WHO IS A CPA AND WHAT DOES HE/SHE DO?
A CPA (Certified Public Accountant) is a professional accountant who has successfully passed the CPA exam along with a bachelor’s degree. A CPA must also have accounting experience that’s not less than a year. CPAs can get into multiple career positions related to accounting and also a few other industries as well. CPA position is one of the most desired and sought after designations in the financial industry.
Here’s a look at what CPAs do:
What does a CPA do?
– A CPA is the person who oversees the procedures of maintaining and auditing the financial records of a company.
– CPA also partakes in the management of financial and budget sections of a company.
– Tasks such as bookkeeping, financial planning, preparation of taxes and government audits are performed by a CPA.
– A CPA also contributes through valuable suggestions on how to effectively save money.
– CPA also takes care of anything related to tax returns. A CPA also makes sure that taxes are paid without any delays.
– Any type of misinformation, errors, overspending, and fraud activities related to your account can be audited by a CPA.
– Any type of budget related aspects can be analyzed and reported by a CPA.
– Several other financial aspects such as Asset protection and Compensation can be advised by a CPA.
A CPA in a public accounting firm:
At a public accounting firm, CPAs can take the following positions:
– Auditing & Review: One of the major tasks that CPAs perform at a public accounting firm is auditing and assessing the financial statements of clients.
– Tax related services: Tax preparation is a very complicated job, which is why many people prefer to hire a CPA to do the work.
– Consultation: People can consult and discuss various aspects of their business with a CPA and obtain productive suggestions from them through their consulting services.
– Financial Planning & Business Valuation: CPAs are the right persons to seek advice from, when it comes to matters such as selling your business or transferring it.
A CPA in other industries:
Other than accounting, CPAs usually take up the following positions:
– Business Management: CPAs are very good at managing a company, as they have a very good idea of how business companies operate.
– Company Executives: As the CPAs have a very knowledge of how the inner spectrum of a company operates, CPAs make very good CEOs, CFO, and also COOs.
– Government: Government organizations such as FBI, IRS, Military, and Congress, all of them need CPAs for accounting purposes.
– Education: Majority of the accounting professors at universities possess CPA certification, as they’re supposed to teach potential future CPAs.