A certified public accountancy (CPA) can work wonders for your company’s finances, help keep your bookkeeping in check, manage your tax affairs, conduct audits and help with estate planning. But who actually needs to use one of these companies, who can benefit and what will they actually do for your business?
Anyone who runs a business knows it’s a financial minefield out there. Most people will engage the services of an accountant at some point to help them cut through the red tape and deal with the often confusing and usually copious amount of paperwork which lands on their desk.
So what’s the difference between an accountant and a certified public accountant? A hugely difficult professional exam is the difference. Undoubtedly an accountant is a respected and qualified professional and for individuals and small businesses they are generally the right person to call upon to deal with financial affairs. But a certified public accountant has passed the certified public accounting exam and achieved the designation and is considered to be of the highest financial calibre. As a consequence, certified public accountants can offer sound, in-depth advice for a whole host of extremely complex financial scenarios, help you put robust plans in place and make sure you’re operating legally at all times.
What services do they offer?
Most of these firms will offer a range of services, so if you think your business needs extra support in these areas it’s definitely worth thinking about stepping up a gear and seeing what a certified public accountancy could do for your business. It’s a given that CPAs will be able to offer general accountancy services, such as managing payables and receivables and preparing reports for your bank. They can also help support your bookkeeping and payroll practices. Many will also offer attest services, so in the event of an audit or a review, they can offer respected assurances that your financial statements are correct and complete.
Software is another big area of accounting which can leave many business owners scratching their heads. Being an expert in your chosen field of work is one thing; setting up a business and managing the IT side of things is an entirely different concept. These experts can offer sound advice on the right type of accounting software; offer training and implementation support and be on hand to help with any issues.
You’ll also benefit from business forecasting and projection services, helping to ascertain your company’s financial potential and plan for contingencies.