How a CPA Can Help Your Nashville Small Business Grow in 2022

 

The COVID-19 pandemic changed virtually every facet of life all over the world, and for businesses, it was even more impactful. According to Statista, an October 2021 survey found that more than 22 percent of surveyed small businesses said that the pandemic had a significant negative effect on them.

In Nashville, small businesses that need support can apply for Economic Injury Disaster Loans with the US Small Business Administration. If you're one such business, or you hope to gain more stable footing in 2022, hiring a Nashville CPA can have amazing benefits for your business. Here's how.

Making better business decisions

A Nashville CPA can furnish you with the information you need to facilitate better decision-making in your company. When considered within the context of the pandemic, information is your best asset for recovery and growth.

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Cash Flow Statement: A Guide from a Trusted Nashville Accounting Firm

 

If you’re starting a business in Nashville, one of the most important tools you’ll need in managing your finances is your cash flow statement. This report details your cash position at any given time and shows how money goes in and out of your business. 

The cash flow statement may be prepared monthly, quarterly, semi-annually, or annually, depending on how often you need it. Your accounting firm can do the report for you, but you can also do it on your own, especially if you use accounting software, such as QuickBooks. Ask your CPA for guidance on how to set up your software and virtual books so you get accurate financial statements every time.

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Pro-Tip from a Nashville CPA: Take Advantage of These Exemptions

 

Everyone knows that taxes are one of life’s unquestionable certainties. What most people don’t know, however, is that there are many exemptions you can claim to lower your tax bills.

Whether it’s credits for your dependents or deductions for certain loans, you can find ways to pay less come tax season with the help of your trusted CPA. If you’re in Nashville, here are just a few of the exemptions you can explore:

Student loan interest — If you have a college degree, there’s a big chance that you carry student debt. Indeed, about one in eight Americans take out a loan to attend university, with the average amount being a whopping $28,950. The good news is that you can deduct up to $2,500 worth of interest from your taxes. Surprisingly, only one-third of people who qualify for this benefit ever claim it.

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Trusted Nashville CPA Warns Freelancers of Common Money Mistakes

 The way we work is changing and freelancing is one of the factors leading this revolution. As an article from CNBC.com notes, almost one-third of Americans now do freelance work—a trend that was only further accelerated by the current pandemic.

If you're self-employed, however, you're also responsible for tracking and reporting your cash inflow and outflow. As Nashville CPA Evan Hutcheson notes, both longtime and neophyte freelancers should avoid these money mistakes:

Not setting up a corporation

As a freelancer, the line between what's business and what's personal is very slim. However, it is in your best interest to set up a separate corporate entity to represent your freelance operations. This way, if you get sued or have outstanding financial obligations, only your business' assets will be on the line and not your personal assets (such as your home).

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How a Nashville Accounting Firm Can Help You Survive Financial Woes

 

According to AccountingToday.com, microbusinesses continue to face bookkeeping challenges throughout the pandemic. They cited a survey conducted among 1,008 microbusinesses, which indicated cash flow as one of the major pain points. Problems in cash flow were caused by overdue customer payments.

A closer look at the problem showed limitations in payment methods offered by businesses. Prior to the pandemic, most of these businesses only accepted cash or check payments and did not rely on an accounting firm for financial resolution strategies. 

When it comes to cash flow challenges, a CPA can be one of the most qualified to help your Nashville business. With their help, you can identify problems that limit your cash flow and implement immediate solutions to prevent further financial distress.

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Nashville CPA Tips on Improving Business Cash Flow Post-Pandemic

 

With the continuous roll-out of COVID-19 vaccines, businesses are expecting to get back on their feet this year. Some businesses may have struggled staying afloat, and this is where a Nashville CPA can help.

You may think hiring an accountant might just be another overhead expense, but it comes with a number of financial benefits, especially if you want to improve your cash flow. Payroll and tax preparation are just a couple of the areas that can be looked into to help your business overcome financial challenges. 

Here are a few tips on how to improve your cash flow post-pandemic:

1. Evaluate your expenses regularly.

While many have implemented salary cuts and retrenchment to help mitigate the impact of the health crisis, businesses should also look at small scale financial losses.

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Top 5 Reasons Why You Need a Nashville CPA Firm for Your Bookkeeping

 

Starting and managing a business is a tough job, let alone bookkeeping for your business. Bookkeeping is a different ball game and something that needs to be handled with complete accuracy. If your Nashville business doesn’t have the in-house expertise for it, you may be better off outsourcing bookkeeping to a trusted CPA firm in the area.

There are many things to consider in bookkeeping, such as the type of business you run and the types of services your business would need. Small to medium-sized businesses have varying needs that range from consultancy and training to the actual accounting practice. Specific services you need to look into include payroll, tax returns, and financial reports.

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