Five Reasons to Have Your CPA Take Care of Your Bookkeeping
Updated: Dec 19, 2019
One common new year’s resolution is to have better financial success in the new year. As you craft your new year’s resolution, it is important to reflect on the previous year and evaluate your financial successes and failures in order to make meaningful goals for the upcoming year.
One way to better understand your financial successes and failures is to speak with your trusted accountant. They can provide value to you as they are true financial professionals. A more modern approach to gaining value from your accountant is to also have them work year-round as your bookkeeper instead of just providing tax services at year end.
The following are five reasons to have your CPA also take care of your bookkeeping:
1) Focus your time on what you do best: As a business owner it is best if you focus your time on what you do best. By having your accountant perform your accounting functions, you can reallocate your time to more important places.
2) Timely financial information: Have you ever felt behind on the accounting of your small business? By having your trusted accountant perform the bookkeeping services you maintain timely financial information throughout the year. Having timely financial information as a business owner allows you to look at areas in need of improvement. By focusing more resources on these areas in need of improvement, you could potentially see a dramatic improvement to your bottom line.
3) Accuracy of financial information: Just as you would hire a plumber to fix your faucet or a mechanic to repair your car, your accountant has skills to make sure that your transactions are properly recorded to give you the best snapshot of your company at any given moment.
4) Open communication with your accountant: Having your CPA perform your bookkeeping keeps the communication flowing between you, as a business owner, and your accountant year-round. This keeps your accountant involved in your business decisions and allows them to help you understand the implications from the tax and accounting standpoint. This also allows your accountant to streamline the tax filing process, so your return can be filed on time without any extensions.
5) Data security: When your accountant is your bookkeeper, it alleviates the exchange of data from one party to the next. By alleviating this information exchange, it keeps your financial information more secure.
We at Capital Clarity Co. would be interested in speaking with you regarding a solution for your accounting needs. Please reach us either by phone, 307-206-2331, or email at firstname.lastname@example.org.