Running a small business or a startup in Bluffton can be challenging for many reasons. Firstly, you might be great at doing what you do, but there are many verticals that need expertise. Accounting and taxes are among them. If you don’t have the resources to hire an in-house department for accounting, the next best thing to do is engage a CPA in Bluffton, SC. Here’s what the right firm can do for your business.  

• Bookkeeping: Tracking your expenditures, revenue, and receipts is the first thing that your CPA would take care of so that you don’t waste your time hiring a bookkeeper or trying to understand details. In the long run, this could mean saving significant money that you would otherwise pay on missed bills or recurring expenses. Ensuring your books are up to date is the task of the CPA.
• Bank reconciliation: Do your bank accounts reflect the same information as your financial records? That’s the purpose of bank reconciliation, which must be done periodically to check and address possible discrepancies. CPAs have years of experience handling such tasks and can help protect your business from internal and external fraud.
• Create reports: Financial reports, including profit & loss statements, cash flow statements, and balance sheets, are critical for getting insights into the profitability of your business. CPAs can develop such reports and offer valuable feedback, which will further help in making financial decisions. On the other hand, monthly financial statements are handy for knowing how your business is performing in terms of revenue and spending.
• Payroll: No matter whether you have 50 employees or just a handful, payroll is a critical function and must be done accurately. CPAs can help with deciding on payroll software, calculating costs and elements like insurance, and keeping a tab on paychecks.
• Compilations: A compilation gives an overall review of your business in terms of finances. Unless there is a need for an internal audit, you can use these compilations for many tasks, and most financial institutions will accept the data generated by CPAs.
• Tax planning: You don’t need a CPA to file taxes alone. They can also offer valuable tax planning advice, providing details of deductions and exemptions that are available for your small businesses so as to keep the taxes in check. Also, your CPA will keep a tab on the changing tax laws.

Find a local CPA and seek their advice on how to manage your finances better.

Julia Gray