There are compelling reasons for both businesses and individuals to work with an experienced accounting firm with at least one Certified Public Accountant (CPA) on staff. CPAs can help with everything from bookkeeping and audits to benefits planning and compilations.
A CPA’s services can also be valuable for people seeking assistance with personal income taxes, especially high net-worth individuals who are looking for ways to minimize their tax burden or establish a sustainable, long-term estate and tax plan.
You’ll also need to work with a CPA if you or your business is ever audited by the IRS. Having an experienced CPA in your corner can not only help you successfully navigate the situation but also greatly reduce the stress you experience.
Businesses that want to avoid the expense of maintaining an internal accounting and finance team or those who just need expert help to supplement their existing team in specific circumstances (like for compilations or internal audits) should also consider finding a CPA. If you’re seeking the assistance of a CPA in Phoenix, H&H Accounting Services can help.
Many individuals can get by perfectly well with an entry-level tax preparer with fairly basic training. However, if your income is on the high side, you’re deriving income from complex or unusual revenue streams, you’re a retiree or you’re being audited, a tax preparer with a certificate from a 72-hour training course might not be adequate to your needs.
Only accounting professionals who have demonstrated an extremely high level of proficiency in tax laws and regulations can earn and maintain a CPA license. CPAs in Arizona require a minimum of 36 credit hours in accounting classes, 30 of which must be at least master level courses.
They must renew their license every two years, meaning they have to stay apprised of changes to tax laws and regulations to avoid losing their license. This helps establish a reliable level of confidence in any CPA you hire, as they wouldn’t be a licensed CPA if they didn’t keep up with modern rules and regulations.
There’s more to accounting than accurately tracking income and expenses (although that is important). Tracking a business’s financial health, identifying opportunities for cost savings, finding creative ways to improve cash flow and thinking outside the box to develop strategies for maximizing profit growth are all ways in which a skilled CPA can help all types of businesses.
Any business owner in Phoenix who is looking for a seasoned accounting expert to help with budgeting, forecasting or developing long-term financial roadmaps should strongly consider reaching out to our CPA at H&H Accounting Services.
Business owners know it can be lonely at the top. You might have trusted managers and employees who you rely on without reservation for running the day-to-day operations of your business – but that doesn’t mean they’re qualified to help with long-term planning or big decisions that could affect the solvency or success of your business. In fact, having some space between your business and a consultant can be a huge benefit when it comes to getting honest advice.
Our CPA doesn’t feel the need to sugar coat or obfuscate the truth to spare your feelings. We’ll provide honest and transparent analysis, even if what we’ve found isn’t necessarily what you want to hear. That level of honesty is one of the reasons why it can be helpful to consult with someone outside of your office. We work with data and believe data-driven decision making leads to optimal choices and outcomes.
Our CPA can advise you on all types of big decision, including things like:
Many businesses are subject to complicated regulations, not to mention state and federal taxes. We can help you develop and implement the necessary reporting and compliance practices to safeguard your business and prevent avoidable disruptions. We can also help compile independent financial reporting for outside parties, like stakeholders, investors, lenders and regulators.
There are a variety of audits, both internal and external, that may be necessary for obtaining financing or finding investors. A CPA is required for many of these processes. For example, compilations must be put together by a trusted and reputable CPA, and audits and reviews typically need to be performed by properly licensed CPAs. H&H Accounting Services can help you determine what types of audits or reviews are necessary for your situation and help with any level of analysis or data compiling.
Running a business is rarely a straightforward, worry-free endeavor. Everyone needs help sometimes, whether it’s help with financial problems, weathering tumultuous or destabilizing industry events or helping you navigate challenges that are unique to your business or sector. A CPA can provide strategic guidance and financial advice to help you overcome those challenges and safeguard your business.
Businesses and individuals in Phoenix who require the assistance of a CPA should contact H&H Accounting Services. Our team is always ready to assist with a variety of accounting and consulting services. Discuss your situation with our CPA during a free one-hour consultation by calling (480) 561-5805.
