Financial professionals and accountants are crucial to the start-up of your business and most importantly they are not only for tax time! They can help you with the financials for your business plan, create a budget, recommend bookkeepers, and provide financial advice. Finally while starting your business, they can recommend various financing methods.
There are several types of financial professionals, each with varying degrees of knowledge and expertise. Accountants will help you handle your books and financial records and give you financial advice. In addition, they can help you prepare your tax returns. A Certified Public Accountant, or CPA, essentially can do the same thing. However, a CPA has taken state exams and is licensed or certified by the state to have met a certain level of expertise. CPAs, unlike accountants, are able to file your taxes as a “paid preparer” and audit your financial statements.
There is also a financial professional called an “enrolled agent.” An enrolled agent is not an accountant, but someone who understands federal and state tax laws, has taken an exam, and can file your tax return as a paid preparer. Oftentimes, enrolled agents are former IRS employees and do not have as much general financial knowledge as a CPA.
SBA Open a Business Bank Account
SBA Open a Business Bank Account
