Certified Public Accountant
A CPA can help a business owner organize his financial records so that tax preparation becomes easier at the end of the year.
Maintaining business accounts is important to avoid tax audits. If you have maintained day to day accounts for the whole year, it helps you report your full income while filing tax returns. However, small business owners are often negligent toward regular accounts maintenance. A CPA can help you with this by offering two important sets of services – bookkeeping and financial accounting.
If you hire a CPA in the beginning of a fiscal year, he helps you maintain the financial records of your business right from the beginning. You must know the fact that a CPA can handle bookkeeping as well as financial accounting. Everything from payroll to business cash flow is streamlined by a certified accountant.
Our Values & Services
The CPA compiles information in the form of financial statements. Such information is specifically the representation of management of the association. The CPA takes little responsibility for these statements, is required to perform very few procedures, and gives no assurance as to compliance with generally accepted accounting principles (GAAP).
The CPA performs limited procedures, consisting primarily of inquiries and analytical procedures; and provides negative assurance to the Association that financial statements are properly prepared in accordance with (GAAP).
The CPA performs an examination of the financial statements, and issues a positive statement as to their compliance with GAAP. Extensive procedures are performed. This level of service requires more extensive industry knowledge by the CPA, and that the CPA be independent with respect to the association.
A business owner must be familiar with the tax deductions that are legal and those, which are not. A CPA has in-depth knowledge about various deductions that can reduce the burden of tax for a small business owner. At the same time, a CPA has information about deductions that are invalid and should not be included in the tax return documents.
Any attempt to gain benefits out of invalid tax deductions can lead to the issuing of tax audit against your business. Besides, a CPA helps a business owner maintain all required documentary proofs that support the deductions included in the tax returns.
How to choose the right CPA
- Accurate advice regarding your system of accounting
- Partnering with your professional team such as with your attorney and banker
- Planning advice for your estate, financial, retirement, and taxes
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