3 Benefits of Using an Accountant for Business Taxes

1. 3 Benefits of Using an Accountant for Business Taxes All over the country there are small business owners who have chosen to separate their bookkeeping and tax filing. Some have an employed bookkeeper working in the back office while others practice DIY bookkeeping using a desktop software package or mobile app. Some take their taxes to a professional preparer every spring while others employ the same DIY principles that drive their bookkeeping. All of this is well and good in the sense that we have the freedom to do as we please. Business owners are free to use any methods necessary to manage bookkeeping and tax filing as long as they remain within the confines of the law. But is separating bookkeeping and tax filing a wise move? For some, maybe not. There are certain benefits to combining both bookkeeping and tax filing and putting it in the hands of a certified public accountant. Gurian CPA, an accounting firm serving clients in the Dallas area, says that the small businesses they work with are generally surprised by how much smoother things go when they turn bookkeeping and tax filing over to their CPAs. 1. CPAs Get to Know Clients A good CPA does not work solely based on the current year's numbers. He or she takes a good look at a company's financials for several years to get a good idea of where the client's business has been and where it is going. This creates a scenario in which CPAs actually gets to know clients pretty well. That is good for clients. Gurian CPA Firm

2. Having a better understanding of a company's complete financial picture gives the CPA a more solid basis for offering advice. The CPA can move from being a bookkeeper only into being an accountant and financial adviser moving forward. Isn't that something every small business owner would want? You would think so. 2. CPAs Are Trained to Identify Mistakes To say the bookkeeping and tax filing is complicated is to understate the obvious. It is like saying the sky is blue. And yet, business owners who take a DIY approach to accounting and taxes are attempting to conquer something they have neither the skill nor experience to prevail over. That takes us back to the CPA. CPAs are trained professionals with an intimate knowledge of all things accounting and taxes. Not only that, their training does not cease upon college graduation. CPAs are constantly undergoing continuing education in order to keep their skills and knowledge up to date. The end result of all of this training is that CPAs are experts at identifying mistakes. And we are not just talking mathematical errors on accounting or tax forms. We’re talking mistakes involving unwise spending, misclassification of funds, poor tax planning, and so forth. 3. CPAs Can Help Mitigate Taxes Mistakes related to poor tax planning lead us directly to the third point: CPAs can help mitigate tax liabilities. This is important to any small business with hopes of maintaining long-term sustainability. It's not a stretch to say that solid tax planning separates the most successful businesses from those just getting by. Gurian explains that unlike a bookkeeper, the CPA has the knowledge and skills to provide solid tax planning advice. And with that advice comes lower tax liabilities and more money to put back into the business. Business owners can certainly go the DIY route for both bookkeeping and tax filing. Yet there are better ways. One of those ways is to turn both over to a CPA with the knowledge and experience to do things in a way that offers maximum benefits to business owners. Gurian CPA Firm