One of the most common questions I have been asked during the last 2 weeks is whether my work has decreased substantially. The typical response is “Yes” now that tax season is over. However, I often follow up with the comment that I now turn my attention to the May 15th and June 15th deadlines. This is followed by a puzzled look. Yes, many of my nonprofit clients have to file their reports by May 15th. And my overseas clients have a June 15th filing deadline. Amidst all of that, my year-around business clients get my attention also. Now that April 15th has passed, my focus simply adjusts. My intensity in one area, individual tax returns, moves to my nonprofit and business clients.
The work of an entrepreneur never ends. There are always numbers to analyze, sales to project, and budgets to follow. My job as a CPA is to give the guidance my clients need to effectively manage their businesses from the numbers. Historical data is helpful in the form of financial statements to see how the business has progressed up to a certain point in time; however, there are many other tools that a CPA can provide a business owner. Industry comparison, ratio analyses, 5-year projections and business valuations are just a few tools in the CPA toolbox.
The next time you talk with your CPA in the days to follow April 15th, ask about the business tools they have to assist you to better manage your business. You may be surprised with their response and the individual attention you get.
The Virtual CPA
Jeffrey D. Reimer, CPA
