Accountants: Help You Can Count On
Most people associate accountants only with the chore of filing their income taxes or with the preparation of audited financial statements. However, these services, while valuable, are just the tip of the iceberg.
Most CPAs offer a number of other valuable services that can help you achieve your business and personal goals:
Money in the bank. Cash flow is critical to keeping a business afloat. Your accountant can help you create a cash flow model that considers your long-term funding needs. Once you have a clear picture of those needs, you can sit down with a banker for help covering any working capital shortfalls through either a line of credit or longer-term financing arrangements.
Medical insurance. A medical disaster can wipe out your savings. You need to have medical coverage that gives you peace of mind. Your accountant can help you evaluate different insurance options including nondiscrimination rules and the tax consequences of offering health care and other benefits to your employees
Early retirement. Eventually, you will want to enjoy the fruits of your labor. With the help of an accountant, you can determine the best way to maximize tax-deductible retirement contributions for yourself and your team.
Motivated employees. How can you incent your employees to help you meet your business goals? Your accountant can help you evaluate your current compensation plan to create individual and group goals as well as daily, weekly, and monthly measurements that keep everyone moving in the same direction.
Family legacy. You don’t want the bulk of your assets ending up with the IRS. You need to have a will, and you need to know the tax consequences of passing on your business and other assets to your heirs. Recent changes in estate and gift tax have made planning in this area more important than ever. Your accountant can help you maximize the value of any assets you bequeath to your heirs.
Optimized technology. With business moving at the speed of light, you don’t have time to waste. You need your software to make it easy to run your business efficiently.
Sure, your accountant can help you file your taxes, create a proper set of financial statements, and evaluate leasing versus buying an asset. But their exposure to businesses of every size across different industries means they also have lots of ideas in other critical areas. They know what works for a given business and what doesn’t. They understand history and can help you plan for the future. If you have a question, chances are you can count on your accountant for answers.