Why You Should Work With a CPA for Small Business Who Educates You

Does your CPA for small business educate you on finances, and empower you to make wise choices in your business?

Our firm believes that knowledge is power. You can’t build wealth if you’re not empowered with all the necessary information to make smart decisions for your business.

There are 2 parts to this:

1. Understanding your numbers

2. Being aware of your numbers

If your CPA for small business isn’t giving you all the education you need (or you’re not sure if they are), read on to understand what I mean and learn how to find a CPA whodoes empower you.

Why You Need a CPA for Small Business Who Educates You

To understand why you need a CPA for small business who empowers you with education, let me tell you a story about my Ford Expedition Max. Hang with me here.

My Ford Expedition Max holds approximately 26 gallons of fuel. Why is this important? Because I know my numbers.

We still don’t have a Costco close to us (the Tara family recently moved from New Orleans to Charlotte, NC. Costco was about 20 minutes away in New Orleans and it’s about 25 minutes away in Charlotte). Since I needed half a tank of gas, I wanted to fill up the car while grabbing some essentials for the new house. They definitely have the lowest prices, but I wouldn’t drive all that way just to get gas.

I scanned my cards and set the gas handle with the prop for it to keep filling up. I went back to my car to check on Beckett, put my credit card in my wallet and grabbed my phone. While I was doing this, I heard the fuel pump stop. I thought to myself, “Wow, that was really fast. Did it fill my tank up?”
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​I looked at the pump screen and saw it had put in 6 gallons of gas. Now, here’s where knowing my numbers comes in…

I know my tank holds roughly 26 gallons, and I knew I was somewhere around the half tank mark (I usually run to empty so this is a big deal that I was filling up halfway). Quick math told me I should be closer to 13 gallons in my car before the pump stopped.

I didn’t want gas to come spewing out in case my calculations were off or something was wrong with the car, so I started squeezing lightly. Sure enough, the car filled up all the way to 13.5 gallons before stopping again.

Why am I sharing this story with you? Because knowing your numbers is vital in SO many aspects of life but especially in your business and finances.

Knowing my fuel tank amounts saved me from pulling off with only an extra quarter tank of gas and being super irritated when I realized it later on. And it wasn’t perfect. But I knew enough to sense that something was off – and it saved me from issues down the road.

How This Applies to Your CPA for Small Business

This is what I want for you in your business and finances. I want you to feel empowered and confident making decisions when it comes to numbers. Numbers don’t lie and the bulk of your decisions should come from that knowledge you have and can rely upon (I still believe in some gut feelings).

I had knowledge about my gas tank: that it held 26ish gallons. I was aware of how much was left in my tank from my dashboard: about the halfway mark.

You can use this same exact approach in business. For example,

• I understand that revenue minus expenses equals net income.

• I’ve entered all of my revenue and expenses for this past month and know my net income.

This is how you can make informed decisions. This is how you can feel confident in taking the next steps in your business. This is how you can rest assured that nothing is off kilter in your business. If you want to feel more confident in your finances, start by knowing your numbers and partnering with a CPA for small business who educates you and helps you understand what those numbers mean.

Look for a CPA for Small Business Who Has Your Back

You need a CPA who partners with you, is happy to answer all of your questions (without condescending to you), and cares as much about your business success as you do.

Sound like a CPA unicorn? It’s possible! We created a quick training on how to tell if your CPA is Helping or Hurting Your Business. Watch it here – for free!

Disclaimer: This article is not meant to be tax advice. This is not an all-inclusive list of business advice. Different rules may apply to each individual taxpayer’s specific situation. Please consult with your accountant. May contain affiliate links.