Updated on June 30, 2020
Benefits of Hiring a West Palm Beach, FL CPA
The term Certified Professional Accountant (CPA) refers to a professional who is legally allowed to provide accounting services to clients. Licensing of a CPA is based on the relevant education and passing the relevant examination evaluated by American Institute of Certified Public Accountants.
Whereas you may think you can do your own accounting services, you will realize that it is not as simple you think. It takes a lot of experience and education to manage optimal accounting services. As far as possible, avoid Do It Yourself products and services. Instead, concentrate on what you are good at, and hire others for what you are not good at.
There are several factors to consider when hiring a West Palm Beach CPA. The first is geo-strategic advantage. If you take a CPA who is far from your business, you will waste time in commuting. Second, check your needs and preferences, and evaluate if they are in alignment with your business objectives. In connection to this, some CPAs prefer working for individuals, others for small business, and still, others would rather work for large corporation. Third, peruse through the internet to check the reputation of your CPA. Lastly, ask about the compensation required, and check the possibility of hidden charges.
Benefits of Hiring a West Palm Beach, FL CPA
West Palm Beach, FL, is an ideal business destination. Palm Beach County offers a friendly taxation policy. If you have a business in West Palm Beach, you have access to several incubation centers such as Florida Atlantic University. In addition to that, you are going to benefit from a pool of employees- both skilled and unskilled. Moreover, you will benefit from the smooth infrastructure including rail and air transport. Lastly, it is not all about work, you can relax in the area’s cultural centers, golf courses, and other tourist attraction sites.
There are several reasons why you should consider hiring a West Palm Beach CPA. The following are the main reasons:
Compliance to Taxation Policies
Businesses with a vision know too well that they have to operate within the legal context, and this include paying taxes. If you are not aware how much taxes you are supposed to pay, you may be slapped with a high tax bill, and interest thereon. In addition to that, your assets could be seized. A CPA has the relevant qualification and experience to ensure that your business is tax-compliant. A CPA will help you to calculate the amount of tax that is supposed to be paid, and ensure that it is paid on time. If the CPA realizes you have not been paying taxes, he can help you to cooperate with the authorities and provide a justification on the scenario. Do not wait for the tax authorities to discover that you have not been paying taxes; the consequences will be harsh. Moreover, a CPA can help you identify the legal ways of having the amount your taxes reduced, through deductibles for instance.
In West Palm Beach, FL, payment of taxes is regulated under Florida Statute Chapter 205 and City of West Palm Beach, Ordinance Chapter 82. The date of expiry for filing of taxes is the last day of September. You will be considered tax compliant in West Palm Beach, FL, if you meet the following conditions: business license, a signed application form, the social security number, the registered business name, and of course, payment of the relevant fees. Rather than going through this process on your own, hire a West Palm Beach CPA.
Preparation and Analysis of Financial Statements
The analysis of financial statements plays a critical role in helping a company make optimal economic decisions. If the company is on its path to bankruptcy, the same can be managed early enough. A CPA comes in handy in assessing the operational efficiency of the business. Furthermore, a CPA can help the company in making an educated prediction of the financial capability of the company. The CPA can help the company make optimal decisions when it is making major undertakings. For example, a CPA can advise the company not to take a major project as the risks could be too high.
A West Palm Beach CPA will help you prepare a realistic as well as a detailed budget. The significance of budgeting is that you will operate within the available resources and you are not going to embark on lofty goals which will stretch your resources. It is through the budget that the performance of the business is measured and eventual benchmarking is made. It is important to note that a West Palm Beach CPA can have book keeping as part and parcel of what he offers, and this is relevant in budgeting as records are kept. A CPA can introduce budgeting software to your company and help you exploit the benefits that come with technology. Budgeting software is not as minimalist as the use of spreadsheet and Microsoft excel; it includes sophisticated and complex software such as Quicken.
When budgeting in West Palm Beach, one should bear in mind the cost of living as this will have an impact on the business owners, the employees, the cost of supplies, and utilities. Compared to the American average of 100, the cost of living in West Palm Beach is 108.1. This means that the cost of living is greater than the American average. If you hire a West Palm Beach CPA, he will ensure that your business cuts down on cost, and at the same time, not compromise on the quality of its products or services.
You need to understand that a Florida CPA is more professional than a mere enrolled agent or an accountant. He or she has more to offer on the table, and this will benefit your business. You should also realize that the CPA profession has continuing education that includes change management, soft skills, and problem solving; and this makes the person you hire better with time through refresher courses. Overall, a CPA is an indispensable tool in your arsenal.