CPA stands for Certified Public Accountant (Accounting) and firms that are CPAs can provide many services that will help you keep track of business financials if you are a business owner or run a nonprofit. They may offer consulting services in addition to accounting and auditing services.
Many larger businesses will do their own audits for the purposes of holding themselves accountable and keeping in constant control of their expenses, expenditures, and tax liability. It is a safety net of sorts, to know exactly what is always going on. If you’ve got a firm grip on your financials, you know where your business always stands.
Denver CPA firms can help you manage these sorts of things that are typically far above the heads of most other non-tax professionals. There are many things to know about tax law and subtle things that can clue you in as to how your business’ heart is beating. A great accountant can look at your books and see whether your business is thriving or sinking. They can point to the issues you have without ever walking into your place of business. That can be worth more than gold to you over the long-term.
Do Only Businesses Hire CPA Firms?
Anyone may find themselves in need of a CPA. For example, there are life-changing events that can be very complicated from a tax-law viewpoint. Perhaps you have won a lottery? It’s more likely that you may have inherited something due to a death in your family. Do you owe taxes on that money?
If you sold a home and there were profits from that sale, you’ve got a liability that you may not fully understand how to file for. CPA firms will be able to help you navigate those events that change your financial situations and life events that leave you feeling lost.
Not only do they have expertise in these situations, they constantly continue to learn because US tax codes are always changing. They only get more complicated each year and you don’t have to feel alone if you’re overwhelmed with understanding it. Most Americans don’t understand how to file taxes if there is more than an EZ form to fill out.
CPA firms are your safety net. They know the law; they know which forms you need, and they love numbers. These are the people who choose to do your taxes for a living. They deal with accounting every single day of the year. They are the behind-the-scenes heroes that save small businesses from thousands of dollars in tax liability. They help the newly married couple, who just bought their first home, to navigate the huge changes in their tax filing.
They’ll help guide you through the process of paying taxes on inheritance, whether it is cash or property. If you do owe taxes, they can guide you into the best way to pay these and even help to settle tax debts from prior years, in order to help you with a fresh start and save you money. In short, they do a lot.