When it comes to your finances, you want to be working with someone you know you can trust to help you make the best decisions. And because many people don’t understand more than just the basics of finance, it can be hard to know what the difference is between certain financial professionals. However, if you want the best financial help that your money can buy, you likely want to be working with a CPA, or certified public accountant. To show you why, here are three reasons you should be using a CPA for both business and personal financial assistance.
CPAs Are More Knowledgeable About Tax Laws
For many people, accountants are most closely associated with tax season. And while this can be a big part of what accountants are used for, they can be of huge help in months other than April as well. Not only can CPAs help with preparing taxes, but according to Jean Murray, a contributor to The Balance, CPAs are more knowledgeable about tax law in general than basic accountants. Because CPAs have to take more schooling and tests in order to be certified, they tend to obtain more knowledge about tax law. This means that if you have taxes that are even the least bit complicated, a CPA can make managing this a lot easier.
As A Financial Counselor and Advisor
In addition to being very knowledgeable about taxes, CPAs can also be of assistance with other areas of finance as well. According to Brian Hamilton, a contributor to Entrepreneur.com, a trusted CPA can be a great financial counselor and advisor for almost all financial questions or problems. However, Hamilton writes that many CPAs won’t give their opinion about others’ personal or professional financial health unless asked. Knowing this, it can be very helpful to you, as either a small business owner or just someone controlling their own finances, to find a CPA who you know and trust to discuss certain financial decisions. Their insight and advice could be invaluable to you.
Find New Areas For Growth
Along with giving you guidance on your current financial situation, ValueYourMoney.org shares that CPAs can also help in finding new areas of growth and expansion for your financial future. Especially for people who are running their own business, CPAs can give you a great overview of your finances, which could make decisions about how to grow your business or find new areas of investment or diversification even easier. And because a trusted CPA can help you with financial choices of all kinds, keeping someone on board with you throughout the beginning of new decisions could make their counsel even more insightful throughout the life of your partnership.
If you’ve ever wondered about why having a CPA could be useful for you, use the tips mentioned above to show you how.