To pass the accounting profession is one thing and to succeed the board is another. A Certified Public Accountant (CPA) did those two. CPAs are eligible.
They are the type of professionals you need in the business. They don’t just do the work for you. CPAs do the hard ones for that matter.
CPAs are licensed financial and tax professionals. They oath to follow the rules and regulations set by the Financial Accounting Standards Board (FASB).
These rules are commonly known as the Generally Accepted Accounting Principles or GAAP. This is the standard that businesses follow when they collate their financial statements like Statement of Cash Flows, Balance Sheet, and Income Statement.
You should be familiar with these three if you are doing business. CPAs can do these for you.
One of the differences between accountants and CPAs is the license. Accountants aren’t licensed. CPAs’ studies don’t stop after the board exam.
They continue to learn and study different aspects of their profession to keep their license. Also, they have to be upright all the time.
They must conform to the rules and regulations and even laws within the scope of their career to take care of the license they really worked hard for.
Not all CPAs have specialization in small business tax, but they sure are experienced with the tax laws. In their licensing exam, a big part of it is about the tax codes. If they passed it, they definitely know it well. Tax Code is crucial. CPAs are always up-to-date on it.
Their knowledge about this will benefit your company and help you deal with tax issues whenever they may occur. With CPAs beside you, you don’t have to worry that much about your taxes.
CPAs are also analysts. They do the reading or your data and records thoroughly. They will also take an extra mile to give you advice regarding tax and financial situations.
When it comes to audit, CPAs can support you. A going concern business must undergo both internal and external audit to assure the sustainability and accuracy of the reports.
It is also part of the law to file business taxes accordingly. Accountants can assist you but only in limited situations. CPAs designation is broad. They are credible in critical business decisions not just in taxes.
If there is a professional you need to hire, CPA is the one. Do not forget how important your financial stability is. If this goes downhill, your business goes with it. Here in Equilyst Analytics, Inc., we can help you with your accounting and tax consultancy needs.