Busted! Don’t Believe These Accounting Myths!

Accounting can be an intimidating and dreaded part of a business as it often gets confusing. Moreover, understanding the ins and outs of your company’s financial affairs can be taxing at times. It is a term that can bring up a lot of questions and myths. The many false facts about professional accounting services can make it hard to distinguish what’s true, and incorrect information could cost you new growth opportunities.

To help you steer clear of misconceptions, Cooley & Martin has debunked some of the most widely believed myths about accounting. This way, you can make informed decisions for your business.

Myth 1: CPAs only work with taxes

In reality, CPAs are much more than just tax experts! While they are highly trained in preparing taxes, they also provide services such as financial statement preparation, bookkeeping, cash flow analysis, business consulting, audit support, budgeting advice, and more. Our firm provides accounting and bookkeeping services to assist any type of business. We work with a business’s financials to assist with acquiring loans and to increase profit growth.

Myth 2: You can Google all of your accounting and tax questions

Google is great for many things, but it should never replace talking to an expert when it comes to accounting or taxation issues. For a general idea on a topic, that can be a way to start. You need to know the primary sources, such as the Internal revenue code, to get a true answer to your question. Each individual and business situation is different, so you need to find an exact answer to your specific tax question.

Myth 3: Tax planning isn’t necessary to save on taxes

This couldn’t be further from the truth! Sometimes planning can be done years ahead to optimize tax savings. Tax planning should be done annually in order to ensure that you are taking full advantage of any deductions or credits available to you as well as avoiding any potential pitfalls that could result in penalties or other costly mistakes down the road. Speaking to a professional can potentially save someone tens of thousands of dollars when proper tax planning is conducted.

If you are looking for a certified public accountant in Charlottesville, Virginia, reach out to us at Cooley & Martin. Our client-centric approach has been delivering trusted, accurate and timely results since our founding in 2001. Combining experience with dedication, we are recognized as a respected advocate for both individuals and businesses located in the greater Charlottesville area and throughout the United States.

We offer services like taxpayer defense and representation, tax compliance, accounting services, and more to clients across Charlottesville, Lynchburg, Tuckahoe, Harrisonburg, Staunton, Waynesboro, Fredericksburg, Laurel, Glen Allen, Madison Heights, Culpeper, VA, and the surrounding areas.

Get in touch with us today!

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