Did you know that about 75% of people in the United States aren’t taking active steps to secure financial stability in the future?
Whether you are wanting to improve personal finances or own a business, you should work with professionals to secure finances.
If you run a business that could use improvements in the financial department, it may help to learn what is a CPA.
Continue reading to discover what does certified public accountants do and how they can help your company!
Table of Contents
Provide Tax Advice
If you are wondering, what does a certified public accountant does, you should be aware that they can provide tax advice.
Certified public accountants (CPAs) have a strong understanding of how to file taxes and work with the IRS. They can help represent your business when dealing with the IRS and provide guidance on how to handle situations.
Getting tax advice from CPAs is beneficial. This is because they can prepare you throughout the year for tax time so that you aren’t overwhelmed when paperwork is due. If your business is going to get audited, a CPA can also help you navigate through the process with minimal issues.
Conduct Internal Audits
One of the most beneficial things that a CPA can provide your company is internal audits.
What does a CPA do during these audits? The CPA will look through your business’s data and finances to find issues and discrepancies. This is a good practice to get into because it helps prevent issues with the IRS or finance department.
A certified public accountant will be able to present the information to you in an unbiased manner so that you can deal with the numbers. They can help ensure that your business is on track with goals and not falling behind as well with these audits.
Assist with Management
A common CPA career that people train for is the management of finance departments.
If you need a supervisor or manager for your financial operations, a CPA is a great person to consider for the job. CPAs have experience working with numbers on a day-to-day basis and can also help with long-term planning. They have an abundance of knowledge that they can share with the time and are typically organized individuals.
Many things CPAs can help with management include financial planning and risk management. They can also assist with estate planning and preparing financial documents for the IRS and vendors.
Help with Forensic Accounting
Many accounting careers are thought to be dull, but forensic accounting is where interesting things happen.
If you fear that there is fraud occurring at your company, it can be helpful to hire a CPA. A CPA will be able to analyze your expenses and where money is going daily. They can locate the smallest details that point out the fraud and help protect you from losing money.
CPAs are trained in finding issues with tax evasion, embezzlement, and stealing. It can be a good idea to have a CPA on the payroll if you think that a partner or staff member is taking advantage of your money.
Administer Payroll
Taking care of payroll can be an overwhelming task for people who aren’t properly trained.
If you want to improve productivity in the workplace and minimize errors, a CPA is recommended for payroll needs. CPAs can ensure that staff members are paid when they are supposed to be and that the correct amounts are deducted for insurance and retirement.
Since certified public accountants are organized, they can handle tracking reimbursements and disbursements. Managing payroll is a full-time job that will require knowledge of finances and taxes.
Handle Bookkeeping
If you are sick of tracking all of the company data and need assistance, a CPA can help.
CPAs are excellent bookkeepers for businesses.
They can collect data and have a stronger understanding of what the data means. A CPA will be able to monitor and record invoices for vendors. This will ensure that expenses are consistent and that you are getting everything you ordered.
Another way that CPAs can help is that they can ensure that money is making its way into your business account for products or services. Having someone track this information will give you peace of mind and know that you aren’t getting ripped off.
File Taxes
Does your company hire a business or consultant to do your taxes every year?
Instead of hiring someone annually, you can hire a CPA that works for your company and already knows the details about your business. CPAs can prepare your tax returns and request filing extensions if you need them. They have a good understanding of the language used on tax documents and know what is necessary to avoid being audited.
The best part about using an internal person to file taxes is that they can collect information throughout the year. This way, you don’t need to gather it last minute. Filing taxes can be a stressful part of the job that you shouldn’t have to waste your energy on when there are experienced people who can help.
Some businesses choose income tax outsourcing to get the job done, which can also be beneficial.
What Does a Certified Public Accountant Do for Your Business?
If you are wondering, what does a certified public accountant do, there is an endless list of things they can assist with.
Hiring a CPA can improve productivity and efficiency at your business. They can help with payroll, taxes, and dealing with the IRS. All of the things that CPAs are knowledgeable about including fine details that can’t be overlooked.
Instead of stressing over your finances and figuring out if you are on track with your goals, you can get help from a CPA. You will feel much more confident in your finances when you have someone who devotes their time to them.
Be sure to check out our blog for more articles about accounting jobs and how a CPA can improve your business!
