Many people may be unfamiliar with what a CPA does or why they can be useful to your business. However, the functions of a CPA could bring about positive change to your business, small or large.
A CPA stands for a certified public accountant, and you should have one around to prevent issues such as misinformation, overspending, or fraud. A CPA could end up wearing several useful hats. Before hiring a CPA, you should know what exactly a CPA does.
Functions of a CPA
Auditing
Business owners have heard of audits, and maybe they’ve even had to get an external audit either for themselves or their organization. Hiring a CPA buys your business its very own internal audit and keeps you from receiving an external audit. After all, you want to ensure your financial records are accurate and following all laws and requirements.
Forecasting
When you own a business, it’s important to know how much money you have and what your money can do in the past, present, and future. CPAs not only review your past financial transactions, but they also keep track of your current business earnings and losses. This information helps them forecast future revenue for your business to move in an appropriate and financially-safe direction.
Preparing tax returns
Tax season only comes around once a year, but it’s a tasking process—especially if your business doesn’t have someone around who is knowledgeable in handling this critical information. Luckily, a CPA knows all the tax laws and regulations necessary to complete your business tax forms at the state and federal level.
Budgeting
A little professional help in the area of saving money never hurts a business to consider. CPAs are skilled in creating budgets for all types of companies by working closely with upper management to develop a budget that best fits your business’ needs. A CPA analyzes past budgets to know how to move your business forward.
Preventing fraud
With an all-knowing financial planner at your side, a CPA can catch when economic issues are going on as well as preventing them from happening, which could include fraud. Hiring a CPA means your books are always checked on and safe. Therefore, your business steers clear from any chance of fraud.
Get Started Working with a CPA in Las Vegas
Lacking a small business CPA? The financial elements of a business are complicated but essential, so investing in a skilled and knowledgeable CPA is vital. The functions of a CPA can help your business thrive in any economic climate, but it can be hard to find an all-encompassing CPA.
Charles Grigsby has been a practicing certified public accountant for over 40 years. An exemplary CPA of Las Vegas and the cities’ businesses, Grigsby has specialized in investigating tax fraud, business valuations, and coming up with financial strategies. Get your business on the right financial foot with Grigsby by calling (702) 805-8469.
