Why Your Business Should Invest in a CPA

Running a small business can be such a struggle especially because you’re just learning the ropes. There are many different aspects to pay attention to, from operations to staff management, and that’s not even touching on the actual business things that go on behind the counter.

One of the most important aspects of it is the budget, and inevitably, the taxes that come along with it. You might think it would be cheaper for you to do it on your own, but as many business owners would do, it’s not always going to be feasible. Here are some reasons why you should instead hire an Austin CPA to do your taxes for you.

Tax Advice and Planning

As with most folks, business owners, especially the new ones, tend to leave this task at the last minute. It’s one of those things that happen annually, anyway, so they know when to run for crunch time. Individual taxes are a lot different than business taxes, however, and need a lot more preparation.

Apart from having more items in cost and expenses, there are also more opportunities for tax breaks by way of donations, for example. Having an accountant on your team can help you better understand where your business’ money is going, and what you can do to mitigate the impact of tax payments.

Tax Compliance and Filing

Apart from giving you advice and planning, accountants also will do the legwork for tax filing. This is beneficial particularly for those who may not be too keen about filling up the paperwork themselves.

More than simply filing taxes every season, your CPA will make sure that you stay in compliance with the regulations in place. There are many cases wherein businesses end up owing money to the government simply because their tax forms were not filled up accurately. At worst, some get audited because of large discrepancies. Being audited is a serious threat to the continued existence of your business, and so must be avoided as much as possible.

Bookkeeping & Payroll

This might seem like a basic task, but this is actually where problems with tax filing begin most often. Saving receipts and keeping track of expenses require precise attention to detail, and when you’re busy running the storefront, it’s going to be overwhelming.

A CPA can take this load off your plate so you can instead focus on the other equally important aspects of running the business, such as dealing with suppliers and managing the staff.

Speaking of which, the CPA can also take care of the payroll for your employees. Changes in staff members, promotions, switching of roles, and any other adjustments to the staff may inherently affect their pay grade. With this, their taxes too.

As an employer, it is up to you to make sure that they are not only getting the right pay due them, but also that the right amount is being contributed to their deductibles correctly.

Ultimately, getting a CPA on your team is going to be an advantageous addition for your team, and should be worth the investment.