Whether you own a small business or thinking of starting one, you must consider hiring a professional CPA in Orlando for taking care of all kinds of accounting related tasks. A certified public accountant has passed tough accounting courses and fulfilled strict practical requirements of providing professional accounting services to the clients.
Outsourcing your company’s accounting tasks provide various benefits. You can save costs by hiring a competent CPA in Orlando as compared to performing it in house. Performing accounting functions in house can hurt your business if you are not aware about the updated accounting requirements. CPA professionals have solid understanding of all kinds of accounting activities. They know updated information about federal and state laws, legal requirements, GAPP requirements, taxation, and other financial requirements.
Accounting professionals employed by CPA firms have years of experience in handling accounting activities. You can gain a lot by handing over the task to these expert professionals. Below is a list of 10 specific benefits that you can gain from hiring professional CPA in Orlando to perform accounting related tasks and activities.
At the Time of Setting Up a Business
Employing the services of CPA can prove invaluable at the time starting a business. Starting a business requires fulfilling a number of legal and state requirements. Here are some ways in which a CPA in Orlando can help you when setting up a business.
1. Choosing the best business structure
You can choose to form your business as a sole proprietorship, partnership, LLC (Limited Liability Company), Corporation, S-corporation, etc. The type of business setup you choose will determine the amount of legal obligations you have to fulfill. The business structure type also determines the amount you have to pay as taxes and other legal fees. A professional CPA in Orlando can provide valuable guidance in choosing the best type of legal structure.
2. Help in preparing legal documents
A CPA in Orlando can assist you in preparing legal documents that are required to form a company. Some of the documents may be required to prepared when forming a company include article of incorporation, bylaws, minutes of meeting regarding formation matters, 83(b) Election Letter to IRS2, initial annual report and various other documents.
3. Preparing business proposal
Before setting up a business, you must secure funding from external investors. You have to write a business proposal letter to inform the external investors about your business’s expected financial performance in the next few years. An expert CPA in Orlando can help you to craft an effective business proposal letter that provides details about financial costs involved in setting up the business.
4. Purchasing Accounting Software
Different accounting software programs are available in the market that caters to the needs of different sized firms. Some accounting software are targeted for large organizations while others are more suited to small and medium businesses. Getting advice from a professional CPA in Orlando will help you to select the best accounting software that fulfills your needs.
5. Opening Bank Account
Opening a bank account for individuals has become easy. But the same cannot be said of opening a corporate bank account. You have to fill various documents before opening an account with the bank. Moreover, you have to provide certain information about the business setup. Again, the services of professional CPA accountant can help in making the business account opening a smooth process.
6. Track Preliminary Business Expenses
Preliminary business expenses are those that are incurred during formation of the business. These costs must be included in the financial statement of the company. The preliminary expenses are capitalized and then depreciated during the course of the business. It’s important to note down all kinds of preliminary expenses when forming a business. However, keeping track of these expenses becomes difficult when you are busy setting up the company. The services of a CPA in Orlando can prove invaluable in ensuring that all costs relating to company formation are tracked and entered in the company accounts.
Moreover, the CPA professionals can also inform you on how to separate business and personal expenses when noting down preliminary business expenses. Note that mixing personal and business expenses can lead to legal complications later on. CPA professionals can ensure that the preliminary cost includes only those costs that are incurred while forming the company.
At the Time of Setting Up a Business
7. Fulfillment of legal obligations
Hiring a CPA in Orlando will ensure fulfillment of all the federal and state requirements after formation of the company. Fulfilling legal requirements will ensure that you do not land into hot waters and pay hefty fees for not conforming to legal rules and laws.
8. Conformity to GAPP and IFRS Laws
CPA firm can also ensure that the accounting tasks are performed in conformation to the U.S. GAAP (Generally Accepted Accounting Principles) and IFRS (International Financial Reporting Standards). These two accounting authorities have set standards and principles for preparation of financial statements. In the U.S. certain types of businesses are legally required to conform to these standards. CPA firms can help you to maintain accounting system while conforming to the GAAP and IFRS standards and principals.
9. Taxation Related Help
When you hire a CPA in Orlando, you can get expert tips and advice in submitting tax files to the IRS. The IRS has put different tax submission requirements for different firms. The firms have to file appropriate tax firms with the IRS. Moreover, the tax rate charged is different for the firms. The complexity increases in the sense that certain firms are allowed tax deductions and rebates. Hiring a CPA firm can ensure that you fulfill all tax obligations imposed by the IRS. You will also know how to obtain maximum tax benefits offered by the tax collection agency.
10. Timely Preparation of Comprehensive Financial Reports
CPA in Orlando can prepare comprehensive financial reports detailing the operations of the company. Through these reports, you can gain deep insightful information about the financial position of the company.
If you need more information about our Orlando accounting and tax services, please contact us at 407-502-2400. Freedomtax Accounting’s staff has been providing honest accounting services and tax services for 15 years. Our Orlando accounting and tax firm has its main offices in Kissimmee, FL. Our services are provided nationwide, but mainly in the Central Florida market to areas like Orlando, South Orlando, Kissimmee, St. Cloud, Poinciana, Clermont, Davenport, Hunters Creek, Lake Nona, Celebration, Winter Park, Windermere, Dr. Phillips, Maitland, Altamonte Springs, Winter Garden, Ocoee, Apopka, Belle Isle, Edgewood, and Oakland FL. Our tax accountants and IRS enrolled agents (irs ea) specialize in corporate accounting and bookkeeping, tax services, tax preparation, back taxes help, tax debt relief, tax resolution, tax planning, itin number, incorporations, and non profit 501c3 tax exempt. (Freedomtax’s accounting and tax professionals are NOT CPA’s. CPA services provided by third party provider.)