Accounting
As
a small business owner or manager, you have many responsibilities to
ensure that your business is profitable and successful. But you don’t
have to go it alone.That’s where an MAG Certified Public Accountant
(CPA) can be an essential partner: an MAG CPA can help you establish effective
business operations and plan for profitability. In addition, an MAG CPA
can assist you in setting short- and long-term strategies tailored to your
business.
The trust small businesses place in CPAs is substantiated by stringent educational and professional requirements. CPAs complete more than 150 hours of intense training and a rigorous, two-day examination. They must adhere to strict state licensing guidelines that distinguish them from other accountants. Members of the American Institute of Certified Public Accountants (AICPA) also must abide by a code of professional ethics as well as undergo peer reviews that assure their work meets the highest professional standards.
A CPA’s broad business knowledge and financial expertise make him or her a valuable, trusted adviser for financial and tax planning, business valuation, accounting services, and setting and meeting your business-growth goals.
An MAG CPA is one asset you can’t afford to do without as you plan, run and grow your small business.
Please select from the list below to learn more:
- Financing
- General Management
- Tax Planning
- Accounting & General Finance
- Salaries & Benefits
- Computer Systems
Financing
craft a business plan · manage debt · secure investors
Bank loans, debt, interest and assets are essential elements of your business’ financial structure. A CPA can help you develop a powerful business plan and then bring that plan to life with the proper options. Your CPA’s financial expertise can help you determine how much debt your company can handle; the pros and cons of a loan vs. a line of credit; and how to seek financing from investors.
General Management
choose your business structure · protect your data · develop a succession plan
The organizational structure of your business is an important consideration: it will impact operating efficiency, personal liability, taxes and the way you report business income. Because of experience in working with a variety of different businesses, a CPA can help you choose the optimal structure for your business. Your CPA also can provide sound advice about insurance, commercial property, establishing a board of directors and disaster planning (to protect your data and assets). A succession plan is another crucial consideration. A CPA can advise you on your plan, from job descriptions to strategic hiring to financial – and perhaps familial – considerations.
Tax Planning
deductions and donations · payroll management · sales tax
From payroll to sales tax to deductions, a CPA can educate you about year-round planning, tax-season preparation and filing, liability and record-keeping. Your CPA also can assist you in deciding whether you want to plan your business according to a calendar or fiscal year, and find out what to do if you are audited.
Accounting & General Finance
products and inventory · performance tracking · business valuation
Do you need to determine the value of your business? CPAs are trained to do just that. CPAs with the AICPA’s Accredited in Business Valuation (ABV) Credential can help you not only value your business, but use that value to shape an effective business strategy. You also may consult your CPA regarding performance-indicator tracking; analyzing (and perhaps reducing) operating costs; and maximizing your interest income. Pricing, inventory accounting and internal audit also are areas in which a CPA can streamline and improve day-to-day operations at your small business.
Salaries & Benefits
compensation · 401(k) and pension · stock
As you determine compensation levels, hire employees and make decisions about benefits, insurance and stock options, a CPA can answer key questions. For example, what is a benefit “flex plan” – and should you establish one? How should you handle pensions, or perhaps a 401(k)? Should you offer stock options, and if so, to whom?
Computer Systems
system requirements · internal controls · risk assessment
CPAs understand the capabilities and limitations of a variety of accounting systems, and know how to use technology to help small businesses meet regulations, establish internal controls and obtain information necessary for critical business decisions. In fact, a CPA with the AICPA’s Certified Information Technology Professional (CITP) Credential has extensive knowledge and expertise in technology. Your CPA can recommend the most efficient and financially viable ways to utilize technology, from designing systems to manage administrative, sales or manufacturing procedures, to setting timetables for technology upgrades.
Contact an MAG Associate today to learn more! - Click here