Have you ever heard of an old joke about the three professions that won’t likely go to heaven when they die? They are supposed to be doctors, lawyers, and accountants. Why do you think so?
They said God wants to take one of His creations, but doctors do everything to prevent death, and lawyers defend even the criminals. Accountants, on the other hand, they said are as unscrupulous since they try their very best to make a client’s obligations to the government as minimal as possible through tax avoidance, or worse, tax evasion.
Of course, this is just a product of boredom. Being an accountant, doctor, or lawyer is a respectable profession to have. Accountants, in particular, are not all hardwired to steal money from the government. In fact, if you have ever tried working with one, you’ll know how important their roles in the business world are.
What is a CPA?
Certified Public Accountant is a professional title given to qualified accountants to provide accounting, taxation, and auditing services to the public. This particular title is earned by a combination of an accounting degree, passing the licensure examination, as well as having vast experience.
Aside from the independent roles mentioned above, CPAs can also handle integral positions in a company, namely:
- General Accountant
- Accounting Manager
- Tax Accountant
- Financial Consultant
- Finance Manager
- Chief Financial Officer
How are CPA Accountants Helpful if You’re from Rochester, NY?
Rochester, New York is known as The World’s Image Center, being the home of imaging and optics giants like Kodak, Xerox, and Bausch & Lomb. No wonder this place is a very viable location for any business and a good choice when it comes to exploring career opportunities.
Naysayers say that accountants only count other people’s money. On the contrary, CPAs can do a lot more good for your business than you have ever imagined.
So, if you are thinking of doing business here or you are a CPA yourself and would want to start a lucrative career, here are the ways accountants can help businesses in Rochester, NY:
1. Business Startup
Tapping the services of CPAs when trying to establish your business may be the wisest thing you could have ever done for yourself. Since they have extensive knowledge about running a business and keeping it afloat, you can concentrate on other things like marketing or luring potential clients into patronising your products and services.
The CPAs role include the following:
- Give you sound recommendations about the suitable business structure (sole proprietorship, partnership, limited liability company, or corporation) of the kind of company you have in mind.
- Provide you a wide range of advice about how to begin, what documents to accomplish, what to set up first, permits and licenses to apply, and the likes.
- Recommend the type of accounting software to use to record transactions since they have the complete knowledge of the process flow of the business, regardless of the structure and business type.
- Train you or your designated bookkeeper on how to accurately record your daily business transactions like how to book salaries against booking subcontractors, the difference between expenses and capitalisations, etc.
2. On-Going Operation
As soon as your business start rolling, you need a steady hand to oversee whether the right processes are being implemented. Some of what accountants can do to maintain the smooth operation of your company are as follows:
- Closing out the books of the business and interpret the financial reports provided by the bookkeeper or generated by the accounting software.
- Recommend the necessary steps in order to solve or strengthen weak points in the business.
- Make a forecast about the estimated tax due for the current year.
- Prepare the necessary financial reports and submit them to the Internal Revenue Service (IRS).
3. Business Growth and Development
CPAs can also be a very crucial part of continuously growing your business, especially if you are thinking about expansion or developing another business segment. A few other benefits you can get from your accountant can be along these lines:
- Recommend aspects of the business that are viable for expansion.
- Help determine whether the company can support and sustain business development by providing cash flows, profitability, return on investment, financial forecasts, and other similar reports.
- Help in preventing the IRS from auditing the company.
- Give sound advice about whether property and equipment investment is better than just leasing them.
If you are from Rochester, New York, and you ever needed the services of Certified Public Accountants for your accounting, taxation, and auditing requirements, please check here.
Often, when you feel like you know a little bit of everything, delegating your workload to somebody would be the last thing on your mind. This is very much applicable to your business. However, you might realize that CPAs are the right people to delegate the financial affairs of your business, regardless of how well-versed you think you are.
By letting your accountant take over the tasks that they specialise in, you’ll be doing your business a huge favor. As a result, you’ll be left to focus on other aspects of your business, worry-free. In the end, it’s a win-win situation.