Tax preparation is one of the most important financial actions a person or business completes. Errors in taxes can result in you having to file amended returns, cost you money or even see you accused of tax fraud. CPAs or Certified Public Accountants are powerful professional resources that can help ensure your business and personal taxes are managed correctly. With their help, you can rest easy knowing that your financials are in good hands.
Accountants Vs. CPAs
While some people use “CPA” interchangeably with “accountant,” they are not the same thing. Accountants hold bachelor’s degrees in accounting, but CPAs have that as well as further education, experience and testing. CPAs can then use their knowledge and skills to give you a broader range of services than an accountant can.
Finding the Right CPA
When searching for a CPA for yourself and/or your business, look for those that have established experience with a good business rating. Read reviews online from past clients to ensure CPAs you’re considering are able to meet your needs. Check to ensure that they are registered to do business within your state.
When you’ve found one that looks promising, schedule a meeting to discuss a potential relationship. Having an understanding of what you will need from them will help you to get the answers you want. For many, filing taxes and performing financial reviews will be two necessary services.
Even if you have experience filing personal taxes, filing business taxes is a different beast with complex requirements, and navigating the process incorrectly can cause your company to owe more or have to pay fines. CPAs understand the nuances that characterize business tax preparation and can set your business up for success. Check that any potential CPA you hire has experience within your industry.
Performing Financial Reviews
CPAs are enabled to perform financial reviews which differ from audits but offer similar benefits. While an audit is the most thorough financial statement a CPA may provide, they are not always necessary. Financial reviews are less comprehensive but still offer many benefits, including limited assurance that no material modifications need to be made to financial statements so that they conform to the framework of the financial reporting.
When audits aren’t required, having a CPA conduct a financial review can be an excellent way of getting information and reports you and your investors can use to make decisions about future financial decisions.
Your finances deserve professional attention that can help ensure you have accurate reporting and taxes done correctly.
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