Accounting guidance help

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by a searcher from Brigham Young University
in Salt Lake City, UT, USA

1yr ago

Accounting guidance help

Hi all -

I'm looking for some guidance on when a CPA vs. Bookkeeper should be used. I'm in talks with a small business that has really wonky financials and I need some help to 1) Figure out the actual cashflows of the business, 2) help prepare the business for paying taxes for this fiscal year, 3) giving me some accounting guidance when I take over the company (e.g., when do I take an owner's salary, etc.)

What have people used for these types of needs? Can a book keeper do this? Should I hire a tax accountant for example? Are there services or accountants that folks would recommend?

Thanks

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reply by a searcher 1yr ago
from Harvard University in 2003

We use a book keeper and then back up with tax professionals at year end. It's not perfect and I feel the tension as well, especially as you are trying to manage cash flows.

reply by a searcher 1yr ago
from Millersville University of Pennsylvania in Mantua Township, NJ, USA

Check out the YouTube Video that I made that covers the exact topic of understand the different functions that the 6 primary accounting professionals play and which one your business might need.

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