The certified public account or CPA is an accounting professional who has passed the CPA exam. Additionally, this also means that they completed the level of work experience and state education requirements to be a fully licensed CPA. The standards are mainly set up by the state of accountancy of a state, where he/she has applied it. Since there is no universal CPA license, all the states of the country have an additional five license jurisdiction act, which stands independent for one another. Therefore, all the different jurisdiction requires a set of qualifications for the licensure. When you are looking for an affordable CPA certified public accountant, the license and experience, knowledge, skills, and talents a CPA carries will play an important role.
What Can a Certified Public Accountant Do?
You need to find a CPA that carries a good amount of knowledge on the type of work you do and there are you specialize in. This is because a CPA works for different areas in the industry, and the opinions they carry are also pretty much different. Given below are some of the industries they work for.
1. CPA in a Public Accounting Firm
There are different areas and jobs under which the CPA works and some of them are provided below with a full description. They are
- Review and Audit: The main job of a certified public account when working with a public accounting firm is to perform auditing for the client’s financial statement. Once the work is done, they will provide their opinion on the statement itself. Honestly, the auditor is pictured as the unbiased third-party who evaluates and reviews the financial statements that are provided by the management. Based on the final auditing records, the CPA will deliver its opinion about whether there was any misstatement in the material or not.
- Tax Preparation: This is one of the most important and popular career paths for a CPA. You will not find it to be difficult when you are looking for an affordable CPA certified public accountant. You will be easily directed to a CPA who is an expert in the tax industry. Their job is to prepare all types of tax forms which can range from property to income taxes in the process. They will also take responsibility for providing tactics and strategies, advising them to minimize their tax burden.
2. CPA in the Industry Accounting
Given below are some of the positions where the CPA plays an important part in industry accounting. They are
- Company Management: In this area, the CPA takes up the position to become great managers. This is because, they have the perfect understanding of finance, operation and knows how to improve profitability.
- Company Executives: The CPA receives the post of a CFO, CEO, and COO since, they carry a good understanding of the inner workings of a company. It is also very uncommon or a company to hire a CPA as of the CFO of the company.
- Education: In major universities, you will come across professors who are certified. Although, it is not a requirement of their experience and qualification will encourage students to become a CPA themselves.
Why Do You Need The Help Of The CPA?
The reasons can be many that will serve as an answer to the above question. Whether you run a big or small business, you need the help of a good accountant. The managing of investment, saving money, preparing the tax and planning retirement can be taken care of by the CPA itself. Given below are some of the reasons you need the CPA. They are
- They will help you stay updated with the changing of the tax laws.
- They have the power to improve your credit rating.
- The CPA will help you reduce your debts and negotiate with the creditors as well.
- They will provide you with advice on your financial freedom.
- The CPA will provide you with financial understanding if you are a top earner.
- They will help to manage all your financial accounts when you have a multiple-source of income in your hands.
- If you are a business owner yourself the CPA will provide you their assistance by taking care of the financial department.
- When you wish to start a new business venture, the CPA will help you prepare for it.
However, with the above-mentioned points in hand, there are numerous other reasons to hire a good and trusted CPA for your business or financial services.
The CPA is a very important figure in the industry, where they major roles for different areas in the financial department. Their presence and existence will help improve the financial, tax, and accounting departments of all the industries.