Are you feeling like money is flying straight out of your wallet and disappearing forever? Many times when we start our first business, we begin throwing money out the window like it’s nothing. But the truth is that we’re not made out of money, especially in the beginning. If this sounds like you, let’s talk a little bit about what you can do to stop the money madness today!
What is Cash Management?
Cash Management is the collection, accumulation and disbursement of money. The main purpose of cash management is to manage cash balances of an organization in order to maintain the amount of money which has not yet been invested in inventory or other assets, to avoid the danger of bankruptcy.
What Cash Management Can Do for You
Cash management services can help guarantee that your business has the money on hand for expected transactions between you and your clients. This ensures that your clients are happy, leading to increased customer retention for your business.
Cash flow is vital to conduct smooth business operations, which is the motivation behind cash management services. Talking to your CPA about the cash management service they offer can ensure that the money required for everyday business operations is well balanced. These services aim at reducing the amount of cash circulating in and out of your business.
Certified Public Accountants, like Chad Garland CPA, are professional accountants you should consider hiring for all your business finances. CPA training runs significantly more profound than your average accountant, providing quality services when it comes to managing cash flow for your small business.
Reasons to Hire a CPA to Manage Your Cash
Below are various ways how hiring a CPA can help in managing cash for your small business.
1. Tax Preparation
Regardless of what kind of business you have, you are certain to have a huge amount of paperwork to deal when it comes to tax season. You are required to file that paperwork with the IRS in an professional and timely manner which isn’t always easy to do when running a full-time business.
A CPA will work to minimize expenses and maximize deductions for your business. Hiring a certified professional accountant will help guarantee the accuracy of your business returns, avoiding problems with the IRS in future.
2. Tax Compliance
Our economy is constantly changing, which means tax laws do, too. Your local CPA will have the capacity and ability to understand these ever-changing and complex laws. Chad Garland CPA can offer assistance in evaluating quarterly installments to the IRS and provide you with the most proficient method to use for those payments.
3. Financial Consulting
Make sure to use your CPA’s broad financial knowledge when you have business questions. A good CPA will have the capacity to offer you advice about risk management for your business. Your CPA can offer advice on the best way to manage the growing wealth of your business, and can advise you on new cost-effective techniques.
4. Accounting Services
Most business owners have little knowledge when it comes to accounting. Utilizing a CPA to sort out your financials is the best approach to ensure that all your numbers remain balanced from the start. Your accountant can manage your outgoing expenses and incoming payments, giving you an exact picture of your gross income to determine the total profit. Other accounting services that Chad Garland CPA offers includes: payroll services to guarantee that you and your workers get paid on time, and keeping tabs on your books quarterly.
5. Resolve IRS Problems
Don’t worry if you’ve attempted to handle your funds in the past and have run into an issue with the IRS, your small business CPA will work quickly to determine any problems as effectively as possible. Most often, your CPA can help settle any past-due taxes and resolve inconsistencies. You will also be happy to have the services of a CPA if your business is selected for audit as they will be able to help you through the process.
What Should You Look for in Your CPA?
First, request your CPA of choice to prove that they are an authorized CPA. Be sure to ask whether they are licensed to operate in your area by your local accounting authority. Be sure to see whether their personality and skills are compatible with your personal and business needs. It is best not to take any risks with the financial success of your small business. Finding the right CPA will reduce the risk of wasting your money and time.
Choose a CPA That Fits Your Business
Here at, Chad Garland CPA, we can offer you the peace of mind you need when you are running your business from open to close. We concentrate on building and developing your business while you get to work on what’s important: your business. Call today to talk more about the accounting services that will work for you, so you can spend more time worrying about your business and not about your finances.