Five lesser known ways a CPA can help you
The right accountant is qualified to do more than just accounting and taxes. Although that’s at the core of what we do, we are also equipped with the right set of skills to provide other essential services to meet our clients’ needs.
Serve as your CFO
Adding a CFO to your team can be a great way to take your business to the next level, but hiring a full-time CFO is expensive. Fortunately, tailored financial advice for your business doesn’t have to be. Outsourcing your company’s financial oversight to a qualified professional can provide you with a trusted CFO at a fraction of the cost. A CFO can take on many of the day-to-day accounting and finance tasks while also providing you with data-driven analysis to scale your business. When managing a business, making informed decisions is what ultimately grows your business. Financial projections, cash flow planning, budgeting analysis, and inventory management are only just some of the ways in which a CFO can help you leverage data to make better business decisions.
Assist you in the loan process
From compiling financial information to reviewing loan agreements, accountants know what lenders look for when evaluating you... and we know what you should look out for when evaluating your lender. Whether it involves securing a home mortgage, rental property financing, or even a small business loan, an accountant can offer insight into the details of your specific situation and work with you throughout the loan acquisition process to ensure you secure the lending you need. Even if you are looking to secure financing at some point in the future, there are strategies we can implement now to ensure that when the time comes, you’re in the most optimal position.
Review contracts and documents
Before signing an agreement with possible financial or tax implications, an accountant can review the information for any potential consequences - the danger is in the fine print. If something sounds too good to be true, it’s because it often is. Knowledge is power and knowing the details behind what you are signing will prevent you from being caught off guard in the future. Whether it involves a new credit card account, a business operating agreement, or even an employment contract... it’s very likely your accountant has experience in that area through working with other clients. Our goal is to be a source of truth for you, and that means ensuring you understand all the ins and outs of a deal.
Business succession planning
The future of a small business lies in the hands of the next generation. Succession planning ensures that the transition is properly planned to minimize legal and financial consequences. Small business owners will often pass down the business to their children, other family members, and even trusted employees. There are a variety of exit strategies that can be used to successfully transfer ownership, and the right strategy is all dependent on a client’s goals. An accountant can guide you through the options you have and work with you along the way to plan for any financial or tax ramifications.
Estate and trust planning
Estate & trust planning ensures that one day more of your assets go to your heirs or charity – rather than the government. Higher-Net-Worth individuals may be subject to estate taxes upon death which can ultimately impact their financial legacy. Planning for such an event is crucial because it can minimize the estate tax liability, while also ensuring that your assets are distributed to your beneficiaries according to your wishes. This can be accomplished through a variety of different strategies such as gifting, trusts, and life insurance policies.
Our goal is to develop meaningful connections with our clients so that we may function as advisors as well as accountants. The financial world is growing increasingly complex, and it brings us great joy when clients trust us to help them navigate important life events.
