You may have seen the letters CPA in front of an accountant’s name before, but have you ever stopped to ask what a Certified Public Accountant does? A lot of people think that CPAs file taxes, and while that is true for some CPA, a growing number are becoming financial advisors to their clients.
So whether you are a salaried individual or a business owner, finding a good CPA can help improve your finances.
Wondering what value hiring a CPA can offer you? We got you covered. We reached out to Adam Valdez from Adam Valdez CPA, one of the best accountants in San Antonio, Tx, to find out all the services CPAs like him can offer. But before we delve into that, here is what being a CPA actually means.
Who Is A CPA?
The Certified Public Accountant (CPA) designation is one of the most sought-after credentials in the accounting world. To get the designation, one has to study and pass a special CPA exam to acquire a license by the state.
While all CPAs are accountants, vice versa is not the case. This license comes with expertise and gives CPAs certain authorities like signing tax returns and auditing financial books that regular accounts don’t do.
What Can a CPA Do?
1. Accounting and bookkeeping
Every business has a bookkeeper who keeps track of the income and expenses of a business. A Certified Public Accountant (CPA) is also an accountant and makes a really good bookkeeper due to their expertise in accounting and finance.
Every business needs an auditor to review its financial statement and record as required by the IRS. Along with such external audits, a CPA can also conduct an internal audit for a business by reviewing their systems and processes and helping optimize them.
3. Payroll management
By using a payroll service from a CPA, you can make sure that your employees are being paid correctly and on time. You will also be able to ensure that they are receiving all the benefits they are entitled to as per the law as CPAs keep themselves updated with labor laws as well.
4. Litigation services
CPAs can assist you and your lawyers in litigation cases regarding financial matters or even offer cost/benefit analysis of pursuing a case in court.
5. Tax planning
While all accountants can prepare your tax forms, only a CPA can sign them. And due to their expertise in the field, they can help reduce your tax burden by helping you manage your finances better.
6. Estate planning
A lawyer may not be well-versed with financial consequences or taxation laws. So it is better to appoint a CPA to maximize the value of your assets for you and your beneficiaries. They can act as the executioners of your will and plan all tax deductions accordingly.
When you choose the right CPA to handle your finances, you can focus on the important tasks in your business. CPA professionals know the laws inside out and are experts in their field. They have the skills, experience, and knowledge to resolve any issue that may arise for your business or tax files.
Hence, you should not delay in appointing a CPA to handle your finances and tax forms. Adam Valdez CPA is one of the best San Antonio CPA firms and will help in income tax planning and preparation, bookkeeping, and payroll services along with general business consulting. So call their office today to book a consultation right away.