In today’s financial landscape, managing your personal or business finances can be overwhelming. Some people choose to handle their accounting and tax preparation on their own, but working with a Certified Public Accountant (CPA) can offer several advantages. Whether you’re an individual, a small business owner, or someone with specific financial needs, a CPA can bring expertise, accuracy, and peace of mind to your financial future.
As your wealth and assets grow, your finances will become more complex. It can be harder to keep up with account management, financial records, and tax regulations that seem to constantly change. That’s why you need to hire a CPA to help you with your finances — a financial advisor who can help you come up with a strategic plan for managing and maximizing your wealth.
Here are some of the ways that a CPA can help you manage your money, so you can reach your long-term financial goals.
#1: Bookkeeping and Payment Tracking
Whether you’re an individual or a business owner, keeping detailed records of income and expenses is important to your financial health. It’s not the most exciting task, but it has to be done. An experienced CPA can make sure that your books are accurately maintained every month and throughout the year, which will allow you to focus on more important tasks.
#2: Long-Term Strategic Financial Planning
You have long-term financial goals, and a good CPA can help you achieve them. If you have a clearer picture of where you want to go, a trusted financial advisor can look at your assets and circumstances while helping you come up with a solid plan. By looking at the current landscape and your financial situation, you and your CPA can come up with a long-term financial plan that will work for your budget and lifestyle.
#3: Retirement Planning
One of the most important financial responsibilities is planning for your retirement. You want to make sure that you can not only be comfortable during those years but that you can also leave a legacy for your family and loved ones. Thinking about your finances in the upcoming years or decades can seem overwhelming, but a CPA can help you forecast your expenses and can guide you on the best investment path for maximizing your retirement account returns.
#4: Cash Flow Management
You need to have positive cash flow to maintain your lifestyle and your business. That’s why managing it is so important to your overall success. If you want to improve your cash flow, you need to have a CPA who can help you strategize your spending, build up your savings, and generate better profit margins.
#5: Tax Accounting and Audit Assistance
Many people hate tax season, but they hate the idea of a tax audit even more. If you hand off your tax preparation and filing to a CPA, you can be sure that your tax return will be completed accurately and on time. You can also be sure that you can take advantage of the maximum allowable tax deduction and credits.
If you’re worried about an audit, a CPA can look at your tax documents with the same level of scrutiny as the IRS. If there are any issues or red flags, your CPA can help you take care of them before your return is filed. They can also help you if the IRS decides to audit your return.
#6: A Higher Professional Standard
You want to have the most experienced financial professional to help you manage your money, and a licensed CPA will have a higher professional standing than other accountants. With this kind of prestigious certification, he or she has met certain educational requirements and has passed a rigorous state exam.
Unlike other accountants, a CPA will be able to represent clients in front of the IRS. He or she will also be able to prepare and file financial statements with the Securities and Exchange Commission (SEC), which is a necessity for owners of public companies. CPAs have agreed to abide by a code of ethics and to prioritize their clients’ best interests.
If you’re looking for a CPA in Corpus Christi that can help you manage and secure your financial future and reach your financial goals, be sure to get in touch with Jennings & Hawley. We have a team of experienced professionals who would be more than happy to speak with you about your specific needs.