Many small business owners have a hard time managing different core administrative work. While having a hands-on approach definitely helps, it is equally important to outsource certain jobs to the right professionals. If you are hiring a Phoenix, Arizona CPA for your small business, below are some key aspects worth knowing.
The need for CPAs
First and foremost, it is important to understand that an accountant and a Certified Public Accountant (CPA) are not the same. Accountants usually have a degree in finance or accounting, while CPAs have to complete necessary professional examinations and fulfill licensing requirements to work in Arizona. Many entrepreneurs believe that using QuickBooks or any reliable bookkeeping software is enough. After all, the volume of financial data and records is limited, and it makes no sense to hire an accountant on the payroll. However, hiring CPAs doesn’t have to be expensive. Outsourcing to top accounting firms is the best way to keep your taxes, expenses, finances, and records in check.
What to expect when hiring CPAs?
CPAs are proficient in handling various tasks related to taxes, accounting, and payroll. You can expect a firm to help with –
- Tax preparation
- Identify tax deductions
- Tax planning
- Preparation of financial statements
- Advice on finances and important budget decisions
- Assistance with installing and using QuickBooks or other accounting software
- Help with expansion plans
- Representation before the IRS when needed
Does industry expertise matter?
The short answer is yes. Small businesses often have to deal with specific regulations and norms that are very specific to their industry. It is best to hire a CPA or accounting firm that has worked in the field or has experience in a similar industry.
Choosing the right CPA
What does it take to find a reliable CPA for your small business? It depends on your requirements. While CPAs are expected to be experts in their field, they must also have a flexible approach and should offer services that are pertinent to your business. Make sure that the selected firm has good reviews, a credible clientele, and is accessible at all times. It doesn’t matter if an accounting firm charges a tad more than others. At the end of the day, you need expertise and experience on your side, because mistakes involving taxes and financial statements can be expensive and impact your business adversely.
You can check online to shortlist local firms in Arizona, and don’t forget to ask for a few references.