CPAs assist with accounting services such as bookkeeping, financial statement preparation, and audits. They also help with tax services, including tax planning, preparation, and compliance, ensuring your business is legally compliant with state and federal laws.
Moreover, CPAs offer business advisory services like financial analysis, investment advice, and developing strategies to improve profitability. They help with merger and acquisition transactions, as well as succession planning.
A CPA can even act as a consultant, helping you make informed decisions about budgeting, forecasting, and risk management. They assist in developing new policies and procedures for your business and support you in navigating complex financial regulations and laws.
You should ensure they have updated knowledge of the accounting standards and tax laws. They should also have experience in your industry and the services you require.
Look for their communication skills, attention to detail, and strong analytical skills. They should also be able to work under pressure and handle multiple tasks.
It is recommended to check for the CPA's licensing and credentials through the state Board of Accountancy. Additionally, you should consider the CPA's reputation, testimonials, and references from former clients for their expertise and professionalism.
CPAs are licensed and have undergone rigorous educational and experiential requirements, ensuring their competence in various financial fields. This gives them an edge over other financial professionals who may lack the same training and qualifications.
Additionally, CPAs adhere to a strict code of ethics, assuring business owners that their financial affairs are being handled with integrity and professionalism. They also offer personalized financial advice and consultation to help businesses achieve their goals and objectives.
Yes, a CPA can represent you during an audit or dispute.
They are authorized to represent clients before the IRS and other tax authorities. A CPA can assist you in preparing for the audit or dispute, communicating with the IRS on your behalf, negotiating a settlement, and appealing a decision.
However, it is important to note that not all CPAs have the same level of expertise or experience. You should choose a CPA with a strong track record of successfully representing clients in audits and disputes.