5 Ways Your CPA Can Help You With Money Management
As your wealth and assets grow, your finances become more complex. It’s a challenge to keep up account management, financial records, and ever-changing tax regulations, and you shouldn’t have to face it alone.
That’s why it’s wise to hire a trusted certified public accountant (CPA) to help you with your finances. A CPA is a financial advisor who can assist you in creating a strategic plan for managing and maximizing your wealth.
How do CPAs help you manage your money?
Here are just a few of the many ways your CPA can streamline your personal and business money management.
1. Bookkeeping and payment tracking
For individuals and businesses alike, keeping detailed records of income and expenses is paramount to financial health. It’s not always the most exciting task, but it must be done – and done well.
An experienced CPA can ensure your books are accurately maintained month after month, freeing you up to focus on the more important tasks of running your business. In addition to basic bookkeeping services, a CPA can help you stay on top of client invoices and outgoing vendor payments.
2. Long-term strategic financial planning
You have long-term financial goals. A good CPA can help you reach them. When you have a clear picture of where you want to go, a trusted financial professional can look at your assets and circumstances and help you devise the smartest plan to get there.
By analyzing the current landscape and your personal or business financial situation, you and your CPA will be able to develop a long-term strategic financial plan that works for your budget and lifestyle.
3. Retirement planning
One of the most important ongoing financial responsibilities you have is to plan ahead for retirement. You owe it to yourself to ensure your comfort, and you owe it to your loved ones to establish your legacy.
Thinking about your finances years or even decades from now can be overwhelming, but a CPA can help you forecast your expenses and guide you on the best investment path to maximize your retirement account returns.
4. Cash flow management
You need a positive cash flow to sustain your lifestyle and your business. That’s why good cash flow management is so important to your overall success.
To improve your cash flow, rely on a CPA who can help you strategize your spending, build up your savings, and ultimately generate better profit margins.
5. Tax accounting and audit assistance
Many of us dread tax season, and there’s nothing more nerve-wracking than the thought of an IRS audit. When you entrust your tax preparation and filing to a CPA, you can rest assured that your tax return will be completed accurately and on time, with the maximum allowable deductions and credits for your situation.
If you’re concerned about an audit, a CPA can conduct a “dry run” and review your tax documents with the same scrutiny as the IRS. If there are any issues or red flags, your CPA can help you address them before your return is filed. They can also help you if the IRS does audit your return.
Why work with a CPA?
Just like you want the very best medical professionals to take care of your health, you want the very best and most experienced financial professionals to help you manage your money.
A licensed CPA has a higher professional standing than a non-CPA accountant. Earning this prestigious certification means the person has met certain educational requirements and passed a rigorous state CPA exam.
Unlike accountants without a CPA license, CPAs are able to represent their clients in front of the Internal Revenue Service and prepare and file audited financial statements with the Securities and Exchange Commision – a must for owners of public companies. Most importantly, CPAs agree to abide by a code of ethics and put their clients’ best interests first.
If you’re looking for a trusted CPA firm in New York, Florida, or Washington D.C., look no further than the top-rated professionals at Miller & Company LLP. We can help you with all of the above money management tasks and more. Contact us today to schedule a free consultation.