Running a small business is no walk in the park, more so in its first few months. You have to do everything – from hiring to marketing – forcing you to spread yourself too thin. While it can be exciting, you cannot do some tasks on your own. These include accounting and attending to tax matters unless you are an accountant.
Using an accounting software will help, but it will only address the basics. Sorenson & Company recommends that you hire the services of a CPA in Utah. Here’s how a CPA can help:
Plan the growth of your start-up business
Setting up your operations right the first time can help you achieve your success goals faster. A CPA can guide you through the entire process of starting up a business. He or she can help you determine the best business structure to follow, as well as ensure compliance with government regulations.
Look after your employees’ welfare
As your business grows, you will hire more employees to support your operations. Aside from regular employees, you may need to employ temps. This will make managing your employees’ payroll and taxes, and administration of employee benefits more complicated. A CPA can handle these matters with ease.
Facilitate smooth audits
The government requires all businesses to comply with generally accepted accounting principles. A CPA can help make sure that your business complies with the GAAP, and help facilitate faster and smoother audits by government institutions.
Set up and maintain your operating budget
Having a budget and sticking to it will help your business survive and grow. Your accountant can help determine if your set budget is appropriate for your operations. Adjustments will be made, if necessary. With the proper allocation of resources, your financial operations will flow without any major hitches.
As your business grows, your tasks as an entrepreneur will increase as well. You will find it very difficult to handle everything on your own. Hiring a CPA will relieve you of many time-consuming and tedious tasks. This way, you can focus on the more important aspects of running your business.