A few weeks ago I told you why you need an attorney. Today, I’ll give you the top 5 reasons you need a great CPA and later this week, I’ll tell you how to find one: 

 

Just like we’ll do in a few days, I’m going to count down!!

 

  1. CPAs will help you with an audit. OK – I know what you’re thinking, “I’m never going to get audited!” But, I’m here to tell you – you might be wrong. My gym was selected by the state for a random audit last year. How did I find out? Our CPA told us! Because her information was at the bottom of all tax returns as the legal authority, she was contacted first. She walked us through every step of the audit and took care of all communication. I also know a gym owner undergoing an audit right now. So, if you think it can’t happen to you – think again.

 

  1. CPAs will help you stay legal. I once had a gym owner ask, “Do you pay sales tax? What’s the benefit?” The real question is – are you REQUIRED to pay sales tax in your state? A great CPA will know if you’re required to pay it on services versus just on pro-shop items. She will also know when the rates increase due to a county, city or state tax increase (because the city has NEVER sent me a letter notifying me of a tax increase – we were expected to keep up with the news!) A CPA will also help you if you’re not sure about your state’s laws on workers’ comp insurance. While she is not an insurance agent, a CPA should know what you’re required to have.

 

  1. A CPA will keep you accountable for what’s due. Now, this doesn’t mean she will sit over your shoulder as you write a check and then follow you to the post office to make sure you’ve mailed it. It does, however, mean that she will provide all the paperwork with colorful stickers to tell you where to sign, how much to make your check out for, and a self-addressed envelope. That is – of course – if you’re paying a CPA to do this. If you have a friend who helps with stuff like this every so often, don’t expect them to keep you accountable. You’re likely not paying them or contracted with them to do so.

 

  1. A CPA will answer your questions. So, I am always looking for new ideas to save money and pay less taxes. Justin and I have given a combined 28 years of our lives to the government, and if there are taxes I’m paying simply because I don’t know any better, I’m not OK with that. Now – I believe you should always operate within the law, but if that means I can give my staff student loan reimbursement and tuition assistance as non-taxable income for both the employee and the employer, you better believe I’ll take advantage of that! If I can decrease my taxes by filing my business entity correctly or setting up a retirement plan in the gym – I’ll also do that (all of these I’ve actually done to save too!) But, a great CPA understands you’re not just here to make money, but also to save money. (Note: She should be getting back to you within 24-48 hours or you should be looking elsewhere for services….)

 

  1. A CPA will save you money. So, you just read how I like to email my CPA with my wild ideas and see how they fit within the law. But, I also get emails from her every so often with ideas for me and even updates on how new legislation may affect me. She understands what we do at the gym and is actively looking to save us money.

 

So, if you’re reading this and thinking you might need to start looking for a CPA, stay tuned. Tomorrow I’ll tell you what you should be looking at when you go in search of your own!