The best reason to use a small business accountant is to allow you to focus on what you do best with your time. Let us handle what we do best with ours. Sure, you can go online and purchase the latest version of QuickBooks. However, the potential drawbacks of that decision can be subtle but significant.
First, QuickBooks makes everyone feel like an accountant. Accounting is a profession, not a hobby, and it extends way beyond reconciling a checkbook. Far too often, we hear: “what do you mean my books aren’t in good order? I don’t understand. All my accounts are reconciled!”
We’ve learned business owners are great at making widgets and aren’t too bad at reconciling a checkbook, but they’re typically lousy at accounting. Phantom income from invoices, negative balance sheet accounts from incorrect payroll entries, missed tax deductions from improper coding — we could go on and on like a Journey song.
Second, Mildrid Esua, CPA,PLLC is a CPA firm who provides accounting, payroll, tax preparation and small business consultation. Our approach to accounting, which we define as bookkeeping + analysis, is:
Helps you understand how your business is performing
Compares your business to your competitors
Provides accurate tax planning, and
Minimizes your tax burden
Keep in mind that banks, lenders, and IRS agents prefer a set of accounting records and financials that have been prepared by a small business accountant with the involvement of a Certified Public Accountant. Remember, these professionals review financial records every day, and they can quickly spot accidental inconsistencies and errors.
Most importantly, would you rather be closing your next sale, BBQing on a Sunday with buddies, or getting sucked into the world of accounting at the hands of your latest QuickBooks purchase? Focus on growing your business, and your small business CPA will focus on analyzing the data for operational considerations and reporting it to the IRS while minimizing the tax consequences.