When Should You Hire a CPA?

When Should You Hire a CPA?

Don’t try to be a superhero. If you want to stay on top of your business’s finances, hiring a CPA in Savannah is essential. A Certified Public Accountant (CPA) is trained to make sense of the numbers and help you make the right decisions. Financial statements may not be your idea of fun, but they can provide invaluable insight into how your company is performing and how it stacks up against competitors. 

To help you navigate the jungle of accounting and tax regulations, hiring a CPA can be an important decision to make. A CPA can give you the tips, tools, and advice you need to understand your business and your bottom line better. Whether you’re looking to increase sales, develop your marketing strategies or make investments, a CPA can help you make the right calls.

However, there are sometimes when hiring a CPA can become necessary for businesses.

  • Before you start your business

As you start your business, you might think that having an accountant is a luxury that your business cannot afford. However, hiring a CPA can help you focus on the most important tasks while giving you guidance on the legal and financial issues that may emerge during the startup process. A good CPA can offer useful advice on how to save money and prevent liabilities from exceeding profits during the first years of operation.

  • Tax time

Just like it can be difficult to understand how much tax you need to pay, the tax season can be overwhelming. While the bills are coming in, and you’re wondering how you’re going to cope with them, your business might be hit with unexpected expenses such as a frivolous lawsuit or an audit. A CPA can help you with this and give you important tips on how to prepare for these situations.

  • When you acquire, sell, merge, or close

If you decide to sell your business or merge it with another one, you’ll need a good CPA. A CPA can help you assess the financial worth of your company, provide valuation reports, and offer assistance during negotiations. During this time, taxes are also an important issue because they affect the finances of both parties involved in a merger or acquisition.

  • When you’re facing lawsuits and audits

The last thing you want is to have legal disputes or have an audit on your business that can cost you money and time. It’s best to hire a CPA before these situations arise to help you understand how they can affect your company and advise you on how to deal with them. A good CPA will also make the necessary adjustments so that the outcome is profitable.