If you own your own business, you have likely worked with a Certified Public Accountant at some point in the past. CPAs most commonly help with bookkeeping and taxes but did you know there are a lot of other things an accountant can do for your business?
We’ve outlined five other ways accountants can help your small business in addition to doing your taxes and bookkeeping:
1. Loan Applications
Most small businesses require a loan or two to get started. Since your accountant understands the financial position of your business, they can help you present the purpose of the loan and decide what type of loan you need.
Your accountant can help you not only during the qualification process but also during the actual application process. They can quantify your financial situation, identify repayment sources and help you prepare an application that is the most likely to help you secure the loan.
2. Estate and Trust Planning
Planning for the future is something that too many people start thinking about too late. Your taxes will likely impact your estate so your accountant can help you assess your tax burden and create the best estate plan for you. Not only can your accountant help ensure your beneficiaries like your children and grandchildren are taken care of, they can help you maximize your charitable donations while minimizing your tax burden.
3. Business Succession Planning
Who will take over the business once you have retired? Your accountant can help be an impartial voice in helping with succession plans. From making sure all the finances are on track to creating business plans for the future, your accountant can help ensure your business is successful after you are no longer at the helm.
4. Be a Virtual CFO
If your business is growing but isn’t quite big enough to need a formal CFO, this is a great place where an accountant can step in. Thanks to the increase in digital communication, you can outsource the CFO work to an accountant and get tailored financial advice for your business.
Thanks to video conferencing and online document centers that allow you to edit slide decks, spreadsheets and word documents in tandem, having a virtual CFO is easier than ever.
5. Create a Growth Plan
One of the most underutilized ways that an accountant can help with your business is get you on a growth plan. Since they know all the ins and outs of your financial status, they can help you to identify pitfalls, assess areas for improvement, find what areas have the best potential for growth and more.
Accountants can help put your business on the path to success and work with you to maximize growth potential.
Looking for an accounting team that can help grow your business? The experts at MCK are ready! Contact our team today.