When someone learns I am a Certified Public Accountant (CPA), the assumption is I prepare taxes. While that is true, it is not all I do. If you are a business owner, your CPA should be your strategic partner. Your CPA should be on your speed dial. Here are just a few things I can do to help you and your business.
- Help Find Key Performance Indicators (KPIs) – KPIs are used to monitor and measure effectiveness linked to the business’s strategic goals. KPIs can be financial, such as gross profit margin or revenues minus certain expenses. They can measure inventory turnover, job costing, foot traffic in a store, employee retention, and more. KPIs measure a company’s success against a set of targets or objectives. Measuring and analyzing KPIs is a great way to utilize a CPA.
- Understand Cash Flow Projections – A cash flow statement gives you an idea of your business’s financial health. Cash flow is simply the amount of money going in and out of your business. A CPA can help you estimate your future cash flow. Knowing the projected cash flow will help you make decisions, determine necessary adjustments, and estimate effects of any changes to your business.
- Know the Value of Your Business – Many times your business is your most valuable asset. It’s important to know its true value to have a realistic perspective to plan for the future. Knowing the value is important for growth, succession planning, retirement planning, and business continuation.
- Set up Processes for Bookkeeping – It’s hard to know if you are on track if you aren’t up to date on your bookkeeping. I can help you decide what system works for you, set up your process, and show you how to use your system. A proper bookkeeping system will help you track your income and expenses and allow you to use this information to grow.
- Set up Processes for Internal Control and Fraud – Solid internal controls are important for a company of any size. Internal controls are the best way to minimize risk of fraud, theft, embezzlement, and other problems in your company. No one hires employees thinking they will be dishonest. Employee theft results in lost profits, legal issues, and other headaches you don’t need. I can help establish and monitor your internal control to reduce risks and maximize profits.
Successful business owners surround themselves with people who are able to support them, advise them, and help them grow. Your CPA should be one of those people and I would love an opportunity to be that person.
