Do I Need A CPA For My Business

Hiring a certified public accountant, or CPA, might be the right move, especially if you’re looking to grow your business this year. But did you know that a CPA can help with a range of other business responsibilities? These accounting professionals don’t just handle the daily bookkeeping. They can help you apply for loans, audit financial statements, and even prepare your taxes. 

Find out more about what a certified public accountant does and why hiring a Wichita CPA is the right call for your business. 

CPA Definition

Like other accountants, CPAs hold accounting degrees. However, they have to gain special certifications by passing a meticulous exam called the Uniform CPA Exam. This exam reviews more than just accounting knowledge, but goes in-depth into tax law. Afterwards, CPAs must agree to ethical requirements set out by state laws in order to obtain their state licenses. 

And it doesn’t stop there. These professionals must then maintain their educational requirements in order to keep their licenses, meaning they can lose their credentials if they are found negligent. Overall, working with a CPA ensures that your business is in skilled and accredited hands.

Examples of what a CPA can help you with

As your business’s certified public accountant, your CPA will use their tax expertise during filing season. They can even negotiate with the IRS on behalf of your business, providing unlimited representation. Your CPA will also field day-to-day bookkeeping needs like filing tax and financial documents.

A few other responsibilities of your CPA are:

  • Offering advice and planning for tax season. They will also help you keep track of year-round tax records and file extensions if needed.
  • Keeping your business compliant and reducing the risk for audits. They use their extensive tax and financial knowledge to catch issues before they happen. If your business is audited, your CPA can help negotiate on your behalf.
  • CPAs act as a financial consultant for your business. They can help you make big decisions when it comes to budgeting, handling financial risk, and other complicated financial issues. They can even prevent the risk of fraud by closely monitoring your payroll and accounting records.
  • Your CPA can also help set up bookkeeping and payroll software and help maintain these systems throughout the life of the business. 

Hiring a CPA for Tax Season

With tax season around the corner, there’s no better time to hire a CPA for your business. You can get help organizing tax documents and filing your tax return so you get the most out of this year’s tax season. Hiring a CPA helps minimize tax filing issues and provides less risk of a potential IRS audit. With the complexities of business taxes, let a skilled Wichita CPA help you file your return.
As a business, it’s important to stay compliant with tax updates like code changes, deductions, and more. Contact a skilled CPA at Wichita Tax Advisor to learn more about how you can get the most out of tax preparation and filing.