Believe it or not, almost half of Americans say they pay too much in taxes.
If you’re a small business owner, you’ve likely got your hands full with things like marketing, hiring, and strategizing. As your business grows, keeping up with the books and taxes could become an overwhelming task.
You may never have thought you’d need to hire an accountant. But bringing a qualified financial professional on your staff can have tremendous benefits.
Here are some signs it’s time to hire a Sarasota CPA.
1. Business is Booming
Small businesses that are growing faster than expected will need to hire a CPA.
An expanding business means that you’re going to have more profits to keep track of, as well as more spending to do on additional staff and resources. An accountant can keep you organized and help prevent overspending. They can also help you create a business plan with a budget, strategy, and financial planning for the future.
Your CPA can also be a big help when it comes to the day-to-day operations of your business. These include preparing financial statements and managing risks. When you’re looking for solid business advice, a loyal CPA is a great professional to have in your corner.
2. Taxes Are Overwhelming
Tax season can be a stressful time for small business owners if they aren’t trained in financial matters. You’ll need to keep track of important documents and know about tax codes.
The right CPA will show you how to structure your finances so that you can take advantage of tax credits and deductions. They will also know a lot about deadlines and recent changes to the tax law.
3. Your Documents Aren’t Organized
Mabe your receipts keep getting lost, or you lose that W-9 someone sent you. Or perhaps you can’t find your invoices when it’s time to do your taxes.
The right small business CPA will help you keep track of the things you need to keep your business running smoothly. The money you spend on an accountant will take away your worries about paperwork, organization, and bookkeeping. Instead, you can focus on important elements of your business, including making important decisions about its future.
4. You’ve Mixed Business And Personal Finances
Maybe your business started off on a very small scale, so you used funds from your personal bank account to finance it. Or you may have also deposited profits into a personal fund.
The right CPA can help you open a business account through all the proper channels, and separate your charges and expenses accordingly. This can help to make filing taxes much easier each year.
The Value of a Sarasota CPA
If you need help with your bookkeeping and taxes, your business will benefit from hiring a qualified Sarasota CPA. You will enjoy peace of mind for years to come!
Don’t stop getting smart about your business and finances now. For qualified CPAs in the Sarasota area, contact us today.
Learn how Sterling Tax & Accounting can add value to your business!
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