Essential Resources for CPAs Working withSmall Business Owners

Small business owners turn to CPAs for everything from tax preparation to financial planning advice. If you have several clients who want to grow and expand their businesses, you may be wondering how you can go above and beyond for these entrepreneurs. ChaChingBiz.com has rounded up a collection of informative resources with advice on everything from creating business budgets for your clients to helping them set major goals for their companies

By Chris Haymon

​Stay on Top of the Basics
 
When you’re working with a new client, you want to begin your professional relationship on a high note. Here’s how to make sure you click with your clients from your very first meeting.

 

• Get to know your clients — ask the right questions at your initial meetings so that you can form an accurate idea of their current financial status.
• Are you working with a client who just started their first business? Assist them in creating a comprehensive business budget.
• Guide your clients through the process of estimating their deductions, taxable income, and final tax payments with basic tax calculators.

 
Planning for the Future

 
Eventually, your client will want to develop a growth strategy for their business. These resources will help you provide expert guidance at every step of the way.

 

• Talk to your client about their plans and offer specific goal-setting suggestions. 
• Connect them with qualified financial consultants.
• If a client is interested in changing their business structure as they expand, help them navigate the process of forming an LLC.
• Your clients with growing businesses will likely need their own accounting software, so discuss which programs might be right for them.  

 
Helping Your Clients Through Hardships

 
Many small business owners are wondering how to manage their finances in the face of the COVID-19 pandemic. When your client comes to you for advice, these guides will help you answer their burning questions.

 

• Go over your client’s budget and financial forecasts to find where they can cut costs.
• Work with your client to come up with a savings plan that will allow them to build an emergency fund for their business.
• Discuss how they can save by hiring qualified freelancers from online job sites instead of full-time workers.

 
As a CPA, you’re always looking for new ways to help your clients improve their business prospects. With resources like these, you’ll be able to give your clients the kind of feedback they need to flourish as entrepreneurs. Knowing that you have helped a small business owner turn their fledgling startup into a thriving company is very satisfying!

 
Photo via Pexels