Whether you need tax preparation, auditing services, or advice on developing an effective and reliable accounting system, a Certified Public Accountant (CPA) can provide your business financial advice. No matter the size of your business, a CPA can help your company with financial planning and taxes, with determining the profitability of new product lines, diversifying your investments, and providing a variety of additional business and consulting services.
While business owners may be experts in their industry, they most likely are not tax or legal experts. Every business needs an accountant and an auditor. Make the most of your organization’s hiring leverage by bringing a CPA on board to handle the following:
1. Best Practices:
By helping your business establish the correct procedures to manage revenue, a CPA can bring your company to a place where it can maintain proper controls. By determining the best bookkeeping and accounting systems, a CPA can set your business on the right path of best practices. A resource for managing your expenses and investments, a CPA can create reports that allow you to see where your organization’s finances stand at a glance.
2. Financial Analysis:
By analyzing monthly and yearly reports, a CPA can advise you on the financial health of your business. Beyond bookkeeping and balance sheets and profit and loss statements, a CPA possesses the expertise to provide a more in-depth analysis of your business.
3. Tax Law:
Don’t pay more in taxes than you have to. A CPA can help. To pass the CPA licensing exam, CPAs must have a thorough knowledge of the tax code. An accountant can prepare and sign your company’s tax return, but only a CPA can represent you before the IRS. With this knowledge, a CPA can help your business run in the most tax-efficient method possible.
4. IRS Audit:
In the worst-case scenario that your business undergoes an IRS audit, a CPA can represent you. An accountant can only do so in a limited capacity. Protect your business by hiring a CPA to handle your business taxes. By ensuring your CPA has full authority to represent you during an audit, you can have your CPA execute claims on your business’s behalf.
Differences Between CPA & Accountant
The most recognized professional designation, CPA requires strict licensing and qualifications requirements, distinguishing the designation from other financial experts. A CPA is an accountant who has passed a state licensing exam, making them highly qualified to provide professional accounting services.
Accountants are tax professionals who follow tax rules and regulations. While all CPAs are accountants, not all accountants are CPAs. Whether it’s financial planning, financial analysis, accounting, tax preparation, financial reporting, or forensic accounting among many other fields, CPAs assist businesses in planning and implementing their financial strategies to achieve their goals.
One more difference between accountants and CPAs is salary. According to Robert Half Salary Guide, accounting professionals with a CPA credential make 5% to 15% more, on average, than accountants with no credential.
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