As a business owner, your primary focus is on growing and managing your business. However, while navigating the financial landscape can be complex and time-consuming, prioritizing regular meetings with your Certified Public Accountant (CPA) is crucial to your business’s success.
So you don’t get overwhelmed, remember that you don’t have to cover every item on our list below in detail at every meeting. But it’s valuable to go into depth on one or two, and then touch on the others to put on the list for a future meeting—meaning accountability is built into every consultation! Here’s what to expect from regular meetings with your CPA:
- Engage in Proactive Financial Planning
- Be Sure You’re Compliant with Tax Laws
- Build a Plan and Strategy for Business Growth
- Include Your Personal Financial Health
- Gain Precious Peace of Mind
Engage in Proactive Financial Planning
One of the most significant advantages of meeting with your CPA regularly is the ability to engage in proactive financial planning. Rather than waiting until tax season to address your financial situation, you can stay ahead of the curve and forego the last-minute rush. Your CPA can help you:
- Identify Tax-Saving Opportunities: Regular consultations can help identify potential deductions, credits, and strategies to minimize your business’s tax liability throughout the year.
- Plan for Major Business Events: Whether you’re expanding, launching a new product line, or considering a merger, you can gain valuable insights and strategies from your CPA to navigate these significant milestones. You might peek at this 2023 post before your next meeting with your CPA.
- Budget and Manage Cash Flow: By reviewing your income and expenses regularly, your CPA can help you create and maintain a budget that aligns with your business goals and improves your cash flow. This blog post has some excellent cash flow reminders. It could be homework for your next CPA meeting.
- Improve profitability: As CPA’s we work with many clients and understand how you can improve profitability, whether that is by increasing revenue or decreasing cost of sales and operating expenses or a combination of those.
Be Sure You’re Compliant with Tax Laws
Tax laws are constantly evolving, and it can be challenging for business owners to keep up with the changes. Regular meetings with your CPA ensure that you remain compliant with all relevant tax regulations. Your CPA can:
- Update You on Tax Law Changes: We help you stay informed about new tax laws and regulations that could impact your business operations.
- Ensure Accurate Filings: CPAs want you to avoid costly penalties and audits by ensuring your tax returns and other filings are accurate and timely.
- Provide Audit Support: When you approach a bank for a loan, they need to assess the risk involved in lending to you. Audited financial statements provide an independent and trustworthy snapshot of your business’s financial health, performance, and potential. T
Build a Plan and Strategy for Your Business’s Growth
Regular meetings with a CPA can be a game-changer for business owners. Your CPA can offer strategic advice to help your business grow and thrive. This includes:
- Financial Analysis and Reporting: Gain insights into your business’s financial health through regular reviews of financial statements and performance metrics.
- Cash Flow Management: Ensure your business has sufficient cash flow to meet its obligations and invest in growth opportunities.
- Strategic Planning: Work with your CPA to develop long-term business strategies, including expansion plans, capital investments, and succession planning. (link for succession planning: The Role of Financial Audits in Business Succession Planning blog. You may also want to link the strategic planning blogs)
Include Your Personal Financial Health
Beyond tax planning and compliance, your CPA can play a vital role in your overall financial well-being as a business owner. Regular meetings can help you with:
- Investment Planning: Receive guidance on investment strategies that align with your risk tolerance and financial goals.
- Retirement Planning: Develop a comprehensive retirement plan to ensure you can enjoy a comfortable and financially secure retirement.
- Estate Planning: Work with your CPA to create an estate plan that minimizes taxes and ensures your assets are distributed according to your wishes. For extra credit, read this post on Estate Planning.
Gain Precious Peace of Mind
Finally, regular meetings with your CPA provide peace of mind. Knowing that a knowledgeable professional is overseeing your financial affairs can alleviate stress and give you confidence in your business decisions. You can focus on growing your business, knowing that your CPA is there to guide you through any financial challenges that arise.
Conclusion
The value of meeting with your CPA regularly cannot be overstated. Your CPA is a trusted (certified and credentialed) advisor who can help you through proactive financial planning and tax compliance to business strategy and personal financial health as you traverse the complexities of the business world. By prioritizing regular meetings with your CPA, you can ensure you are making informed decisions and positioning your business for long-term success. Your personal financial well-being cannot be ignored either. And at the end of the day, the best way to attain peace of mind is with a guiding hand.
Here’s what else: With regular meetings, you will have someone ensuring that you follow through with what was discussed. That alone is worth the time and effort.
What do we recommend?
You might want to know how long and how often the meetings should be. That’s a great question! Please contact us so we can discuss the “Goldilocks-just-right” frequency and length for you to achieve your business goals.
Don’t wait until tax season – start building a stronger financial future with your CPA today.
