FINANCING
Craft a business plan · manage debt · secure investors.
Bank loans, debt, interest and assets are essential elements of your business’s financial structure. A CPA can help you develop a powerful business plan, and then bring that plan to life with the proper options. Your CPA’s financial expertise can help you determine how much debt your company can handle; the pros and cons of a loan vs. a line of credit; and how to seek financing from investors.
GENERAL MANAGEMENT
Choose your business structure · protect your data · develop a succession plan.
The organizational structure of your business is an important consideration. It will have an impact on operating efficiency, personal liability, taxes and the way you report business income, and a CPA can help you choose the optimal structure for your business. Your CPA also can provide sound advice about insurance, commercial property, establishing a board of directors, disaster planning (to protect your data and assets) and succession plan development. In addition, a CPA can advise you on your plan, from job descriptions to strategic hiring to financial — and perhaps familial — considerations. CPAs with the AICPA’s Certified in Financial Forensics (CFF®) credential can also specifically help with fraud prevention, detection and response.
TAX PLANNING
Deductions and donations · payroll management · sales tax.
From payroll to sales tax to deductions, a CPA can educate you about year-round planning, tax-season preparation and filing, liability and record-keeping. Your CPA also can assist you in deciding whether you want to plan your business according to a calendar or fiscal year, and find out what to do if you are audited.
ACCOUNTING AND GENERAL FINANCE
Products and inventory · performance tracking · business valuation.
Do you need to determine the value of your business? CPAs are trained to do just that. CPAs with the AICPA’s Accredited in Business Valuation (ABV™) credential can help you not only value your business, but use that value to shape an effective business strategy. You also may consult your CPA regarding performance-indicator tracking; analyzing (and perhaps reducing) operating costs; and maximizing your interest income. Pricing, inventory accounting and internal audit also are areas in which a CPA can streamline and improve day-to-day operations at your small business.
SALARIES AND BENEFITS
Compensation · health benefits · stock.
As you determine compensation levels, hire employees and make decisions about benefits, insurance and stock options, a CPA can answer key questions. For example, what is a benefit “flex plan” — and should you establish one? How should you handle a 401(k)? Should you offer stock options and, if so, to whom?
TECHNOLOGY
System requirements · internal controls risk assessment
CPAs understand the capabilities and limitations of a variety of accounting systems, and know how to use technology to help small businesses meet regulations, establish internal controls and obtain information necessary for critical business decisions. In fact, a CPA with the AICPA’s Certified Information Technology Professional (CITP®) credential has extensive knowledge and expertise in technology. Your CPA can recommend the most efficient and financially viable ways to use technology, from designing systems to manage administrative, sales or manufacturing procedures, to setting timetables for technology upgrades.
PERSONAL FINANCIAL PLANNING
Personal and business budgets · retirement plans · insurance options.
As a small-business owner, your business finances and personal finances often are closely related. Consult your CPA regarding budgets, retirement, insurance, estate planning and more. You may wish to hire a CPA with the AICPA’s Personal Financial Specialist (PFS™) credential. PFS credential holders specialize in personal financial planning. Your CPA will help you learn how to make the most of today, and prepare for tomorrow.