If you run a small business, you might ask yourself if you really need to hire a CPA.
The first thing many people think of when it comes to CPA services is tax preparation. It's important to know that while anyone can act as an accountant, even someone without so much as a high school diploma or GED. A Certified Public Accountant is one who has completed thorough training and passed a rigorous state exam to ensure they are qualified to serve you according to skill and knowledge. CPA's are required to complete 80 hours of Continuing Education Units (CEU's) every two years in order to maintain their license. The 80 hours must include 20 hours of accounting and auditing, 4 hours of a Board approved ethics course, and no more than 20 hours in behavioral subjects.. They know how to minimize your likelihood of being audited, have the experience to deal with an audit, and are able to represent you directly to the IRS. A non-licensed accountant, even one with a PTIN, has limited practice rights. Beyond tax season, a CPA knows business. A CPA knows finance. A bookkeeper and an accountant can keep your accounts straight, and let you know if you're profitable or not, but a CPA can analyze your records, identify excessive costs and opportunities for increased profit, and in general help you make better financial decisions based on years of study, experience and understanding. I can't tell you that your small business absolutely must hire a CPA, but I can tell you that there are reasons to give it your serious consideration.
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