Entrepreneurship is a challenging and rewarding journey, but it can also be overwhelming when it comes to navigating the financial aspects of running a business. This is where a proactive CPA business advisory firm can provide valuable guidance to entrepreneurs.
What is the first word that comes to mind when you think, “CPA?”
- Tax return?
- Number cruncher?
Much has changed in the past few years as small businesses need someone on their side of the table to help them understand what their financials truly mean and how to make good business decisions based on them.
Here are 3 key areas where entrepreneurs should look to their CPA business advisory firm to proactively guide them.
Bookkeeping and Accounting Services
This includes maintaining accurate financial records, preparing financial statements, and providing advice on financial management. These services are essential for entrepreneurs to understand their financial position and make informed decisions for their business.
Too often, we see business owners managing their business from their bank account. The money in your bank account isn’t wholly available for spending. Rather, understanding how to allocate money to taxes, payroll, etc, will help you get a more accurate financial picture of the health of your business.
We get it. No one loves the money conversation. Unless there is a lot of it. Or, unless the discussion centers around how to spend your lottery winnings. As uncomfortable as that conversation might be, knowledge is truly power when you understand how to make the best decisions for your business.
Tax Preparation and Planning:
Taxation is a complex and ever-changing field, and entrepreneurs need expert guidance to ensure they are in compliance with the law and positioned to strategically minimize their tax liability. Business advisory firms can help entrepreneurs with tax preparation, filing, and planning. They can also provide advice on tax credits, deductions, and tax-efficient structures for businesses. This is a very tricky landscape with the Payment Protection Plan (PPP) and the legislation around the Employee Retention Tax Credit (ERTC).
Tax compliance services and tax strategy are an important part of the process, and by working with a business advisory team you trust to monitor, evaluate, and make recommendations on your financial data, they are in a much better position to make you as tax efficient as possible.
Business Planning and Consulting
CPA firms can also help entrepreneurs with business planning and consulting. This includes providing advice on business structure, financial forecasting, and budgeting. They can also help with market research, competitive analysis, operational efficiency, and strategic planning.
Harper & Company CPAs Plus – What’s the ‘Plus?’
We are not just CPAs who crunch numbers. A few years ago, we made an intentional shift to focus on more comprehensive needs of individuals with complex tax and financial situations as well as entrepreneurs. Our business advisory firm grew exponentially as a result of that shift.
The Harper team is designed and empowered to deliver everything from, “what’s the best tax strategy for my estate” to “I want to double my business, and I’m not getting anywhere.”
You aren’t limited to working with one person at Harper & Company, hence the ‘Plus.” We are all here to serve our clients from the very first time we answer the phone to celebrating your tax efficiency and business growth. Running a business shouldn’t have to run your life. You deserve to have a business advisory firm partner who has helped hundreds of businesses go from paying the bills to building the business and lifestyle of their dreams.