by Karen Stern
As small businesses grow, their financial needs increase and become more sophisticated and complex. A good bookkeeper may sustain your operation to a point, but as you become more successful and strive to realize your full potential, you’ need a CPA who can serve as your trusted advisor.
The key part of that phrase is “trust” – there should be a bond between you, your organization, your CPA, and the resources and capabilities of their accounting firm to create the right blend of risk tolerance, comfort and security.
For starters, your CPA can help firm up and enhance your key banking relationships to make sure you are in compliance with tax regulations and minimizing your tax liabilities, particularly as you expand into other states or internationally. Your trusted CPA advisor can also provide tremendous value in helping you address key personal financial issues such as succession planning, transfer of business assets to the next generation, or estate issues.
Your trusted advisor should work in conjunction with your other advisors, assisting in evaluating, implementing, and monitoring recommendations. Your CPA must be objective and have the ability to see the big picture to integrate all aspects of business, family and personal situations. Your CPA should help you stay on top of change, help you navigate, even capitalize, on change.
Essentially, your trusted advisor should help you plan and implement the best solutions for your business. Bottom line: your trusted CPA advisor should help you and your organization reach three objectives: asset protection, asset growth and compliance. With those objectives under control, peace of mind will be attainable as well.
Karen Stern (314-983-1204 or kstern@bswllc.com) is partner in charge of BSW Small Business Services, which provides small business tax
and accounting services.
Submitted 10 years 82 days ago