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A certified public accountant (CPA) is a great investment that can save your business money in the long run.
Most small businesses, and large businesses too, are usually looking for ways to cut costs and improve profit margins. While it seems counterintuitive, often, hiring an outside vendor for a process can actually help you cut your costs overall. Yes, this is even true if you are currently the person handling the task. After all, it’s not free for you to do the work, especially when it’s something you don’t really know how to do very well. If you aren’t a professional in the task, it is going to take you longer to do it and there is a greater chance of mistakes. If one of these business tasks that you’re struggling with has to do with your bookkeeping and financial processes, hiring a CPA could help.
Wasted Labor
First and foremost, you have to let go of the idea that if you’re doing the task and therefore not paying someone else to do it, it is free (or even cheaper). Your time has value. You have other things that you should be doing for your business (or even for your family or for yourself) that are not getting done because you’re devoting time to this task. This is especially true if it is a task you struggle with. Paying a professional may “cost more” in terms of actual money going out, but they can do the task in less time and do it correctly.
Financial Penalties
Hiring a CPA saves money in the long run. A CPA knows the ins and outs of the bookkeeping process and should be knowledgeable enough to not make common mistakes. There are many ways you might find yourself facing IRS or state penalties if you’re going it alone. Your CPA is a professional who should be able to help you avoid them.
Maximizing Savings
A CPA should also know about all of the various deductions and rebates that could apply to you and help you get the most out of the tax process. However, their services aren’t only limited to tax time. They should also be able to tell you about possible tax incentives or rebates related to business decisions you may be considering for the next year or two.
Business Advice
Finally, a professional CPA can be a valuable financial advisor. They can help you make big decisions for your business, including when to invest in equipment, expand, or even move.
Trust the Professionals at the Harding Group
Unlike other accounting firms, The Harding Group, located in Annapolis, MD, will never charge you for consultations and strive for open communication with our clients.
Are you interested in business advising, tax preparation, bookkeeping and accounting, payroll services, training + support for QuickBooks, or retirement planning? We have the necessary expertise and years of proven results to help.
We gladly serve clients in Annapolis, Anne Arundel County, Baltimore, Severna Park, and Columbia. If you are ready to take the stress out of tax time, contact us online or give us a call at (410) 573-9991 for a free consultation. Follow us on Facebook, Twitter, YouTube, and LinkedIn for more tax tips.