Most of the startups and small firms hire bookkeepers for general-purpose accounting. They help firms to maintain transaction records like sale, purchase and other accounting statements required for audit. This is where firms fail to calculate their actual profit and loss. They are forced to close their ongoing business.
You can take the help of a highly qualified accountant like Certified Public Accountant (a CPA), of the Pacific Accounting Group located in Los Angeles, California. They have expert CPAs to provide you deep understanding of your business to help you make your financial decisions. You can avail their various accounting like tax planning and preparation, payroll, bank financing, cashflow management and much more.
Who is a CPA?
A CPA is certified accounting professional who has passed the Uniform CPA Exam to meet the qualification set by the state he/she lives in. CPAs can only represent a firm or an individual in front of the IRS of the United States federal government. They are highly qualified and experienced than other accounting professionals to abide by the code of ethics.
What are the roles of a CPA?
A CPA has varied of advisory roles for their clients to help them make right financial decisions. Here are few of their most important roles for which they are in great demand.
1. Audit Services –
CPAs audit the books of their clients and prepares standard financial statements. These statements help the firms to make big financial decisions. You can avoid being called by the IRS with the help of a CPA audit, as they are highly qualified to make accurate and true financial reports.
2. Tax services –
They prepare and file all types’ tax returns of their clients. Your CPA can provide tax related advices to reduce your tax burdens. This helps reduces the need of an audit.
3. Management and Consulting services –
These services help the businesses to make strategic and long-term planning for the growth. CPAs manages business’s day-to-day financial activities to help them with cash management, budgeting, financial planning, risk management, investment and estate planning. They can help you execute your vision of long-range growth of your company. They provide all required data like your present assets, required money and how to get it.
4. Forensic accounting –
In this case, a specialized CPA reconstruct destroyed financial records to investigate illegal or unlawful financial activities that may have happened.
5. Litigation services –
A CPA can make an accurate case study and prepare a report to present a winning case in court. You are not required to face any federal, state or local tax board. All CPAs are liable to represent their clients in the court.
6. Payroll Administrators –
Your CPA will help you to tract all expense reimbursements or profit-sharing disbursements. They ensure payroll taxes, insurance and retirement withholdings are deducted correctly.
CPAs has the analytical research skills and are high ethical to think critically for solving any problem. They are highly qualified with rigorous ongoing training. Your CPA helps you to file tax returns without any errors and saves you on unnecessary penalties.