There are many factors involved with running a successful business. Marketing, inventory, payroll—they all play a crucial part in the big picture. While these areas may all differ in how they function, they all have one thing in common. They must all be well-documented! When tax season comes around each year, the quality of a business's accounting can mean the difference between an easy transition and a season of stress and anxiety.
One of the main reasons a CPA, whether kept on-staff or hired as a service, is so valuable is that they must maintain their training and stay up-to-date on codes and regulations. These regulations are subject to change, and only someone who is keeping in the know will be able to spot pitfalls and easy paths through the tangle of tax codes. One part of a manager's job is to keep the operating budget working efficiently and identify areas that could run more efficiently. In the accounting department, it is wise to never cut corners!
A common mistake businesses make is delegating the accounting to a staff member who is not qualified for the job. A CPA has been through rigorous training, hence the "Certified" in "Certified Public Accountant"! In the cases where an untrained employee performs accounting tasks thoroughly, it likely took them much longer than it would take a professional, indicating time wasted. That is why paying a reasonable fee for third-party accounting services makes sense for most businesses!
If your business doesn't have in-house accounting services, you should strongly consider factoring them into the budget. Keeping the records straight and your business in good standing with the IRS is well worth the resources! Services like Geyer & Associates in Fort Collins can be the key to success for your business, so call your local CPA today and schedule a consultation!