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What can a CPA do for your company?

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CPAs follow GAAP rules, generally accepted accounting principles. These are uniform standards of, and guidelines to, financial accounting and reporting. The Financial Accounting Standards Board and the Governmental Accounting Standards Board are authorized to establish these principles.

CPAs can act as business advisers and many individuals and companies turn to CPAs for help with

• tax preparation,
• accounting,
• financial planning, and
• auditing services.

However, CPA’s have many specialties and may be trained or have experience in a wide range of financial matters. Beyond the fundamental tasks, CPAs may offer a wide range of knowledge and skills, such as the following.

• Perform complicated accounting functions and make accounting decisions.
• Advise on developing effective accounting systems.
• Prepare financial statements such as profit and loss statements for internal decision-making.
• Perform tax planning for the future.
• Offer auditing and attestation.
• Help with compliance issues, such as reporting for a particular industry.
• File statutory paperwork with governments.
• Prepare financial information for banks in connection with receiving loans.
• Analyze your company and identify process failures, giving recommendations for improvement
• Act as a business consultant to identify flawed business practices.
• Offer budget analysis, forecasting,
• Information technology, systems consulting and auditing,
• Financial and investment planning, estate planning,
• Management consulting, limited legal services, forensic accounting, and business valuation.

CPAs are financial strategists who help chart the growth paths of businesses and individuals. Businesses seek CPAs to not only manage finances and taxes, but also to determine profitable new product lines, help diversify investments, and provide a variety of other consulting and business services.

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