By: Bruce J Legawiec, CPA/Partner
The days of the green eyeshades and pocket protectors are long gone. Services provided by CPAs can go far more in-depth than traditional tax preparation and bookkeeping. As your business plans for 2024, now may be a good time to partner with your CPA and discuss the variety of services that will help your business succeed in the coming year and beyond. Below is a listing of advisory services that may be just the key to helping your business thrive.
Strategic Business Planning:
CPA firms excel in developing strategic business plans that align with their clients' goals and objectives. By analyzing financial data and market trends, CPAs can provide insights that contribute to the formulation of effective business strategies.
Financial Management:
Efficient financial management is critical for sustained business success. CPA firms assist in budgeting, forecasting and cash flow management – ensuring businesses have a solid financial foundation to navigate challenges and seize opportunities.
Tax Planning and Compliance:
CPAs are experts in tax regulations, helping businesses optimize their tax positions and ensure compliance. They provide guidance on tax planning strategies, credits, and deductions, ultimately minimizing tax liabilities while adhering to legal requirements.
Risk Management:
Identifying and managing risks is crucial for business sustainability. CPA firms assess potential risks, develop risk mitigation strategies, and implement internal controls to safeguard the financial health of the organization.
Business Valuation:
Accurate business valuation is essential for various purposes, such as mergers and acquisitions, succession planning, and financial reporting. CPAs utilize advanced methodologies to determine the true value of a business, assisting clients in making informed decisions.
Performance Analysis and Benchmarking:
CPA firms conduct comprehensive performance analysis by comparing key performance indicators (KPIs) against industry benchmarks. This allows businesses to identify areas for improvement, optimize operations, and stay competitive in their respective markets.
Technology Integration:
In the digital age, leveraging technology is essential for business efficiency. CPA firms guide clients in adopting and integrating cutting-edge accounting software, enterprise resource planning (ERP) systems, and other technological solutions to streamline processes and enhance productivity.
Succession Planning:
Ensuring a smooth transition of leadership is vital for the long-term success of any business. CPA firms assist in developing comprehensive succession plans, addressing issues related to ownership transfer, management changes, and estate planning.
Financial Modeling:
CPA firms use advanced financial modeling techniques to create dynamic financial models that simulate different scenarios. This aids businesses in making informed decisions, assessing the impact of potential changes, and developing strategies for sustainable growth.
Mergers and Acquisitions (M&A) Advisory:
M&A transactions are complex undertakings that require expert guidance. CPA firms provide M&A advisory services, assisting clients in every phase of the process, from due diligence and valuation to negotiation and integration planning.
The role of CPA firms has evolved beyond traditional accounting, and they now play a pivotal role as strategic business advisors. By offering a diverse range of services, CPA firms empower businesses to thrive in today's dynamic business environment.
Bruce J. Legawiec, CPA, joined Osborne Rincon in July 2008, and was promoted to partner in January 2012. Prior to joining the firm, Bruce was a partner with Maryanov, Madsen, Gordon & Campbell Certified Public Accountants. A graduate of Albright College, in Reading, Pennsylvania, he has over 40 years of diverse public accounting experience. Bruce moved to the desert in 1979 from New Jersey.