All small businesses have the option to take a great deal of that weight off of their shoulders and enlist professional tax and accounting help. Making even a small error in your books can make a very large mess of your business finances. Not to mention the fact that you just started a small business, you’re very busy. Bringing in an expert to help with your financial services can free up a lot of time and help you focus on growing your business. Undoubtedly professional help with financial planning and tax services are a great idea for your small business, but should you go with an accountant or a Certified Public Accountant (CPA)?
No matter the size of your business, even a single-person business probably needs the services of a CPA for several reasons:
A CPA is licensed by a state, and must keep current with tax laws in order to maintain that license, unlike Accountants. The CPA exam is a rigorous process that includes many facets of financial and tax expertise. After they are licensed, CPA’s also must comply with continuing education requirements, where regular accountants do not.
Almost all CPA’s are more familiar with tax laws than accountants are. Knowledge of the tax code is a big part of a CPA’s licensing exam and CPA’s take tax courses each year to keep up to date on the Tax Code. An accountant is classified by the IRS as an “unenrolled preparer” and an unenrolled preparer’s ability to represent a client in a tax matter before the IRS is very limited. Alternatively, a CPA is eligible to represent you before the IRS and has full authority to represent you in an audit and execute claims on your behalf. CPA’s can help you make more high-level business and tax decisions.
Bottom line, no matter the size of your business the professionals at BW James can help you be more successful and are available to become your partners and help take your business to the next level.
For more information about BW James visit https://www.bwjames.com/
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