Why Do You Need a CPA?
In the world of finance, there are plenty of acronyms people use to identify their credentials. In the accounting community, it doesn’t get any better or more professional than the designation Certified Public Accountant (CPA), because those initials mean that one has gone above and beyond what’s required of them to learn advanced accounting techniques, methods and systems. Sure, you can hire a regular accountant to handle your books, but if you compare the savvy and acumen of a standard practitioner to that of a CPA, you’ll wonder why you ever considered settling for someone with less expertise.
1. CPAs Are Versatile.
It doesn’t matter what sort of accounting system you use (or don’t use). CPAs are skilled at sorting out everything related to personal and commercial books, spreadsheets, banking records and more. CPAs prepare income tax returns and maintain fiscal records for individuals, small and large businesses. When you hire a CPA, you can depend upon him to ferret out mistakes more proficiently than a regular accountant, because they’ve been trained to spot errors in unlikely places. Whether all you need is someone to balance your books or you require services like asset allocation solutions, expect a higher degree of expertise from a CPA than from an accountant.
2. CPAs Organize Their Client’s Financial records.
You do what you do best—run a business–which is why it’s important that you concentrate on keeping your doors open and handling day-to-day operations rather than fretting over spread sheets. Turn the job over to your CPA and she will thoroughly inspect every aspect of your financial situation and organize things so efficiently, you’ll never again have to worry about finding that stash of receipts you toss into boxes and then run around trying to find when tax season arrives! Everything will appear in appropriately-designated files for quick retrieval once your CPA organizes your financial life.
3. CPAs Are Brainiacs.
If you caught a glimpse of the material on the American Institute of Certified Public Accountants’ proficiency and qualifying exams, you would be mighty impressed. Accountants take CPA certification exams after at least 150 hours of daunting in-class and study preparation. Only then can he or she sit for the American Institute for Certified People Accountants examination required to earn that CPA. Add this advanced competency study and testing to an accountant’s previous education and experience and rest assured that when you find and hire a CPA, you’re getting the best professional financial assistance on the planet.
4. CPAs Act as Personal Auditors.
The word is scary, but we’re not talking IRS folks eager to turn your world upside down. Think of CPAs as auditors who are on your team! Auditing is a complex and involved process that requires a keen mind and plenty of extra education to properly investigate financial records and sleuth out problems and errors before the IRS gets their hands on your company books. Audits are terrific tools because they can save a business owner from making inadvertent mistakes or risk financial ruin. Under the watchful eye of a CPA, your business records will likely be subject to an annual audit. When you find a CPA, no worries about remembering that annual audit–your CPA will remind you!
5. CPAs Work for Every Business Type and Size.
You probably have a preference when it comes to the people in charge of maintaining, updating and reconciling your financial records. Perhaps you like to work with a large firm with offices in many cities because your business has several locations. Maybe you prefer the personal touch of a single practitioner who takes a finite number of clients under her wing. Big or small, you will find a CPA capable of meeting your exact needs because some work for themselves and some work for financial service providers. It’s wise to meet with several CPAs to see which best suits your business. Who knows, someday you might be in a position to hire your own CPA so there’s a financial mind on premises 24/7.
6. CPAs are Consummate Professionals.
CPAs take seriously their responsibility to be an active member of their professional community, to maintain the privacy and secrecy of clients and to treat as sacrosanct any financial information to which he is made privy. After all, he has a reputation to uphold that he committed to honoring on the day he received his CPA credentials. Further, CPAs have a responsibility to continue their education, so when you hire a CPA, you can expect him to undertake continuing education classes, workshops and seminars required to maintain one’s license. Further, you won’t have to worry about a CPA falling behind on the latest news, advances, updates and tax laws that impact your bottom line.
7. CPAs Work on your Schedule, Not Theirs.
You’ve got a business to run, so if you need your financial advisor when a problem arises, you don’t want to wait until it’s convenient for her to show up. Certified Public Accountants working with commercial clients, businesses and retailers know that financial conundrums can erupt in a matter of minutes and quickly morph into crises capable of making or breaking a business owner. CPAs are better equipped to identify and diagnose emergencies and offer immediate recommendations to solve problems before they become life changing–and isn’t that the best reason of all to hire a CPA?