There are two vital elements in every business: people and numbers. Your business greatly benefits from proper personnel, and accurate numbers are critical to your business’ success. If your financial statements aren’t kept up with, how will you know if your business is succeeding or failing; if you have opportunities or trouble? Numerous authors have made statements like, “There’s strength in numbers.” That is where an experienced Certified Public Accountant comes in.
What’s a CPA?
A Certified Public Accountant is a trained accounting professional who has passed a rigorous professional examination to receive a CPA license. That license, along with continuing qualifications, allows a CPA to provide advanced accounting and tax services to individuals and businesses. A licensed CPA can provide accounting, tax, audit, and financial advice, thus becoming one of the most critical hiring decisions a company can make.
Every Business Owner Needs to Know 7 Financial Numbers
As a business owner, you have seemingly endless activities and priorities to direct, and the Certified Public Accountant provides valuable help to keep your numbers on-track. These are the critical numbers to keep your eye on:
Sales – the lifeblood of your business.
Cost of goods or services.
Gross margin – what’s is left after deducting the cost of goods or services to pay for other operating expenses.
Cash flow – cash is needed to pay for current expenses.
Net Income – income minus cost of goods sold, expenses and taxes for an accounting period.
Profit and loss – “bottom line” for all business activities.
What Valuable Expertise Can a CPA Provide?
CPA’s provide the skills and perspective that go way beyond calculating transactions and recording numbers. They provide the know-how to assist with:
Addressing and minimizing risk
Advice to minimize expenses
Improving financial efficiency in how your resources are used
Maximizing cash flow
CPA’s will work closely with management as trusted advisors to provide the following services:
Provide Financial Statement Audits
An independent examination and assessment of a business’ financial statements to assure your numbers are accurate.
Offer Risk Assessment
A Certified Professional Accountant can spot potential risks and aid in creating policies and procedures that will protect your business.
Provide Management Services
With experience in the functions and financial aspects of varying businesses, a Certified Professional Accountant can offer perspective and expertise in cash flow management, forecasting, budgeting, and investment advice, and more.
Provide a Wide Range of Accounting Services
Based on your staffing needs, CPAs provide a wide range of accounting services. These functions include basic bookkeeping, account reconciliations, payroll, tax payments, etc.
Offer Help with Business Intelligence
Businesses often need help with data gathering and understanding to improve business operations.
Get Professional Financial Advice and CPA Assistance
Contact Busch CPA, serving the Chicagoland area and providing a full range of Accounting and Financial Services. We take time to develop solutions for today’s entrepreneurs and offer exceptional financial advice. From financial statements to monthly reports, Busch CPA will help you make sound business financial decisions.