A qualified business accountant can help take your business to a whole new level of success. A big measure of your success is your profitability, and an accountant helps you execute strategies that improve your profitability. These strategies include everything from analyzing raw data to inform your business decisions, to helping you save money on taxes and employee benefit plans.
You may have wondered:
How can an accountant help me and my business?
That's a great question. Keep reading to learn some of the many ways a business accountant can boost your business’ profits, followed by information about how to find the right certified public accountant (CPA) for your business.
- Helping you monitor and manage your business’ cash flow
- Identifying your business’ “break-even point” - a key to determining profitability
- Performing a DCF analysis to determine the value of your business (business valuation services)
- Calculating the cost-effectiveness of your marketing campaigns and other investments
- Calculating your net profit on a quarterly and annual basis
- Advising you on tax-saving strategies and tax planning actions
- Helping you save money on your employee benefit plan contributions
- Helping you implement internal accounting systems, including an accounting software system
- Conducting cost segregation to revalue your assets and increase your cash flow
- Performing regular industry comparisons to see how you stack up to your competitors
- Analyzing financial data to help you make informed business decisions (business consulting services)
- Performing bookkeeping and payroll tasks to keep accounts in order and prevent costly mistakes
- Working with you to develop a long-term financial plan for your business
- Performing ERISA audits to reduce your financial liability on your company 401k plan, pension plan, etc.
- Giving you ongoing feedback on progress toward your business' profitability goals
How to Find a Business CPA That Boosts Your Profits
To help you find the right CPA for your business, we’ve put together this handy list of the Top 10 Utah CPA Companies. Additionally, it is a good idea to start calling around and getting referrals from friends and family.
Once you have a list of CPAs you’d like to interview, it is time to start meeting and speaking to accountants. It is important to ask them a set of particular questions to find out if they are the right business accountant to assist in increasing your business' profits. Here are some good questions to ask.
- Can you assess my break-even point and the overall value of my business?
- How will you help me manage my cash flow?
- How will you help me grow my business?
- How many times will you check in with me throughout the year?
You can find out more questions you should ask a prospective business accountant by reading this entrepreneur.com article. If you’re ready to start your search for a profit-boosting business CPA, we encourage you to talk to us about how we can help you.