A CPA stands for Certified Public Accountant is a qualified accountant in several countries in the English-speaking world. In the US, the CPA is a license to provide accounting services to business owners. All 50 states have different Certified Public Accountant licenses, CPAs can help businesses as accounting consultants, auditors, tax consultants, business and financial advisor among others.
To run a successful business, it’s very important to manage finances in a very calculated way. Whether your business is big or small, hiring an accountant to manage your finances will ultimately help you in achieving targeted goals.
What CPA do?
A CPA may provide its client with numerous services but there are two main tasks that an accountant without a CPA license cannot perform:
1. A CPA organizes audited or reviewed financial statements and file a report with the Securities and Exchange Commission.
2. Represent clients in front of the IRS.
CPA Firm Services
Certified Public Accountants at CPA firms basically help in the below-mentioned areas of business:
• Tax services
Under these services, CPA is supposed to prepare and file federal, state, and local tax returns and work with companies and individuals during the year to minimize their tax charges. A CPA firm can represent their clients in case of an Internal Revenue Service (IRS) audit or investigation by loc and state tax agencies.
• Audit & assurance services
These services are independent professional services that improve the quality and transparency of both financial and nonfinancial information for the business holder. Auditing is a kind of assurance service and intended to provide accurate and correct financial information. CPAs under these services will provide both internal and external credence for financial statements and make sure that an organization is on the right track.
• Management services
Under these services, CPAs will be responsible for managing the routine activities of an organization or individual and also provide well planned and long term planning. Such services may include cash management, budgeting, and financial planning, preparation of financial statements; investment planning; and estate planning, etc.
Additional Services a CPA may provide
CPAs may also help people resolve some other issues involving money like:
• Bankruptcy and insolvency reorganizations
• Civil cases
• Divorce settlements
• Scam Investigations
• Professional liability allegations
Every business owner needs CPAs to assure the long-term success and sustainability of the business. A CPA will provide his expertise to your business, helping you as an advisor as well as an accountant. Hiring a good certified public accountant not only keep your finances on track but may also save your time and you can focus on other areas of your business.
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