Colorado Springs CPAs or other trained tax preparers are an essential part of a small business team. However, most are not trained in putting together well designed and smoothly running accounting systems. In addition, one must ask whether a Colorado Springs CPA firm is the best choice for performing or assisting with day-to-day bookkeeping.
CPAs are trained in accounting theory and understand the Debits and Credits of accounting, but most have never maintained the day-to-day books that are required to operate a small business. They likely can work their way through bank and credit card reconciliations. They understand that the books must balance. They obviously know how to read and interpret financial statements. They often spend a great deal of time in training on auditing techniques, training on creating financial statements with full disclosures for third party users of those statements, and training on the latest income tax laws.
But when it comes down to setting up systems to track receivables, payables, sales orders, purchase orders, inventory control, job costing, retail POS systems, payroll, timekeeping, etc. etc., and tying all of the myriad of different business systems together in the most effective and efficient manners possible, a CPA or CPA firm often has very limited experience and expertise. Also, most CPA and tax preparation firms target providing tax services and other complex business consulting services. Services the average small business entrepreneur only needs on a very occasional basis.
In addition, CPA firms are bound by the standards of the AICPA (American Institute of Certified Public Accountants) and their respective state societies. While these are great organizations, and they certainly have their place, the rules and regulations they require the CPA profession to follow are often overkill or not what the small business entrepreneur really needs on a day-in and day-out basis.
Setting up and maintaining, on a daily basis, accurate and timely accounting systems is 180 ACCOUNTING’s only business. Our founder has 40+ years of experience providing accounting, tax, business consulting and related services, and has built 180 to provide the unique services that small businesses need every day. With over 100 years of combined experience providing accounting services to a wide range of industries, our team of highly trained professionals can provide the exact blend of services your business needs.
When tax preparation or planning services are required, we can work closely with the CPA or tax preparer of your choosing to ensure that you have the right level of expertise at the time it is needed. But for your day-to-day accounting needs, 180 will be there for you with the right expertise and experience to help you optimize your business operations and profitability.