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Small business owners in Franklin often have to wear many hats, primarily because they don’t have the resources to hire too many people on the payroll. There are still tasks that need specialization and expertise, and therefore, outsourcing often makes more sense. If you are a business owner who is struggling with accounting and tax-related work, it is time to get help. Hiring a CPA in Franklin, OH, can help you in numerous ways, and here is what outsourcing small business accounting looks like.
Get the expertise you need
Having tax and accounting professionals on the payroll is not financially feasible for many small businesses and startups. The cumulative costs can go high, and more importantly, it is impossible to keep paying the high fees month after month. With a CPA, you can get the same expertise and help as you need, but without the high costs. Your CPA will double up as your tax expert during the peak season, while they will also ensure your accounts are in order.
What would a CPA do for your small business?
Typically, CPAs who handle small business accounting do the following –
- Ensure all documents and accounts are maintained according to standards
- Generate regular reports to understand cash flow and profitability
- Use financial data for analysis and further decision-making
- Guide on tax planning to maximize the use of deductions & exemptions
- Check for internal fraud
- Set up an accounting system
- Prepare profit and loss statements, balance sheets, and quarterly reports
- Advise on critical matters concerning the financial health of your business
- Guide on sales tax processing
- Prepare tax returns on time and help with IRS audits
- Offer outsourced CFO services
How much will a CPA cost in Franklin?
The answer depends on what tasks they do for you. Some CPAs may just help with tax filing and related tasks, and for such needs, they usually charge an hourly rate. Others may work full-time for clients and offer help through their team of accounting and tax experts, for which a monthly payment is expected. You can always decide what services you need and discuss the costs accordingly.
Leave number crunching to the experts
One of the key reasons why you need a CPA is to use their know-how and experience for your small business. With a professional with credible qualifications handling the data, you don’t have to spend time on number-crunching and can make decisions based on valuable insights.
Find a CPA near you today and book a consultation session!
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