You're an expert in your products, services, clients, and market. A multitasking pro, you're never afraid to roll up your sleeves and tackle a challenge.

Unless it involves accounting, that is.

Even the savviest entrepreneurs admit that accounting is among the most intimidating and confounding aspects of running a business. Unwilling to admit defeat, many have turned to Accounting for Dummies and similarly self-deprecating resources. What not everyone realizes from the outset is that this approach is time-consuming and easily misinterpreted. Bellingham, MA certified public accountant Ann Irons explains why there's no shame in seeking professional help for your business.

What Is a CPA?

A certified public accountant has extensive education and professional experience needed to pass the rigorous Uniform Certified Public Accountant Exam. Your CPA will have a broad knowledge of accounting, reporting, and auditing. Specialized knowledge about state-specific tax and regulatory requirements differentiates a CPA from a tax preparer. Others, including Irons, also serve niches with unique needs, such as real estate law offices.

When should you hire a CPA?

Professional accounting services can be a lifesaver for your company's finances, not to mention your sanity. If any of the following apply to you, consider reaching out to a CPA:

• Your business employs only a few individuals, none of whom have accounting experience
• You are the sole employee and cannot afford to pay for the salaries and benefits of a full-time internal accountant
• You have suspicions that your current accounting methods are inaccurate, inefficient, or both
• You are comfortable with accounting, but would prefer to spend more time on business development, training, or other areas
• You are considering a merger or sale
• You plan to apply for a loan to expand your business

What risks are avoided by hiring a CPA?

The success of your business affects your employees, your customers, and your family. With so much at stake, you cannot afford to be reckless with your finances. Consider what happens when you file your taxes. If your return is audited by the IRS, you have little recourse, especially if you filed them on your own. If you file your taxes through a tax preparer who is not a CPA, your alternatives aren't much better. A CPA, on the other hand, can represent you if you are audited.

Requirements set by Sarbanes-Oxley and similar statutes require the utmost in transparency. Failure to comply can result in steep fines, criminal charges, and revocation of certain privileges for your business. A CPA can prepare and explain comprehensive financial statements and reports to ensure that all requirements are met.

Your CPA also offers invaluable insight into the financial workings of your business, helping you to make sound decisions that minimize expenses and maximize profits. This allows you to avoid falling into a vicious cycle of borrowing on credit and increasing your levels of debt.

Need to talk to a CPA? To learn more about small business accounting in Bellingham, MA, or to schedule a meeting with Ann Irons, CPA, LLC, contact us at 508-966-0700. We work with businesses and individuals in Woonsocket, Bellingham, Medway, Milford, and the surrounding areas.