What are the Benefits of Hiring a Certified Public Accountant and What is the Real Value of Your CPA?

By Alexis S. Becker on March 8, 2023

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Alexis S. Becker



Status quo is no longer an option

As a business owner, your reliance on accurate financial data is critical to your organization’s success. Having correct information naturally leads you to making more accurate decisions. However, most owners are strapped with managing the company’s finances in addition to running day-to-day operations and developing growth strategies, which can be cumbersome and labor intensive.

Using financial data points for decision making is less time consuming than having to conduct research, select information, calculate for a specific outcome before making a decision. Additionally, tax laws are becoming increasingly complicated and present challenges not only in understanding them, but in apply them correctly.

So, after spending the time to gather all of the information and applying tax law changes and ever-evolving regulations, rules, and guidelines, it would be easy to make a mistake in interpretation and application.

Partnering with a Certified Public Accountant (CPA) is a logical step to alleviating yourself of the burden. In fact, the two primary reasons business owners retain a CPA are:

1. Time - they, themselves, do not have the time to manage the finances and learn accounting laws and application, grow the business, and have recreational and family time

2. Expertise - to truly thrive as a business, you need to align yourself with professionals who are specialized and experienced in a specific areas like accounting and law and potentially within a certain niche

With a knowledgeable team, your focus can turn to growing the company.

The Role of a CPA in Your Business

Most organizations employ an in-house resource to perform back-office tasks — bill and collect accounts receivable, record and pay accounts payable, reconcile financial documents, and often perform payroll (although in some organizations, payroll is the responsibility of the the in-house Human Resources leader who also oversees hiring, terminations, benefits changes, FMLA, etc.). Assigning these tasks to one person does present risks due to a lack of proper segregation of duties and internal controls.

Other companies engage their CPA firm to outsource this function. This role also serves as a conduit of sorts to your CPA, particularly during tax season, as companies engage their CPA to perform key accounting and record-keeping tasks. Outsourcing trends include assigning key accounting and record-keeping tasks to their CPA to perform and enhances the organizations internal control structure because segregation of duties are now possible, often for the same cost as a singular internal resource.

In addition to keeping you compliant, your accountant seeks to protect your interests, identify tax savings opportunities, stay abreast of tax changes that impact you, assess your changing level of risk, and focus on your goals and priorities. They assess investments in new product lines, determine when to add to headcount to cover growth, evaluate investments in new technologies, analyze banking arrangements, and alleviate your concerns and give you peace of mind. They should also never be afraid to initiate difficult conversations to maintain good moral, ethical, and legal standing for all engaged parties.

Often, there is a fine line between objectivity and advisory roles. Accountants must remain independent, impartial, and objective. However, they are also empowered to bring proactive ideas and solutions to the table to address challenges and resolve issues.

CPA firms are always investing in their talent providing them with the most up-to-date technical continuing education and keeping them engaged to provide client service that goes above and beyond. Firms are able to develop new services and products as a result of working closely with clients and listening to their needs. These firms strive to create innovative services support clients and assist them in operating more efficiently and effectively.

MAXIS® by Freed Maxick is one example of a service that grew from client need. MAXIS is a full-service solution that integrates software, the cloud, and custom-created processes with dedicated, knowledgeable professionals. In lieu of relying on one full-time person to perform time-consuming menial, repetitive, transactional tasks, you receive a team of fractional resources providing expertise in many areas of accounting and financial advisory with increased internal controls and more stability.

MAXIS brings accuracy and accessibility of information, the ability to allocate talent to more proactive assignments, and the resourcefulness in analyzing real-time performance. With customized information to enable data-driven decision making, organizations are able to compete and grow with more accurate and timely financial information.

Investments in products and people keep our clients on the cutting edge and is always included and reflected in our service.

Partnering with a CPA: A Two-Way Street

Your relationship with your CPA is exactly that: a relationship. It requires consistent two-way communication, which means that you are obligated to fulfill your contribution to the relationship. Do you talk with your CPA throughout the year and not just at critical deadlines? Do you wait to be contacted or initiate conversations?

There are a myriad of situations that occur in your work and life that could impact the way your accountants do their job. It is your responsibility to ensure that they are apprised — Signing new contracts? Considering whether to lease or buy new equipment? Deciding whether to stay or move locations? Creating new contract language with customers? Restructuring a loan? Apprising the firm of changes, or impending changes, can save time and money down the road.

Engaging a CPA is in and of itself a smart move. Particularly as your business grows and the finances become more and more complex. The MAXIS and Freed Maxick teams are here to support you. Schedule a complimentary discussion to determine how MAXIS can help. Please contact Alexis Becker directly at 716-332-2667 or alexis.becker@freedmaxick.com.

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