Small Business & StartupsTax

Here’s the Best Time to Get Tax Advice From Your Small Business CPA

By August 26, 2020 No Comments

Small Business CPA

At the beginning of the year, financial advisors are spread extremely thin. So for more strategic help, it’s best to work with a tax advisor during the slow season. Here’s a quick snapshot of a small business CPA’s schedule:

Small Business CPA

As you can see, there are only two short windows during the year to get your small business tax advisor’s undivided attention. The winners are…

  • May 1 – July 31
  • Nov 1 – Dec 15

So, how do you capitalize on your small business CPA’s schedule?

Schedule an appointment with your tax advisor during the times mentioned above to get strategic business advice and follow these steps for an insightful session that will significantly benefit your business:

  1. Set up a meeting within May 1 to July 31 or Nov 1 to Dec 15.
  2. Prep by researching small business tax credits and deductions applicable to your industry, location, training, R&D, or new jobs.
  3. Give your bookkeeper, controller, or CFO a little update on your business and what’s been going on recently to get them in the mindset of consulting for your business and providing advice that applies to you.
  4. Ask for advice on tax strategies and credits, tax credits you should be applying for that you aren’t currently taken advantage of, and tax credits you can apply to your payroll tax liability if you aren’t paying income tax yet.

Feel ready to speak with a tax advisor? Good, get an appointment with them today. If you’re looking for a new tax advisor to help you think strategically about your small business’ tax situation, let us know. We’re ready when you are

Still have questions about small business CPAs? Check out these frequently asked questions below: 

Q: Why do small businesses need a small business CPA?  

A: Oftentimes business owners will handle the back-office tasks themselves when they’re first starting out. But as your business grows, as the financial needs of your company become more complicated, and as your time becomes better spent elsewhere, it’s wise to outsource this work to a specialist. A small business CPA manages your financial records, files your taxes, helps you keep your financial reporting compliant, provides tax planning strategies, and represents you in front of tax authorities — among other things. And because we get this question a lot, here’s the difference between a CPA and CFO and how to know which one your business needs.

Q: How much does a small business CPA cost? 

A: A small business CPA can cost anywhere from $1,000 – $5,000 per year, depending on what services you need and what additional accounting costs you may need. It’s definitely more economical to outsource your tax services rather than hiring a full-time person on staff. And at Acuity, we make pricing for small businesses simple and straightforward, so you can get the bookkeeping and accounting help you need that’s within your budget.

Q: How can I find a small business CPA that’s right for me?  

A: Finding the right small business CPA is essential for ensuring that you stay compliant, take advantage of all possible tax savings, and make business decisions wisely based on what your financials are telling you. When it comes to picking a small business CPA to work with, here are a few things we believe at Acuity:

  • We believe that people and processes are just as important as technology
  • We were fully remote even before the 2020 quarantine, because we believe that companies should work with the small business CPA that makes the most sense for their business and their industry — not just one that’s located near them. 
  • We believe in flexible solutions that grow with your business. We have customers that come to us to clean up their books then end up signing on for ongoing bookkeeping services then use us for tax help then take advantage of our more advanced services like accounting or working with a CFO. It’s the best of both worlds, because you only pay for what you need at any given time, but if you do eventually need additional services, we’re able to offer that to you when you’re ready. 

Looking to talk to an Acuity small business CPA? Get started with our tax services here, or book a free 30-minute session with one of our tax experts

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