Why It Really “PAYS” to Hire a CPA If You are a Small Business Owner!
You can actually put MORE MONEY into your own pocket!
A CPA has at least a Bachelor’s degree and a total of 150 semester hours of college, which typically equates to a Master’s degree. They have taken a series of 4 exams and they have legal requirements to earn continuing education credits. CPAs can represent you when it comes to IRS and tax filing issues.
Hiring a CPA can save you time and lessen your frustration when it comes to keeping up with your finances and taxes. A CPA can guide you through the process of setting up a new business, the right way, the first time! They can keep you informed of the ever-changing tax laws and help you mitigate your risks or show you how you can benefit from other changes.
This is all great information, but I am sure that what you really want to know is how do YOU get MORE MONEY by hiring a CPA! Let me explain…
Let’s say you are in a service industry, such as a barber, hairstylist or massage therapist…you spend at least 10 hours (probably more) a month taking care of your own accounting and filing requirements for taxes. Now, let’s assume you can make an average of $75 an hour, and if you were working those 10 hours instead of fumbling through your bank deposits and receipts, you would increase your income by $750 a month, or $9,000 a year!!!!!
Your response is….”so, who’s going to do this stuff I don’t want to do?” The answer would be, a trusted CPA! As part of your management team you should have a CPA. People often think of a CPA or accountant as someone in house, but you can outsource this position for a lot less. Suppose you can get this outsourced for $1,500 annually. That’s money in YOUR pocket of $7,500!
There’s even more…you can deduct those expenses on your taxes. As an example, if you are in the 15% tax bracket, that is an extra savings of $225!
Now, you get the relief of NOT have to deal with the accounting, which provides an advantage over your competition because you can focus on your core business. You can be assured that your business is taking advantage of any tax changes, and you can do what you love AND you can put an additional $7,725 in YOUR bank account.
It really does “pay” to have a CPA!
Categories: General Business