Whether you just started your search for a “CPA Orlando” or you have been using CPAs for a while for your business, it is always a good idea to meet regularly with your accountant to discuss your business finances. Meeting at least once every quarter with your accountant can dramatically reduce stress during tax season and help your business avoid costly financial mistakes before they become a larger problem for your business. With more than 32 years of experience as a CPA, Don Thomas CPAs can help keep your business on track with finances, assist your business with payroll services, and much more. Keep reading to learn our top four reasons why you should meet with your CPA at least once a quarter.
Top Four Reasons Why Orlando Business Owners Should Meet Quarterly with Their CPA
1.Stay Current with Tax Law Changes
Just like any other laws and regulations, tax laws can change quite frequently. Missing an important tax law change could affect your business negatively by causing you to pay more in taxes than necessary for the year. By meeting with your CPA quarterly, your business can stay up to date on any changes and plan accordingly for upcoming changes. Being out of the loop is always a bad thing when it comes to running a small business. Let your CPA ease your mind by clearing up any questions early on regarding tax law changes, and allow you to run your business more efficiently.
2.Ensure Your Records are Up-to-Date
If you’ve ever filed your taxes last minute, you know that collecting all the necessary documents can be a hassle. The same can be said when it comes to business documents and records. By meeting with a CPA quarterly, you can save yourself the stress of having to find all the necessary documents needed to file your business taxes as well as make sure that all of your financial statements are correct. There’s nothing worse than realizing that you have not been documenting something correctly and no longer have the paperwork needed to correct an issue. A CPA can make this process much more manageable since it is much harder to get off track when you have someone to hold you accountable.
3.Keep Track of Deductions for Your Business
Running a business successfully depends on taking advantage of all the tax breaks that your company qualifies for. Business deductions can provide a significant reduction in your taxes later on, but to take advantage of these deductions, your business will need the right documents to make this happen. Meeting with your CPA quarterly can allow you to know what purchases or expenses can qualify for deductions and how to correctly document this to take advantage of the deductions.
4.Receive Advice on Tax Implications From Internal Business Changes
As your business grows, you may want to consider hiring some new employees or even restructuring your current business organization. Changes like these can have an affect on how your taxes will need to be prepared later in the year. Staying up to date on any changes needed from your Orlando CPA will make things a lot less stressful when it comes to filing your return. Trust in your CPA to help you know when it is smart to hire, switch insurances, or any other internal changes within your business.
We hope that you have found these four reasons compelling and will consider meeting regularly with a CPA for your Orlando business. When searching for “CPA Orlando” consider Don Thomas CPAs for your business needs.
Check out this 5-star review from our happy customer, Lynn Martin.
“I am the Executive Secretary for Viking Security Systems, Inc. based in Orlando, FL. We have had the pleasure of working with Don and his team for the past couple of years, for all our accounting needs and excellent tax advice, for both our corporate and personal returns. They are always available to take your calls or emails and their response time is excellent. Don is always happy to take the time to fully explain anything making sure you fully understand. I trust him and his team to expertly deal with all our accounting needs and wished we’d switched to his team years before we did. I recommend you do the same. I guarantee you wont look back either.”
To learn more about Don Thomas CPAs services, call 407-599-4411.