The Benefits of Having A Certified Public Accountant on Retainer

The Benefits of Having A Certified Public Accountant on Retainer

Having a Certified Public Accountant (CPA) on retainer for your company is one of the best decisions that you can make. Not only is a CPA able to help you with important functions such as payroll and tax returns, we are also able to support your long-term goals and improve work efficiency.

If you have been considering having a CPA on retainer to improve your business prospects, then you’ll be pleased to know that there are a number of vital benefits that come with doing so.

How Having a CPA on Retainer Can Help Your Business

As a business owner or corporate manager, you may be a bit hesitant about the added expense of having a CPA on retainer. But it is important to recognize that the advantages of having one can actually improve your expenses and better prepare you to reach your long-term financial goals.

Consider the following:

  1. CPAs allow you to focus on your business.
  2. Whether you are the owner of a startup or growing company, there’s plenty of work that goes into running your enterprise. Depending on the amount of staff you have, you might be forced to take on multiple roles, which means less time to actually promote your company and make those sales.

    You might even have to play the role of bookkeeper and accountant – which depending on your level of familiarity – can eat up plenty of time and lead to some major mistakes. Especially if you’re trying to handle too many tasks at once.

    A CPA on retainer frees you up to handle other important business-related responsibilities while also providing you an expert who can handle those financially critical duties. Again, you might be worried about costs but consider that you’ll actually gain time back to focus on generating revenue.

  3. CPAs can help you effectively deal with government agencies.
  4. There is plenty of bureaucratic red tape that goes into running a business and a CPA can help you with more than just tax-related issues. A qualified accountant will be able to:

    • Keep your company aligned to the latest tax laws
    • Assist you in completing compliance paperwork
    • Ensure your company’s status is in good standing on government registries
    • Handle payroll responsibilities while keeping within all tax codes
    • Make sure all payments are recorded correctly for tax purposes
    • Maintain and organize business tax documents
    • Keep you informed about business shares/stocks

    Staying in good standing with the government is absolutely essential to your business and finances.

  5. A CPA on retainer will be there for you when you really need them – like for a tax audit!
  6. While statistically, the likelihood of dealing with an audit is relatively low, you don’t want to be caught in this position without a well-versed tax professional in your corner. A CPA on retainer can give you the support you need to effectively work through the auditing process and provide you the guidance afterward to ensure you don’t have to go through that process again.

    It’s also worth noting that a CPA can help a startup choose the right legal structure that best suits the owner’s needs from the get-go. Certain structures – such as S corporations – come with a higher risk of being audited. Knowing which to file under can save your company from a lot of legal issues.

  7. A CPA can help you while your growing and applying for a business loan.
  8. If you are in the process of expanding operations and are hoping to obtain a business loan, a qualified CPA will secure all the necessary financial statements and documents needed to improve your chances of obtaining said loan. Even just having a CPA in your corner goes a long way in showing the bank that you are responsible and serious about your business.

    A CPA on retainer will be able to help with:

    • Projecting revenue and expenses
    • Informing you about which loan types are best for your company
    • Provide you insight about the bank’s terms and conditions
    • Help you develop an effective application with facts and figures

    Obtaining an adequate business loan can prove to be extremely beneficial for your company and provide a whole new level of success. You don’t want to miss out on this opportunity. Find a CPA who can help you succeed.

  9. Financial support that really matters.
  10. For startup and small business owners, the accounting aspect can be very overwhelming. Plus, one simple mistake can throw everything else out of order. Do you really want to run the risk of a major financial issue? A knowledgeable CPA will be able to handle a number of day-to-day responsibilities as well as year-long processes including but not limited to:

    • Managing payroll and payment processes
    • Clearly explaining financial statements so that you better understand your business
    • Creating financial reports as needed
    • Organizing and submitting taxes and all required paperwork to the IRS
    • Closing out your books at the end of the year
    • Helping you measure key business metrics
    • Helping you improve your business strategy

    A skilled accountant will be able to offer you plenty of services that can really take your business to the next level.

  11. Be with you every step of the way.
  12. A CPA on retainer can really provide support to your business every step of the way. From guiding you in your legal structure to helping you obtain the business loan you need and just generally giving you sound financial advice that you need to make the best business decisions.

    But that’s not all. Should the time ever come that you decide to sell your successful business, a CPA can help to put together your company’s financial records in order to help you get the best return possible. They can even help you structure those earnings to limit tax deductions and make sure that you reap the most benefit.

In need of a CPA on retainer? Abigail Y. Murray, CPA, LLC., is here for you.

If you are in need of a CPA that you can truly depend on and who will help you make the best decisions for your company, then trust in the McAllen CPA office of Abigail Y. Murray, CPA, LLC.

We’ll make sure to keep your business growing, keep your finances up-to-date, and limit your tax liability. Let us be the partner your business deserves.

Contact us today at (956) 800-5600 to learn more about how we can help you.