Small Business Smarts: When It's Time to Hire an Accountant
Part of a series | Small Business Smarts
As you consider the future of your small business, take the time to evaluate your financial support system. In this episode of Small Business Smarts, learn from Heather Sperduto of ADP why engaging with an accountant early on can provide the insights and guidance necessary for sustained business growth.
Small business owners wear many hats. The hustle and bustle of entrepreneurship can lead you to question whether it's worth investing in professional guidance or if you should tackle tasks on your own to save money. However, enlisting the help of an expert, especially a certified public accountant (CPA), can make a significant difference in the success of your business.
Understanding the role of a CPA
In a recent conversation with Heather Sperduto, vice president of sales operations, accountant channel at ADP, it became clear that the question of when to hire a CPA is crucial for any business owner. Many entrepreneurs only reach out to their CPA during tax season, but Sperduto argues that this approach limits the potential benefits of having an expert already on the team.
Three reasons to hire a CPA early in your business
1. Foundational guidance: According to Sperduto, it's never too early to engage a CPA. Ideally, you should seek one out before even starting your business. A CPA can provide essential guidance when establishing your business entity and selecting the right structure, which is critical for legal and financial health.
2. Comprehensive financial oversight: Beyond the initial setup, CPAs offer valuable assistance with tax planning, budgeting, forecasting, and cash flow management. They are positioned to help you streamline your business operations and make informed financial decisions.
3. Ongoing support: An accountant doesn't just provide one-time services; they offer continuous support, updating you on best practices and compliance changes. This ongoing relationship can be invaluable while navigating the complexities of running a business.
Staying compliant in a changing landscape
In today's fast-paced business environment, compliance regulations are constantly evolving. Sperduto emphasizes the importance of discussing current legislation and incentives with a CPA. These aspects can impact your tax planning significantly and may uncover opportunities to strengthen your business strategy.
Conclusion
If you're a business owner or aspiring entrepreneur, reflect on your current financial strategy. Is it time to bring in a CPA to enhance your operations? Don't hesitate to reach out to a trusted accounting professional today—your business will thank you!
Download Plan, Launch, Thrive: The Small Business Owner's Toolkit today.
