Wood CPA

Need a CPA? You Probably Also Need Business Advisory Services

Many people who seek out CPAs simply want their tax return filed. But there are plenty of online tax preparation services that can help you file your taxes. You don’t necessarily need to enlist the services of a Certified Public Accountant for that. 

So when do you need the services of a CPA? Well, most folks choose a CPA because they’re starting a business and are looking for tax services and advice. Not just because they need their return filed.

The kinds of advisory services offered vary from CPA to CPA. As tax advisors first, it usually depends on what other categories of advice your CPA is qualified to give. 

At Wood CPA, we’re proud to offer a wide range of business advisory services. If you’re a business owner in need of advice, business advisory services are an investment that pays for itself. Each type of advice will save you time, money, and headaches down the road. 

10 Business Advisory Services Offered at Wood CPA

1. Business Operations and Documentation

Do you have questions concerning record keeping, saving receipts, or just general information about business operations? If so, Business Operations and Documentation advisory services are for you.

This type of advice covers big topics that new business owners encounter during their first few years of operation. Through this advisory service, Wood CPA will help you understand the best practices for using business bank accounts and credit cards, as well as how to capture all business expenses. 

2. Cash Flow Planning Using Your Corporation-LLC

Tax services and tax questions usually invite inquiries about income and expenses. That’s where the Cash Flow Planning advisory service comes in. 

Under this service, Wood CPA will answer a number of questions concerning your income, expenses, and taxes as a corporation or LLC. Among the many topics covered, we can help you:

  • Create 12-month cash-flow projections for your business
  • Establish expectations for the future 
  • Answer corporation or LLC loans/money questions 

…And more! As tax advisors, we’ll also help you understand how to build capital and minimize its tax impact. 

3. Company Fringe Benefits

Providing employees with great benefits that your company can afford may feel like walking a tightrope. If you’ve got questions, don’t worry–Wood CPA has answers. 

Our Company Fringe Benefits advisory service covers questions regarding insurance expenses, retirement plans, and medical expenses. We’ll help you decide which benefits fit your company structure and advise you on how to mitigate their cost.

4. Corporation-LLC Income Strategies

Under this advisory service, Wood CPA can advise you on how to manage and allocate your company’s income to best suit your needs. 

Topics covered by the Corporation-LLC Income Strategies advisory service include but are not limited to: 

  • Wages and reasonable compensation
  • Shareholder/member distributions 
  • Alternative income strategies, including rent payments and royalty/license fees

5. Education Savings and Income Shifting

Do you have questions regarding hiring family members, Roth IRAs, education reimbursements, or paying kids? These inquiries will fall under the Education Savings and Income Shifting advisory services. 

As you can imagine, this category of advice is especially useful for family businesses who are either just starting out, or are within their first few years of operation. 

6. Entity Structure Planning

If you’re wondering whether your current entity structure choice is right for your business, then you could benefit from Entity Structure Planning advice. 

This advisory service focuses on entity tax planning as well as corporation compliance and documentation. It encompasses questions regarding:

  • Profit models 
  • Shareholders and partners 
  • Ownership and restrictions 
  • Corporation/LLC records books 
  • Lines of liability 
  • Tax filing requirements 

…And more! 

7. Equity Planning – Post Tax Net Worth

Not sure how to build your post-tax net worth? Under this advisory service, we’ll go over what tools you have at your disposal, how to create principal dollars from your current business, how to acquire principal dollars for investment, and more. 

8. Independent Contractor-Employee Analysis

Under this advisory service, Wood CPA can offer insight and advice concerning your employees and independent contractors. For example, if you have questions concerning: 

  • Contracts 
  • Insurance
  • Tax reporting 
  • License requirements 
  • Classification 
  • Compensation 

…or anything else related to these topics, you will benefit from investing in our Independent Contractor-Employee Analysis advisory service. 

9. Rental Property Operations

These services cover rental property questions, including those concerning tax benefits and passive loss limitations. 

10. Estate Planning

Estate Planning advisory services are the most involved and comprehensive of all the advisory services offered. That’s why Wood CPA is partnering with a reputable attorney at law to ensure that clients who opt for this service get the most value out of their investment. 

Keep an eye out for future content that details the aspects of our Estate Planning advisory service! 

How These Services Benefit You 

There are a host of benefits to taking advantage of your CPA’s business advisory services. 

  • With all the help we can provide, you won’t have to be alone in your business’s planning, operations, and documentation. 
  • Your CPA can be more proactive in their efforts to secure your business’s financial future. 
  • You’ll be kept informed of any changes in tax law information that are relevant to your small business goals. 
  • If you invest in business advisory services along with tax services, your CPA will have a structured calendar of scheduled meetings with you throughout the year. These recurring meetings will make it easy to keep your business on track for financial success. 
  • As a result, you’ll find that the time spent with your CPA will be much more efficient and constructive.
  • Most importantly, it’s an investment that pays off in the long run. No more running in circles, missteps, or having to double back and fix things. Having someone to rely on for quality business advice will save you time and money. 

In Need of Business Advisory Services? Ask the Experts at Wood CPA! 

At Wood CPA, we’re more than just your tax advisor–we take pride in advising our clients on how to build a strong foundation for their business. If you need more information on a service listed above, please reach out to us to schedule a meeting