CPAs often get a bad rap for their field being dull. But the truth is that a good CPA can help your business with financial strategy, reduce your tax obligations, and ensure your company is meeting audit requirements for your government contracts and bank financing obligations.
This apparently ‘boring’ stuff is so important that you can’t afford to mess it up. High quality CPAs will know how to guide your company, especially if you keep an open and frequent dialogue with them about expenses, financial goals, acquisitions, mergers, contract requirements, and even if you suspect fraud.
Make sure that you hire a quality CPA because even minute, mistakes can cost you. Liabilities may result in penalties and interest charges. Maybe you think you’ve saved when you paid less for a CPA, but the savings may just end up covering IRS penalties or excess taxes.
Paying Less is Not Always Saving More
CPAs, unlike a bookkeeper or tax preparer, are required to pass stringent qualification and licensing requirements. And a highly trusted CPA with clearly identified values can become a vital component and trusted advisor of any business. When a CPA firm, like Cheryl Jefferson & Associates, is a member of the American Institute of CPAs (AICPA), they agree to follow a comprehensive Code of Professional Conduct that covers issues of integrity, compliance, and independence.
A CPA that specializes in government contract consulting or forensic accounting usually has credentials and experience to support those rates. Government contract accountants are experienced with navigating FAR, cost and price analysis, GSA Schedules, and how to handle a DCAA audit. Likewise, forensic accountants know how to detect fraudulent financial reporting, how to set up internal controls to detect fraud, and the latest in digital forensic analysis.
In the case of a high quality – and possibly, more expensive CPA – they may be able to get the job done more quickly, be on top of the latest IRS or compliance requirements, and save your business from costly accounting mistakes. CPAs, like the team at Cheryl Jefferson & Associates, are thorough and have keen eyes for potential credits and deductions. All of these will save your business money in the long run.
Invest Now for the Future
Whatever the cost of your CPA’s services, the AICPA recommends five tips for getting your money’s worth. As a result, hiring a good CPA will save you time, energy, and resources. As an extension of your financial team, a trusted CPA can even recommend ways for your business to save money.
If you would like to find out how our accounting services can help propel your business, contact CJA to learn more.