Three Ways a CPA Can Help You Retain Employees

Retaining Employees

Companies hire CPAs because they want to maximize their financial potential. That is the primary, foundational reason for why companies hire CPAs. But though this is definitely the case, there are other reasons why companies look to hire CPAs alongside this primary reason. Hiring a CPA can help you retain employees and even increase overall employee satisfaction.

Here are three ways hiring a CPA can help you retain employees:

Your CPA Can Help You Plan For Employee Bonuses

One of the many reasons why many companies are unable to offer bonuses for their employees is simply because they don’t know how to manage their budgets throughout the year. Hiring a CPA will help you cut your budget when necessary while also making sure enough money is saved throughout the year.

CPAs Can Teach Your Employees Financial Literacy

The average employee comes into the workplace with absolutely no financial literacy. Because of this fact, many employees find themselves burned out due to low wages and lack of financial means. Because your CPA will be very financially literate, your CPA has the power to create seminars and opportunities to teach employees how to effectively spend money.

CPAs Can Help You Hire New Employees

Are you ready to hire new employees but don’t have enough money? That’s where a CPA comes in. Your CPA can help you designate money in order to prepare for new hires.

What ways has your CPA helped you retain employees. Leave your comments below.

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How Your CPA Can Maximize Your Refund

Refund Check

Hiring a CPA can be a transformational experience for any business, whether large or small. It can be particularly significant if you be accustomed to owing thousands of dollars each year. A good CPA can help you throughout the year and ensure that you are able to maximize your refund.

Here are a few ways your CPA can assist you with increasing the size of your refund check:

Record Keeping

Any good CPA knows the importance of record keeping and how keeping records not only solidifies your business but creates a paper trail which can be used at the end of the year.

Tracking Mileage

In many situations, miles can be tracked relatively easy via apps. At the end of the year, these miles can be deducted, and can ultimately save your company lots of money.

Health Insurance

Do you find health insurance to be an expensive part of your business? No worries. That expensive health insurance can be the secret ingredient that helps you maximize your refund at the end of the year.

Paying Quarterly Taxes

Most people hate paying quarterly taxes, but paying a large sum at the end of the year is much more stressful. Paying quarterly taxes can save you from depleting your entire business account.

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Four Reasons Why Your Business Desperately Needs a CPA

Business Growth

Let’s face it. Many businesses know they need a CPA before they ever hire one; however, for whatever reason, they don’t hire right away. There could be several motivations, including: price, timing, or lack of information about who to hire. Despite these possibly valid reasons for not hiring a CPA, here are four reasons which should give you cause to seriously consider hiring a CPA immediately. CPAs tend to confer considerable value upon businesses, and so regardless of whatever reservations you may have, hiring a CPA will likely pay dividends in the long run.

Reason #1: You Are Trying to Grow Financially

If you are looking to obtain financial growth, you can’t do it all by yourself. While most business owners aspire to obtain growth on their own, it can’t be done without the help of your CPA.

Reason #2: You Are Mishandling Money

Anytime you are spending more than you are making, it’s a clear indication that you are mishandling money. While it may be a given that it’s time for you to hire a CPA, not everyone is willing to accept this fact. If you’re having trouble handling money, it’s time for you to let go and put your finances in the hands of someone who can help you get to the next level financially.

Reason #3: You Aren’t Making Enough Money

If you are a business owner you need to ensure you are making enough money to keep the lights on in your office, a CPA can help you figure out new ways to not only increase capital but how to save money in the interim.

Reason #4: You Can’t Keep Up With Your Expenses

Anytime you are struggling to keep up with your expenses it is a clear indication that either you are doing something wrong or that it’s time to do something different. Hiring a CPA can help you in tracking expenses and recording them to ensure you’re not making any unnecessary purchases or incurring any unnecessary expenses.

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Three Roles a CPA Can Play in Your Business

Roles Your CPA Can Play

Believe it or not, a CPA can be the best thing that can ever happen to your business. While many people view CPAs as the ones who play the financial role in your business, there are actually several different roles a good CPA can play. The financial aspect of a CPA’s job is by far the most important; however, your CPA has the potential to literally be the glue that keeps your entire team together. Here are three other important hats your CPA can wear in your business.

The Negotiator

Are you faced with a big financial decision that you need to make, but the numbers just aren’t quite the way you want them to be? Your accountant can step in and serve as your financial negotiator. This is usually effective, because your CPA normally has no emotional attachment to your business and can help you get the results you want simply because your CPA will refuse to back down from what’s best for the business.

The Rationalist

On so many occasions, especially as it relates to purchases, it can be difficult for business owners to think rationally. Most business owners unfortunately think with their emotions and not with their brains. Because of this fact, your CPA can work as a rationalist to make sure you are not making decisions that could be detrimental to your business.

The Middle Person

Does your business always struggle with having to make decisions? Can everyone not seem to get on the same page for one decision? Because of most CPA’s analytical way of thinking, you may be able to utilize your CPA as the middle man or woman who can help your company make decisions more efficiently.

What other roles do you think your CPA can play within your company leave your comments below.

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Four Tax Mistakes Your CPA Can Help You Avoid

Common Tax Mistakes

Tax season is upon us, and whether you know it or not, you could be causing yourself unnecessary harm by making mistakes on your tax forms. No matter how diligent you may be, there is a good chance that, if you go solo, you will make at least one or two common mistakes. Below are just a few tax miscalculations your CPA can help you avoid on your tax form:

Direct Deposit Dangers

Direct deposits are a great way for those who are expecting a refund to get their refunds much quicker and easier. While direct deposit may allow you to receive your refund faster, it also increases the odds of making mistakes when you input your account number. One wrong number could cause your refund that you worked so hard for to suddenly go to someone else.

Filing Additional Income

Have a side job? Don’t forget to file that additional income even if you’re a contractor or freelancer. Refusing to file additional income could cause you to receive tax penalties.

Missing Signature

Believe it or not, something as simple as a signature could keep you from filing your taxes in a hassle free fashion. Make sure that the moment you file your taxes, you include your signature to ensure your taxes are properly processed.

Incomplete Charitable Deductions

Have you been making charitable deductions? Have you also been keeping records of those deductions? Incomplete charitable deductions could cause you a nightmare during tax season.

In addition to the above tax mistakes, there are still several ways your accountant can help you file your return more smoothly. Though mistakes are common, you don’t want to be one of those people who loses thousands of dollars because of several mistakes that could have easily been avoided.

What other ways has your accountant helped your company avoid tax mistakes? Leave your comments below.

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How Your CPA Can Help You Pay Your Freelance Taxes

As a freelancer, it can be exciting to constantly collect checks from your clients, especially if your client isn’t taking taxes out for you. But thought it may be exciting, it can also be stressful at the same time, because you know at some point you’re going to have to pay back those taxes that you didn’t pay earlier in the year. Knowing that you’re always going to owe taxes can be intimidating; however, if you have a CPA on your side, this process can become much more manageable.

Freelance Issues

Here are just a couple of ways your CPA can help you pay for your freelance taxes:

Quarterly Installments

The IRS has a payment system which is customized for freelancers who are looking to make quarterly installments to help ease the burden of owing back taxes. This not only keeps you from having to pay large sums of the money at the end of the year, but it also helps you stay on top of the tax elephant that’s always in the room.

Savings

Another way you can save for taxes at the end of each year is by putting a particular amount of money into your savings account each time you get paid. Doing this will not only teach you the importance of saving, but it will also teach you that not all of the money that comes to you is able to be spent.

Are you a freelancer who has no idea how to stay afloat during tax season because of all the money you owe back? There’s always an accountant on our team who is ready to help. The key to successful freelancing is making sure you understand the rights you have.

Have any other tips? Feel free to leave them in the comments below.

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Four Items to Bring to Your Tax Preparation Meeting

Preparation for CPA Meeting

It’s tax season, and if this is your first time utilizing a CPA to prepare your taxes, you want to be sure you are adequately prepared prior to your first meeting with your accountant. Most CPAs generally charge for their services by the hour, and the more time you waste attempting to prepare items on the spot, the less time your CPA has to help you.  While each tax situation is unique, many CPAs suggest that you come with a few particular items in order to ensure that your meeting is maximally effective and efficient.

Pen and Notebook

Be prepared to take notes. If this your first time meeting with your CPA, you are going to want to make sure that you listen very carefully and take note of everything that is said to ensure that you are prepared during your next meeting with them.

Employment Forms

If you have W-2, 1099 or any other employment verification forms, please bring them along with you to your first meeting. This is vitally important because your accountant will need to input this information into his or her computer system in order to determine what your tax refund is or if you owe any money.

Charitable Donations

Are you a giver? Do you give money to local charities or to your local church? Make sure you bring documentation with you to substantiate this giving during your first meeting with your CPA. While you may have given in good spirit, charitable donations are actually tax deductions which could save you from a plethora of tax penalties.

Dependent Care

Do you take care your own, or perhaps someone else’s, children? Do you have a parent that lives with you? If you take care of anyone else’s expenses, then make sure you bring all bills and documents associated with such expenses. Taking care of these expenses could land you additional tax credits or put you in a position to file as head of household.

Have you met with your CPA recently to go over your tax information? What forms were you asked to bring? Leave your comments below.

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Three Benefits of Hiring a CPA to Do Your Taxes

Three Benefits of Hiring a CPA

Hiring a CPA to do your taxes is, hands down, one of the best decisions you can ever make as a business owner. While many business owners resort to hiring a family friend, or perhaps a relative, to do their business taxes, this is actually not always the most cost-effective move for a business.

While not everyone sees the need to hire a CPA, certainly there are numerous benefits of doing so. Here are three concrete benefits of hiring a CPA to help with your business taxes:

Hiring a CPA Means Less Stress

Tax season is by far one of the most stressful times in the lives of many business owners. Many new business owners often forget to hold on to receipts or bills, and because of this many end up making costly mistakes on their taxes. What’s even worse is that one mistake could turn into a nightmare, especially if you are later audited by the IRS. Hiring a CPA is a sure means to avoid such a predicament.

CPAs Understand Current Tax Law

Being aware of tax law could be life, and money, saving. So many people waste so much money each and every year when doing the taxes simply because they don’t realize that many things can easily be written off of their taxes. While you may not know all of these laws, a good CPA will know, and will be able to do whatever is necessary to get you tax breaks.

CPAs are Certified Professionals

While your aunt, cousin or friend may know how to do taxes because they learned on YouTube, CPAs are certified to be tax preparers in any setting. Because they are certified, they have the credentials that back up the work they say they can do.

What benefits have you found in hiring a CPA to do your taxes? Leave your comments below.

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Four Strategic Midyear Small Business Tax Tips

Small Business Tax Tips

Tax season is here, and while most people assume tax season only impacts employees, it is actually the case that tax season affects small businesses as well. The key to walking away from tax season more successfully is to approach tax season midyear as opposed to the end of the year. Here are just a few strategic midyear business tax tips that can help you both in the present and future years.

Increase Your Retirement Plan

If you be self-employed, make sure you save enough money with a qualified retirement plan. For example, it is possible for you to defer up to $20,000 of your salary to a 401 k plan. It’s much easier for one to increase contributions midyear vs. having to give up more money at the end.

Follow Your Dreams

Typically an activity you are passionate about can easily turn into your business. In order to take advantage of deductions, you have to prove that you’re engaging in an activity to generate a profit. Make sure your records can also help you fight the IRS just in case they try to challenge it.

Take More Trips

For the most part, you can deduct travel expenses which are business related. The key to being able to deduct these expenses is to make sure that you spend more days traveling for business than you do for leisure.

Celebrate Those Who Work For You

Deductions for business entertainment are limited to 50% of the total cost for such entertainment. Under a special tax law, you can write off 100% of the cost of an entertainment event, but only if the event takes place during a holiday.

What other ways have you saved money midyear on taxes? Leave your comments below and share them with us!

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The Role of CPAs in Corporate Settings

CPAs in Corporate Settings

During any given day, a CPA in a corporate setting can be found performing any one of a diverse set of financial tasks. In addition to a core group of financial functions, they usually also perform a variety of administrative roles. In smaller businesses, CPAs may perform more data entry, but in larger businesses, CPAs often have the power to make or break the financial health of a business.

Here are just a few roles that a CPA can take on in a corporate setting:

Financial Data Management

Managing company finances is among the most primary business functions. Within a business, it is generally the responsibility of the CPA to ensure records are accurately kept and that policies and procedures are followed on the corporate level.

Analysis & Advice

Sometimes CPAs can also play the role of analyst. This means that CPAs are occasionally able to perform financial analysis determine if a decision be good for business or not. Being able to not only analyze financial records but also advise financial decisions are top reasons components why CPAs are such a force to be reckoned with within your business.

Financial Report Preparation

CPAs are great when it comes to preparing financial statements. They can help you see you’re your business is performing financially each quarter, each year and even each month. In this way, CPAs help you monitor where money is coming and going, and most importantly, they help you forecast your business’ financial future.

Compliance

One of your greatest financial accountabilities will be your CPA. They will work with you to make sure you are not only in accordance with the law, but will also make sure that you meet reporting deadlines and that all of your financial reporting is being handled efficiently.

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