A CPA implies a higher level of expertise, training, and education than a generalized public accountant. CPAs are required to take regular continued education courses and pass an ethics exam on a scheduled basis. The list of what a CPA can do for you is extensive and worth considering for your financial and business needs.
- Financial Planning – Whether a CPA is managing individual clients or a business structure, they are the financial managers and planners who audit financial health and documentation to keep individuals and corporations in check.
- Tax Prep – Every business and individual needs support in preparing their annual tax returns. Public accountants are trained to file the appropriate documents, compute taxes owed, maximize a return if possible, and are responsible for making on-time and full payments as required.
- Consultant – CPAs are great advisors for individuals and businesses in helping with their accounting needs. They will help analyze your financial information and provide recommendations for improving your business operations, help plan your financial goals, and offer help and tips that can reduce your tax liabilities.
- Forensic Accounting – Forensic accounting is typically required by the courts or by attorneys to look for fraud or embezzlement activities. CPAs conduct investigations and audit all financial documents to uncover any fraudulent activity claims from clients, partners, and spouses. CPAs are required by law to review and provide very specific information to get to the bottom of the allegations.
- Audits – Audits are an integral part of being a CPA; they ensure that a business or individual financial transactions are legitimate and in compliance with all federal, state, and local regulations.
- Document Prep – CPAs handle all kinds of document preparation for their clients; they can help generate budget reports, financial statements, tax returns, annual and quarterly reports, and internal audits. This helps a business keep track of profits, expenses for the business, and other losses.
Utilizing the services of a Certified Professional Accountant is a beneficial outlet for both businesses in both the public and private sectors. Their knowledge and abilities provide a high-class service for their clients, from financial planning to auditing to the investigation of fraud.