There are different ways your CPA should be saving your small business money. Good accountants can make the difference between being “in the black” or “in the red”. If your business is located in a small town like Traverse City, Michigan you may think that you CPA options are somewhat limited, but even if you have to travel to get the services your business needs it’s worth it, and if you can find a local accountant they may be more in tune to the economic opportunities and challenges of the area.
Here are 5 different ways your Traverse City CPA should be helping you save money.
1. Save money on taxes. Tax planning is one area in which he or she can be very beneficial. Accounts should be working tirelessly throughout the year to find ways to give your business the best tax advantages possible. In Traverse City there are a variety of special tax considerations to take into account, for example the tax incentives available to the business owners located in the Village at Grand Traverse Commons, and special historic rehabilitation tax credits for some downtown Traverse City locations.
2. Offer strategical advise. Valuable accountants can double up as business consultants as well. They are able to add fresh perspective on problem areas within the business. Their advice and suggestions can be invaluable. To measure this in dollar terms is not easy, however one can rest assured that there is a monetary value that can be attached to this advice. Accountants like these want to see the small business succeed. The success is a direct reflection on them as they have helped the business manage the funds in the right way. Their skills in marketing, risk management and inventory matters can be considered invaluable, and you can rest assured they are keeping an eye on the bottom line. This can be an especially valuable asset to a small Traverse City business that does not have access to the plethora of business consultants located in larger cities and is working hard to expand in the current Michigan economy.
3. Put you in touch with the right people. Quality accountants are well connected in the business world. Traverse City has been affectionately referred to as the largest small town you’ll ever live in. Establishing relationships with people who can help you is critical to your success. An accountant is likely to be able to refer investors, bankers and attorneys to the business owner if necessary. They may also have relationships with cost-effective suppliers. In a town where everyone seems to know everyone, warm introductions are very valuable.
4. Complete you books correctly the first time. Some business owners do not realize the value of professional bookkeeping. They may assume that keeping books can be done by anyone who can add and subtract. While this may not altogether untrue, not everyone is able to analyze accounting records and detect trends that are either good or bad for the business. In fact this is a rather rare and valuable skill. Preparing balance sheets could be more complicated than many would realize. Executing this task properly the first time can save your business from making costly mistakes based on poor information. Although somewhat sheltered, the economy has affected Traverse City businesses, and many cannot afford to make the expensive mistakes that often accompany unprofessional accounting practices. Thankfully, although a small town Traverse City has over 30 certified public accountant offices located in the area to choose from, and each CPA must pass rigorous testing before being licensed.
5. Assist with special budgeting concerns. In addition to these primary areas of focus there are some special budgeting concerns that Traverse City CPA’s should take into consideration. Traverse City is nestled on the northwest shore of the lower peninsula of Michigan and enjoys the benefits of being a tourist location for Chicago and the surrounding area. It also has four dramatically distinct seasons that have a huge impact on the local commerce. Businesses located here must be able to maximize their busy seasons, and find ways to budget for the long slower seasons. A quality Traverse City CPA can help business owners find ways to budget their money and manage their cash flow so they can get through the highs and lows throughout the year without a cash crunch.
Take the time to interview several CPA’s and discuss your goals and how they might be able to help you attain them. Choose someone who is experienced, able to help in the areas mentioned above and easy for you to communicate with.
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