreast of changes to laws and tax issues and are equipped to help you formulate a proactive plan designed to save you money. Sometimes, more than you thought was possible!