Our partner, MSM Advisors, offers a comprehensive, holistic approach to managing the financial needs of small to mid-sized businesses. The CPAs at MSM Advisors offer virtual remote financial services and advisement to businesses throughout the United States. Below is a post from their website about the differences between a tax preparer and a business financial advisor. We have worked with Mike and the MSM team for a number of years and are proud to have him represented on our advisory board.

What is the Difference between a Tax Preparer and a Business Financial Advisor?

Business owners live with constant stress regarding the finances of their business.

In good times, they worry about whether or not it will last. In bad times, they worry about what they are doing wrong. Business owners usually aren’t passionate about their finances either. They wish they had a business financial advisor so they could concentrate on the parts of the business they are passionate about. Good news! There is someone you already work with who can be your business financial advisor: your CPA from MSM Advisors.

Many CPAs see themselves as a tax preparer only, but here at MSM Advisors, our CPAs are not just tax preparers. MSM Advisor CPAs are business financial advisors.

What does a tax preparer do?

tax preparer files your taxes for you. He usually files both your personal and business return. He may give you a couple tips related to taxes, but the tax preparer will not offer advice for the business as a whole. Once you meet with your tax preparer for the year, you will not see him until the next year.

A CPA who is a business financial advisor does so much more.

What does a business financial advisor do?

  • Tax Minimization. Not only does a business financial advisor file your tax return, but he makes sure you are not paying more tax than you owe. He will think out of the box finding opportunities you may have missed so you aren’t paying a penny more than you have to.
  • Growth. Business owners are entrepreneurs at heart. You have a million ideas about what direction your business could go. Bounce your ideas for growth off of your business financial advisor. During your meetings, he can provide thoughtful feedback so you can steer away from implosive growth.
  • Profit. How can you increase your bottom line? Your business financial advisor can help you have more to show for all your hard work.
  • Cash Flow. Debt can equal death to a small business. Get rid of debt and avoid future debt with cash flow planning. Create a solid plan for how to pay your bills.
  • Asset Protection. Protect your personal assets from possible liabilities from your business. A business financial advisor can identify risks in all parts of your business.
  • Financial Retirement. How much money do you need to save for retirement? How will you know when you have enough to retire? How much will you be able to live on when you retire? What kind of accounts are best for your retirement savings? A business financial advisor can answer these questions.
  • Succession Planning. A business financial advisor can help you make a viable plan for who will take over your business once you retire. Develop a strategy to give the successor experience and training for a smooth transition.
  • Estate Planning. What would happen to your business if you passed away while still the owner? A business financial advisor helps you create a plan including how to pay minimal estate taxes and avoiding hassles. This puts your mind at ease about the future of the business beyond your life.

Free your mind from worry about the finances of your business.

Invite MSM Advisors to be a part of your business planning team. Our CPAs love to see business owners experience financial success. Contact MSM Advisors for an appointment.

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