How Often Should A Business Meet With Its CPA?

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How Often Should A Business Meet With Its CPA?

How Often Should A Business Meet With Its CPA?

How Often Should A Business Meet With Its CPA?

For more than 60 years, Bach, James, Mansour & Company has been providing tax preparation, tax planning, and financial advice to help individuals and businesses to achieve their financial goals. Often, we are asked how frequently a business should meet with its Certified Public Accountant to ensure those financial goals are on track. We recommend that business owners meet with their CPA at least twice a year to plan and prepare for quarterly and annual tax filings. It is also a good idea to schedule an appointment with an experienced CPA before making any major financial or business decisions.

Quarterly Tax Filings

Certified Public Accountants can help prepare tax documents, file tax returns, and also provide strategic tax planning advice. Business owners know – it is crucial to have accurate records, even in the beginning stages of your business plan. Business accounting can be complex, and business owners need to stay organized and aware of how much money they owe and to whom. You don’t want to get stuck with any late fees, interest, or other penalties. If you are using a CPA for your business finances, you should be meeting with them every 3-4 months, to help ensure that your quarterly tax payments are correct and timely. Checking in with your CPA and being proactive about your finances means that you can catch any issues early and prevent them from happening in future tax years.

Annual Tax Filings

Working with your CPA on quarterly tax filings will often help to streamline a business’s annual tax filing in the spring. However, many business owners make the mistake of waiting until January to discuss the previous year’s financial and tax issues. There can also be some confusion about how local, state, and federal laws can impact business taxes. As of January 1, it becomes more difficult to minimize the previous year’s tax responsibilities. So, business owners should be meeting with their CPA early and often to ensure they are up-to-date and well informed about their company’s tax situation.

Major Financial Decisions

If you are considering a major financial decision — such as expansion, franchising, or closing the business — it is a good idea to meet with your CPA beforehand. He or she can help identify all of your options as well as identify potential challenges or benefits. The CPA can help develop and analyze key performance indicators and internal reports to help ensure that you can meet your future goals, based on today’s results. They can turn data into real business intelligence that business owners can use to make critical financial decisions.

Contact the Accounting and Tax Experts at Bach, James, Mansour & Company

BJM provides accounting and tax services to over 300 companies, from start-ups to established enterprises across a multitude of industries in Georgia and throughout the United States. We specialize in assisting small, emerging and high-growth companies like yours. Our PartnerPersonalizedSM approach puts you in direct contact with the experts who know your business and industry, and can help you make the right strategic decisions. You can call us at (678) 551-2900 or contact us through our website.


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