Small business owners often have to deal with many tasks at once. Besides finding ways to grow the business, they are often extensively involved in the day-to-day operations. While you could be good at donning many hats at once, accounting and tax preparation are two aspects that require expertise. If you are wondering whether you should hire an accountant in Lake Mary, FL, for your small business, we have a few pointers below for your help.

Evaluating the role of small business accountants

As an entrepreneur, you have probably faced the pressure of the tax season. A considerable part of the hassles is related to bookkeeping and accounting. Once you hire a CPA for your business to handle regular work, they will do the following –

  1. Handling bookkeeping and accounting
  2. Tax return preparation
  3. Tax filing
  4. Identifying tax deductions
  5. Preparation of financial statements like income statements and balance sheet
  6. Preparation of cash flow statements
  7. Payroll accounting and taxes
  8. Financial forecasting
  9. Financial analysis

Benefits of hiring a CPA

CPAs offer a bunch of advantages for your business, including

  1. Ensure that your business remains compliant with state and federal tax requirements
  2. Offering scope to use your internal resources more effectively for other needs
  3. Avoid the common mistakes that could otherwise result in fines and penalties
  4. Keeping a tab on evolving tax norms and laws
  5. Offering advice on payroll taxes
  6. Help identify ways to minimize the tax burden

Finding the right CPA for your business

Not all CPAs have the experience and expertise of handling small business work, and it is best to look for a local firm that’s based in Lake Mary. As a client, you should ask questions like –

  • Have you worked for small businesses like mine?
  • Would you be available for help outside of the tax season?
  • How many clients do you handle? Do you have time for my business?
  • How would I communicate with your team?
  • How would you bill us for your work?
  • How can you help us with taxes? Do you have experience with payroll taxes?

These are some of the basic questions you need to ask when looking for small business CPAs around you. Even when a particular firm costs more than others, they are worth hiring if they have credible experience in your industry. Also, make sure to ask for a few references and do check online reviews to find out about a CPA’s profile.