CPAs Continued…

To become a CPA an individual most complete a Bachelors degree in Accounting at a college or university. Upon completion of the recommended study, the future CPA must pass a certification exam called the Uniform CPA exam. Some States require the future CPA must also have accountancy work experience. Continuing education for the CPA is also a requirement in most States.

For Information on education and certification you can check out the AICPA site at www.aicpa.org. (American Institute of Certified Public Accountants)

Benefits of Employing a CPA

A knowledgeable and experienced CPA can provide your business with benefits and insight that will improve efficiency and solve problems. Many CPAs can help their clients sort out financial and management concerns. A CPA can help your firm save taxes, reduce operating costs, properly train bookkeeping and accounting personnel, prepare business plans and even talk to the IRS.

Here is a list of services a CPA may be able to offer:

For Business Owners:

• Set up accounting systems
• Get business funding
• Analyze operating results and recommend improvements
• Prepare taxes
• Prepare Audits and financial statements

For Individuals and Taxpayers

• Create budgets
• Retirement planning
• Assess insurance needs
• Consult on investment strategies
• Consult on tax strategies
• Talk to IRS

Things to Keep In Mind

All CPAs are not created equal. They do not all provide the same range of services. Therefore it is important to know what your needs are before you begin your search for a CPA. Look for an individual or firm that can provide adequate experience in the areas that concern you. A little preparation can go a long way when you do sit down to interview a prospective CPA. Write out a summary of your plans and objectives so that you will be prepared to discuss them. Have information about your business or personal finances on hand so that you can ask specific questions of the CPA.

When you have hired a CPA remember to keep them informed of changes in your organization or financial plans. Also, make sure the CPA knows exactly what you expect from their services.

By MS Kauffman