Taking the plunge into small business ownership can be simultaneously exhilarating and terrifying, especially if you’re coming from a conventional corporate background.
Because finances – and subsequently, taxes – play such an essential role in whether or not new businesses succeed, one of the first things you’ll need to decide as a small business owner is how you will handle accounting tasks.
While the idea of “DIY accounting,” managing your books yourself, may be tempting, it is generally wise to work with a CPA. Small business owners who have qualified tax professionals in their corner tend to pay less in taxes, save more money over time, and have fewer financial stressors.
As you continue reading, you’ll discover more about why you should consider working with a small business accountant in your area to get your business on the right financial track from day one.
There are distinct differences between a certified public accountant (CPA) and an accountant, even though the terms are often used interchangeably outside of the tax services industry.
An accountant is a professional who has earned a bachelor’s degree in accounting or finance from an accredited institution. A CPA, on the other hand, is someone who has not only earned a bachelor’s degree but has received additional training and certifications in their post-grad professional life.
In fact, per a Business News Daily report, only about half of all accountants in the United States are also licensed CPAs.
Generally speaking, it is best for small business owners in all industries to work with CPAs – some of these accountants even specialize in working with proprietors in specific niches. If, however, you have very basic accounting needs, a general accountant may be able to help you.
While every CPA firm is different and not all certified accountants offer the same array of services, below are some common ways in which CPAs come alongside clients like you to help small businesses thrive:
It is essential to make sure the CPA you choose offers competent, reputable services you can trust.
Having a relationship with a good local CPA like Sonu Shukla is a great way to ensure that your company is in good hands no matter where future decisions take you.
One of the best pieces of advice for new small business owners is to look ahead when developing professional relationships now. Having an accountant you can trust will ensure that any future mergers, acquisitions, or new partnerships will be handled with ease – dealing with these things on your own could cause immense undue stress.
No matter what kind of small business you operate, a good CPA is essential.
About Sonu Shukla, CPA, CFP
Sonu Shukla is a Certified Public Accountant as well as Certified Financial Planner. He believes in proactive tax planning and has the skills, education and experience to demonstrate passionately planned financial strategies. His firm tailors highly efficient tax plans for his small business clients, all in a one on one environment where he and the client can bounce ideas around until every detail is worked out. Located in Orlando, FL, he services all of Florida.
