Certified Public Accountants (CPAs) are professionals who provide a wide range of accounting and auditing services to individuals, businesses and governments. They help companies with their taxes and assist individuals with their financial affairs.
CPAs also work in the areas of business valuation, corporate finance and management consulting. In addition to these activities, CPAs stay up-to-date on best practices by following industry standards for conducting audits, managing risk, and compiling and preparing financial statements for internal use or public dissemination.
Tax & Financial Planning
CPAs work with individuals and businesses to improve their long-term financial success. They advise clients on tax strategies, asset management and estate planning.
CPAs also help their clients manage their wealth by using sophisticated financial planning models that factor in all sources of income, including investments and retirement plans.
Auditing & Reporting
One of the main services provided by CPAs is auditing a company’s finances to ensure that its records are accurate and compliant with regulations. This may involve reviewing client books or financials, conducting interviews with employees, performing testing procedures and producing reports based on findings.
Business Valuation & Consulting
Another key responsibility for a certified public accountant (CPA) is calculating the value of a business so that it can be bought or sold. This process, called business valuation, takes into account a variety of factors such as the company’s earning power, its physical assets and the market conditions of its industry.
CPAs also often serve as consultants to their clients, offering advice on everything from tax planning to increasing profits. In this role, they may offer recommendations on organizational structure, pricing strategy or ways to cut costs.
Not all accountants do this — forensic accounting is a relatively new field that combines accounting with law enforcement. Forensic accountants are often called upon to investigate white-collar crimes such as embezzlement, money laundering and fraud. In addition to reviewing financial documents, they may also need to collect and analyze evidence, interview witnesses or defendants and create reports that may be presented in court.
Benefits of Hiring a CPA for Your Business
Certified public accountants (CPAs) offer many benefits to businesses. Hiring a CPA can help you save money, time and headaches down the road. Here are some of the top reasons to consider hiring a CPA for your business:
1. They Can Help You Save Money
One of the biggest benefits of hiring a CPA is that they can help you save money. A CPA can help you take advantage of tax breaks and deductions that you may not be aware of. In addition, they can help you set up systems and processes to avoid costly mistakes.
2. They Can Help You Make Money
While saving money is important, making money is just as important. A CPA can help you develop strategies to increase your financial growth. In addition, they can offer advice on how to invest your money so that you can make the most of it.
3. They Can Help You Save Time
Another big benefit of hiring a CPA is that they can save you time. A CPA can help you organize your finances and keep track of your expenses. This can free up your time so that you can focus on running your business.