cpa accountant

CPA Accounting: How Your CPA can Take Your Business to The Next Level?

CPA Accounting

CPA Accounting | The traditional role of CPAs has been to work as an accountant. Many businesses still consider the tasks of account books and financials as the primary job of a CPA. However, CPAs have been the trusted business advisors for decades.

If you facing challenging times, you can work with a CPA to take your business out of tangles.

Conventional Role of a CPA

A CPA is a qualified professional who comes with a professional degree and industry experience. Also, the conventional role of a CPA Accounting has been to manage the finance function of a business.

CPAs were supposed to look after the accounting, bookkeeping, tax reporting, and auditing function only. However, the role has evolved over the years drastically.

CPA as an Advisor

In short, modern CPAs are trusted business advisors. They are the change catalysts in any industry. In practice, CPAs are in a unique position to work as a key link between the finance function and other segments of a business.

Modern business challenges have also evolved. Today, businesses require complex problem-solving skills, solutions to cybersecurity issues, e-commerce challenges, and remote working problems to name a few.

How Your CPA Can Take Your Business to The Next Level?

If you can find a trusted business advisor, you can improve your business operations. Working with a qualified CPA can take your business to the next level through expertise and advisory services.

Here are a few key benefits of working with a CPA as your trusted business advisor.

Business Advisory

A trusted CPA Accounting can be your business advisor. You can expect a diverse range of business advisory services from your partner.

Business advisory services can include:

  • Business plans
  • Financial modeling
  • Tax planning
  • Business Growth and Profitability
  • Business Buy or Sale Transactions

The business advisory role can expand according to your business needs. Every business faces unique challenges by the business cycle stage or industry.

Objective Advice

One of the core advantages of working with a professional is to receive objective advice. As a result, you cannot fix something unless you realize it’s broken. However, many businesses cannot identify the shortcomings in their strategic and operational planning.

A professional CPA will always give you the right and objective advice. Once you identify the shortcomings, you can only then plan to improve.

Industry Knowledge

Another key advantage of working with modern CPAs is to obtain in-depth industry knowledge. They come with industry specialization. For instance, a dental CPA Accounting will be in a better position to offer business advisory services if you are running a dental practice.

Improved Business Operations

Your business growth and profitability are directly linked with the efficiency of business operations. In other words, qualified CPAs can help you improve operational efficiency as well.

You can devise a plan to improve business operations through:

  • Improved staff skills through training
  • Replacing obsolete equipment
  • Hiring or firing staff
  • Increasing operational efficiency
  • Managing cash flows and working capital
  • Debt refinancing
  • Cost-effective measures

Furthermore, operational efficiency is a key element when you think of taking your business to the next level.

Staying Proactive with Your Business Planning

Many businesses struggle with their plans because they do not stay proactive. Instead, they react to the situation and even fail to implement the action plan effectively.

Once you partner with a trusted CPA, you’ll learn to stay proactive with your business planning. For example, you can plan ahead of your competitors to introduce new technology in your business operations. Similarly, effective tax planning is a common example of proactive business planning.

Finding a Solution to Every Problem

Our businesses face unique challenges every day. Therefore, we cannot practice or predict such challenges. Instead, we can only find solutions to these problems with a CPA accounting.

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Contact Ash CPA to learn more about CPA Accounting. Call (617) 462-6651 or book online.

 

certified business accountant

What is a Certified Business Accountant?

Certified Business Accountant

A certified business accountant offers several services to a business beyond bookkeeping and accounting. You can perform these tasks by yourself as a business owner as well. However, certain financial services require special skills and expertise.

Let us guide you on how to hire a professional and certified business accountant.

What is a Certified Business Accountant?

A certified business accountant is a professional with a chartered or certified public accounting certificate. A certified body such as AICPA awards the certified public accountant’s license. Certified accountants need to pass the exam and complete experience requirements to obtain the certification.

A certified accountant such as a CPA is a qualified professional offering a wide range of services. These services can range from accounting, auditing, tax planning, and business consultation.

How is a Certified Business Accountant Different from an Accountant?

An accountant can perform all the bookkeeping and accounting tasks that a business requires. These tasks can range from bookkeeping, tax preparation, tax filing, financial statements, and accounting reviews.

A certified accountant on the other hand is a qualified professional with the ability to offer more than an accountant offers. A CPA can offer business consultation, transaction advisory, tax planning, estate planning, mergers and acquisition, business valuations, and tax representation to name a few key services.

A key difference between the two is the IRS audit representation too. A certified accountant can represent your business with unlimited representation rights.

How to Hire the Right CPA for your Business?

Hiring the right certified accountant can be a pivotal decision for your business. Outsourcing accounting and finance services is an important decision that will eventually affect your business in the long run.

Here are a few key aspects to consider when you hire a professional and certified accountant for your business.

Services Offered

That’s the first question that you should ask your outsourcing accountant. A certified accountant is capable of offering a wide range of accounting services. However, not every CPA offers all of these services.

You can expand the scope of partnership as your business grows. Thus, it’s important to start an outsourcing partnership with a certified business accountant offering comprehensive services.

Industry Experience

A certified accountant having industry experience matching yours will be an added advantage. Every industry comes with unique challenges and opportunities. Hence, an experienced accountant with expertise in your industry would be able to offer tailor-made advice for your business.

For instance, if you are running a dental practice, a dental CPA would be in a position to understand your business needs. You’ll then be able to formulate an effective financial matching your business objectives.

Accessibility

Online collaboration tools have made it easier to communicate with outsourcing accounting partners. However, you should ask whether your CPA will be available for customized tasks or not. Also, confirm the available working hours that match your business hours.

A certified business accountant in your locality would be an added advantage.

IRS Representation

The IRS offers two types of audit representation rights to accountants. Limited representation rights for non-certified accountants and seasonal agents. Unlimited audit representation rights for qualified professionals such as certified accountants, attorneys, and enrolled agents.

When you outsource the accounting tasks, you feel the comfort of full representation rights. You may find an IRS audit mail for various reasons. Hence, working with a certified accountant would offer an added advantage here.

Business Consultation

The role of certified accountants has evolved and become challenging. One of these challenges is offering advisory and business consultation services. Certified accountants offer business consultation and advisory services through their experience and skill set.

Advisory services and business consultation are prime factors to consider when outsourcing the accounting function. For instance, a dental CPA would be in a position to offer advice on medical equipment leasing or buying considerations. Similarly, debt restructuring, cash flow management, tax advisory, payroll taxes, and transaction advisory are key services that you can obtain from a qualified CPA.

Tax Planning

Managing the tax liability is the ultimate goal for outsourcing the accounting function for many businesses. However, tax liability management starts with long-term tax planning. Consulting a professional can help you manage the tax liability in the long run.

Learn More

Contact Ash CPA , Certified Business Accountant. New clients are always welcome. Book a call online here.

bookkeeping near me

Bookkeeping Near Me: What is Bookkeeping and Why You Need It

Bookkeeping Near Me

Bookkeeping Near Me | Bookkeeping forms the basis of an accounting system. It helps you organize the accounting records and make informed financial decisions. If done properly, bookkeeping will let you make consistent and strong investment, financial, and operating decisions for your business.

Bookkeeping Near Me starts with the inception of the business and continues as long as the business is running. It provides several benefits throughout the business lifecycle.

What is Bookkeeping?

Bookkeeping Near Me is the process of recording, processing, and organizing the financial records of a business. These records include income and expense entries, account receivables and payables, invoices, payroll, tax preparation, and preparation of business accounts to name a few.

Importance

Many businesses look for a bookkeeper to outsource the bookkeeping function. However, you shouldn’t rely only on the “bookkeeping near me” search. Finding a professional bookkeeping service for your business would provide long-term benefits.

Let us discuss some key benefits of outsourcing a professional bookkeeping service.

Compliance with Regulatory Laws

Bookkeeping is the process of maintaining accounting records. These records are maintained in accordance with the regulatory laws. Thus, when you follow the principles, you comply with regulatory laws.

Many businesses make the mistake of not investing in proper bookkeeping near me at first. The costs incurred on outsourcing a bookkeeping function would easily outweigh the costs of non-compliance with the laws. You’d recover every penny spent on bookkeeping in the long run.

Accurate Record Management

Bookkeeping helps you maintain accurate and organized accounting records. These records then form the basis of key accounting and financial data. For instance, these records the journal entries for revenue and expense accounts. These accounts are then summarized to present a summary of income and expense accounts in the income statement.

One of the key benefits of outsourcing bookkeeping to a professional is the consistency of records. It means your accounting records will provide accurate figures throughout the accounting cycle.

Better Financial Planning and Decision Making

In short, a complex business environment, the value of financial data is of utmost importance. This sets the foundation of a strong finance function. That in turn helps you in better financial planning and decision making.

As a business owner, you’ll need accurate financial data to make informed decisions on key financial issues such as the pricing strategy, sale discounts, invoicing, debt costs, and so on.

Focus on Business Planning

Bookkeeping Near Me lets you meet the short-term and long-term financial goals of your business. Thus, you can focus more on business planning than spending time on number-crunching activities.

As a business owner, you’ll be able to benchmark your strategic planning by using the key data metrics through the  records. It will help you improve the strategic financial decisions and eventually the business planning.

Cash Flow Management

Cash flow management is critical for any business. Bookkeeping and accounting records help you make better decisions on cash flow management as well. As accurately records the cash flow entries, you can assess the cash flow cycle to make informed decisions.

In addition, businesses often struggle with working capital management due to liquidity issues. For this reason, one of the key challenges they face is the lack of accurate data on cash flows. Thus, these records provide important data on the cash flow.

Tax Planning and Preparation

Tax planning and filing is an important task for every business. Many businesses need to file estimated taxes on a monthly or quarterly basis. Bookkeeping near me lets you maintain accurate income and expense records to file the tax returns consistently.

This also helps your business to manage tax liability. In other words, you can plan ahead of time and manage cash for tax return filing by the year-end.

Financial Analysis

Today’s competitive business environment means you’ll need comprehensive financial analysis to succeed. Without accurate financial data, financial analysis cannot exist. For instance, this offers the basis of comprehensive financial data for any business.

As a business owner, you can utilize these financial records to perform financial analysis. Thus, that will help you in benchmarking the financial performance of the business against historic or industry trends.

Satisfies the Needs of All Stakeholders

If your business’s account books are in order, they will satisfy all stakeholders. Accurate financial records satisfy the needs of investors, creditors, business managers, auditors, and regulators alike. Thus, bookkeeping near me is pivotal in satisfying the needs of all business stakeholders.

Learn more with Ash CPA. New clients are welcome. Call (617) 462-6651 or book online.

cpa near me

CPA Near Me: Difference Between an Accountant and a Bookkeeper

CPA Near Me

CPA Near Me | Accounting and bookkeeping are fundamental functions of any business. The tasks associated with these two functions are often used interchangeably. Hence, many businesses cannot decide between choosing an accountant or a bookkeeper to work with.

Once you have a clear idea of the role of an accountant (CPA Near Me) and a bookkeeper, you’ll be able to work smoothly with both of these professionals. In summary, a bookkeeper sets the foundation for the work of an accountant, which in turn builds the finance function of a business.

What is a bookkeeper?

Bookkeeping is the process of recording every financial transaction of a business. Hence, a bookkeeper maintains the financial records by recording every financial transaction of a business.

The financial records maintained by a bookkeeper include:

  • Income and Expense entries
  • Account receivables and payables
  • Invoices, payments, and cash receipts
  • Payroll
  • Tax records

Moreover, the list of a bookkeeper’s tasks can be stretched depending on the nature and complexity of the business. In short, a bookkeeper’s tasks include every transaction that affects the financials of a business in any way.

What is an Accountant?

Accounting is the process of organizing, interpreting, and utilization of financial information of a business. Thus, an accountant organizes, interprets, and presents the financial information of a business.

Thus, an accountant, or CPA Near Me,  records, classifies, and presents the data into an information form for the business managers. In other words, an accountant turns the financial data provided by a bookkeeper into useful financial information.

Services offered by a Bookkeeper for a Business

As we discussed above, a bookkeeper sets the foundation of the finance function of your business. Thus, it’s important to work with a qualified bookkeeper to take full advantage of the time and money spent. Also, it will create a strong finance function for your business.

Bookkeeping is the process of documentation of all financial transactions of a business. Consequently, these transactions start before launching the business activities and would end after closing the business formally. Thus, a bookkeeper would maintain a comprehensive financial record of your business from start to finish.

Consequently, in most jurisdictions, a double-entry accounting format is used. However, a bookkeeper can use a single-entry accounting method as well. For this reason, and IRS tax compliance, a double-entry accounting method is advised.

Services offered by an Accountant for a Business

An accountant, or CPA Near Me, builds on the work of a bookkeeper. The primary role of an accountant is to turn bookkeeping records into valuable accounting information. Therefore, this information can be in the form of summarized accounts, reports, or documents.

In addition, bookkeeping remains a pivotal part of the accounting function. Thus, an accountant covers the financial function of a business comprehensively including the bookkeeping records.

Some of the top services offered by an accountant include:

  • Preparation of trial balances
  • Preparation of financial statements
  • Close-out reviews and reconciliation
  • Payroll management
  • Tax preparation and filing returns
  • Analysis of accounting records
  • Forecasting, budgeting, and cash flow analysis
  • Accounting and auditing services for a business

In other words, the services offered by an accountant would also depend on the qualification and experience of the professional. For instance, if you work with a CPA Near Me, you’ll receive comprehensive services including audit representation, financial planning, and business consultation.

What are the Key Differences and Similarities?

In short, many of the basic services offered by an accountant and a bookkeeper are similar. For instance, both professionals offer record-keeping, accounting entries, payroll, cash flow entries, bank reconciliation, and so on.

Lastly, let us summarize the key differences between an accountant and a bookkeeper’s role for you.

Bookkeeper Accountant
Recording, measuring, and maintaining the financial records Classifying, categorizing, and interpreting the accounting records
Provides data for accounting records Builds on the bookkeeping data
Bookkeeping records are in the form of data Accounting records are in the form of summarized financial information
Assists in accounting records Assists in financial decisions making process
Concerned with the fundamentals of finances for a business Concerned with complex financial needs of a business

Learn more about accounting and bookkeeping with Ash CPA, your CPA Near Me. Call (617) 462-6651 or schedule a call here.

 

public accounting services group

What Are Public Accounting Services?

Public Accounting Services

Accounting firms provide accounting and auditing services to businesses. Likewise, public accounting services include several other services. However, only qualified firms with a public accounting certificate can offer these services.

Large entities can have dedicated in-house audit and compliance functions. Whereas, small and medium-sized businesses, outsourcing these key public accounting services remains a viable choice.

What is Public Accounting?

In short, public accounting is offering third-party accounting and auditing services to individuals and businesses. These services can range from auditing, assurance, taxation, business planning, and so on.

Moreover, public accounting services can only be offered by qualified accounting firms. In addition, these firms hold a public accounting certificate such as a CPA license.

What are the Top Services

Public accounting services include a wide range of business services. For this reason, the role of modern public accounting services has evolved a lot in the past few years. As a result, these services are now more concerned about the strategic and value addition for their clients.

Here are a few key public accounting services.

Audit and Assurance

Auditing is the process of offering a fair point of view on a business’s financial statements. Auditors provide an opinion after auditing the financial statements and other business documents of the business.

Alternatively, assurance is the process of ensuring the implantation of internal controls in an organization. Thus, audit and assurance services are closely linked.

Audit and assurance services include:

  • Financial and accounting reporting
  • Compliance with tax laws
  • Reporting and internal controls
  • Corporate governance
  • Employee payroll and taxes
  • Financial statement reviews

Bookkeeping

In short, bookkeeping provides a foundation for the strong financial function of any business. Importantly. bookkeeping services from a public accounting firm include:

  • Record-keeping and accounting set up
  • Maintaining key accounting records for sales, invoices, payroll, and taxes
  • Reconciliation of accounting entries with bank statements
  • Creating journal and ledger entries for financial statements
  • Budgets, cash flow forecasts, and cash flow statements

Financial Planning and Reporting

Financial reporting refers to building on the bookkeeping records. In other words, it is the process of shaping data into valuable information. Whereas, financial planning refers to the strategic financial process to ensure effective results.

Key financial reporting and planning activities include:

  • Preparation of financial statements
  • Compliance with accounting standards
  • Selection of accounting method
  • Advice on financial policies such as insurance, debt planning, estate planning, etc.
  • Employee payrolls and retirement planning

Business Consultation and Planning

The role of public accounting firms has evolved in recent times. Businesses are more concerned with the strategic advice from public accountants than compliance and auditing functions.

Business consultation and planning start with advice on the right entity structure. It includes financial planning, tax planning, regulatory compliance, and specific issues such as digital transformation.

Tax Planning and Reporting

Tax planning remains the most sought-after service offered by public accounting firms. Even as businesses look for advice on business consultation and financial planning, tax reporting and compliance remains a key outsourced function.

Key tax reporting and planning services offered by public accounting firms include:

  • Reporting and compliance with tax regulations
  • Tax preparation and filing
  • Dispute representation
  • Payroll taxes
  • Indirect taxes
  • Advice on tax management and liability reduction

Forensics

Forensic audit services are special audit procedures performed by public accountants. These forensic services have become popular in recent times. Consequently, business operations have become complex with automation. Thus, businesses require specialty services to detect fraud, misconduct, theft, errors, and reporting errors to avoid any litigation actions.

Furthermore, forensic auditing services can be offered for financial and non-financial functions. For example, a forensic audit can be conducted to verify the effective implementation of physical security controls devised for an inventory management system.

Business Valuation Services

Modern accounting services also include business valuation. As a result, CPAs have evolved into business evaluators. For instance, business valuation services can be sought for various purposes such as for a sale transaction, bank loan, or restructuring a business.

Also, business valuation services can be obtained for a segment of a business such as a branch or a subsidiary.

Transaction Accounting Services

Transaction accounting takes the business valuation services to the next level. Moreover, these services start from the business valuation process and can lead up to the sale transaction and beyond.

Learn More

Contact Ash CPA to learn more about public accounting services. Our firm has been assisting businesses for over 20 years. New clients are always welcome.

local tax consultant

Why You Should Hire a Local Tax Consultant

Local Tax Consultant

Local Tax Consultant | Modern accounting technologies such as cloud accounting has made it easier to work with professionals remotely. You can now work with a tax specialist from anywhere in the world. However, not all tax consultants follow the tax regulation and law changes in your locality.

There are several options to overcome the geographical boundary hurdles. You can work with a firm that has local representation. However, your best option is always to work with a local tax consultant. Availability and access are key factors to consider.

Who Needs a Local Tax Consultant?

Many businesses are indifferent between choosing an outsourcing service or hiring an in-house tax preparer. Every business comes with unique needs for accounting and tax services. A small business in the early days may be able to cope with all requirements in-house. A growing business may find it difficult to cope with the increasing burden of tax compliance and accounting needs.

Consider hiring one if you are a:

  • growing business with complex accounting and tax needs
  • business with annual returns in excess of $ 500,000 or more
  • An individual who requires wealth, estate, and retirement planning
  • local business filing state and federal taxes
  • business with a complex structure such as local transfer pricing needs

How to Find a Local Tax Consultant?

If you are searching for something online, you’ll immediately turn to Google. However, finding the right professional cannot come through a simple internet search. There are several ways to consider.

Before you begin the search, decide which type of tax professional you need. Are you looking for a seasonal tax preparer? Do you need a CPA tax specialist or an Attorney?

Once you decide the type of tax professional you need, it will be easier to find one. Moreover, decide clearly on finding a professional. There are several advantages of working with one (discussed below).

Search the IRS Directory

All professional tax preparers and consultants are registered with the IRS. Thus, you should begin searching for a local tax specialist through the IRS Directory. You should understand the difference between the credentials and qualifications of different professionals to easily find the best match in your local area.

Search Professional Organizations’ Directories

Professional bodies award the licenses and memberships to qualified professionals. These bodies include the public accountants that are associated with different professional organizations. For instance, you can search for a CPA with the AICPA directory to find an ideal local tax consultant.

 Internet Directories and Forums

You can then move on to internet searches and directories. For instance, you directly search for local tax consultants with internet searches that match local search results. Online directories and forums are other useful sources to find a local tax consultant.

Ask for Referrals

Perhaps the best way to find a local tax consultant is to ask for referrals in your professional network. The advice will always come with hands-on experience of working with someone. You’ll be able to receive the right advice with evidence of track record instantly.

Why You Should Hire a Local Tax Consultant?

Before you search for a local consultant, you should consider the benefits that come with hiring one. Once you clearly understand the benefits, you’ll be prompted to find one immediately.

Awareness with Local Laws

It’s hard to say but local tax consultants can come with up-dated knowledge of local tax laws than remote tax firms. Many businesses need to file for local taxes, license and permit fees, and indirect taxes that apply to specific jurisdictions. Working with a local tax consultant giving you peace of mind in that sense.

Easy Track Record Verification

Once you find a local tax consultant, you can verify the track record easily. The professional would’ve likely worked with local businesses already. You can utilize the power of referrals and networking in your circle to verify their performance.

Easy Access and Availability

Local tax consultants come with easy access. They’d prefer working with local clients that can help them offer valued services in a better way. You can enjoy the greater availability of these professionals throughout the year and not just in tax season.

Flexible Working Mechanism

As with any professional, you can decide to work with a local tax consultant remotely as well. You can seek professional help using flexible remote working methods.

Choice of One-on-One Meetings

An added advantage of working with a local tax consultant is to get a chance for one-on-one meetings. You can thoroughly discuss tax planning and course of action conveniently.

Contact Ash CPA to learn more about tax laws and how to file and prepare your tax returns.

cpa tax specialists

Why You Should Choose CPA Tax Specialists for Tax Planning?

CPA Tax Specialists

CPA Tax Specialists | Business owners can take all types of strategic decisions. But they rely on expert advice with certain functions such as finance, marketing, and HR. Tax planning also requires expert advice and strategic planning.

You can rely on accountants and seasonal tax preparers for tax preparation and filing returns. However, if you’re looking for strategic planning that yields long-term benefits, you must hire a tax specialist such as a CPA.

There are pros and cons of hiring an in-house CPA against outsourcing the function to CPA Tax Specialists firm. Every business comes with a unique situation, so we suggest customized solutions to our clients with their tax planning needs.

What Do CPA Tax Specialists Do?

Before outsourcing the tax function to a specialist, consider the role thoroughly. You’ll then be able to maximize the benefits of outsourcing the tax function.

A Certified Public Accountant (CPA) is a professional accountant who passed state qualification and exam comprising several financial and tax fields. CPAs are licensed professionals by state. One core advantage of working with CPAs is their requirement to keep current with regulatory changes.

CPA tax specialists can offer you tax planning, preparation, filing, refund, and audit representation services. However, the scope of services for these professionals is extended beyond tax filing.

Why you Should Choose CPA Tax Specialists for Tax Planning?

One key advantage of outsourcing with CPA tax specialists is to utilize the many facets of accounting and finance services on offer. Although you can hire a bookkeeper separately, you can avail these services from a CPA accounting firm.

You can best utilize the services of a CPA tax specialist with an advisory and leadership role. You can outsource the accounting and tax functions at the same time. If required, you can then separate both functions later to keep the focus on advisory services only.

Let us briefly discuss key reasons why you should choose a CPA tax specialist for tax planning and other advisory services.

You Need Strategic Tax Planning

Keep in mind tax planning is a strategic decision. You’ll need long-term planning and preparation to devise an effective tax plan. Tax planning does not only involve deductions, credits, and refunds to maximize the benefits. You’ll need sound financial planning for an effective tax strategy that works for your business.

You need Catch-up and Clean-up Tax Services

Regulatory changes in tax laws are complex and hard to follow for anyone without expertise. Often businesses require tax catch-up or clean-up services to comply with changing tax laws. CPA tax specialists are the best option if you need these services. They keep up with tax law changes, hence they know how to clear the mess out of your record books.

You want to Maximize Tax Deductions

That’s the prime reason many businesses hire a tax specialist. They want to minimize their tax liability by taking full advantage of available deductions and credits. But many tax preparers and seasonal professionals focus too narrowly on tax deductions that compromise the compliance requirements. Again, consult with CPA tax specialists that works with you on the long-term goals.

You Need a Consultant out of Tax Season

CPA tax specialists are available throughout the tax year. You can take advantage of their expertise and advice whenever you need them. Seasonal tax preparers can only work with you in a busy tax season time. Your strategic tax planning can only yield effective results if you execute the strategy thoroughly.

Unlimited IRS Audit Representation Rights

Any tax preparer can file your tax returns with the IRS. Some tax preparers such as seasonal agents come with limited IRS audit representation rights. On the other hand, professional tax consultants such as CPAs, Attorneys, and EAs come with unlimited IRS audit representation rights.

Saving Time and Money

It’s a common notion to think of consulting fees as a cost factor that hinders businesses to work with CPA tax specialists. The time you save from accounting, bookkeeping, and tax preparations alone converts to a higher yield than fees paid to the consultant. Moreover, you can save hefty sums with careful tax planning, tax savings, debt restructuring, and other financial costs.

Business Consulting and Advisory Services

Perhaps the biggest advantage that comes through working with CPA tax specialists is their ability to offer business consulting and advisory services. You can get professional advice from the same place on business planning, debt financing, tax planning, audit and assurance, risk management, transaction advisory, and so on.

Learn more with Ash CPA. We offer tax planning and so much more. Call (617) 462-6651 or book online.

cpa audit firms

What Are CPA Audit Firms?

CPA Audit Firms

CPA audit firms provide accounting, auditing, tax planning, and business consultation services. Their most sought-after services remain accounting, tax planning, and auditing. Every business needs an auditing service, be it a private business or a public entity.

In addition, CPA firms possess special skills and qualifications to provide accounting and auditing services that ordinary accountants cannot offer. Public accounting differs in several ways from ordinary accounting services. Although accountants can also provide accounting, taxation, and financial management services. However, some limitations are likely.

For this reason, a CPA firm must have at least one qualified certified public accountant. That’s why CPAs are the most sought-after credentials for accounting firms.

What are CPA Audit Firms?

CPA Audit firms come with qualifications for the public accounting domain. A CPA audit firm must have sufficient qualified personnel to offer public accounting services. These professionals are called Certified Public Accountants (CPAs).

The most common distinction of a CPA audit firm from an ordinary accounting service is the ability to perform financial statement audits. All companies need to comply with the requirement of financial statement audits. However, public companies are bound by law to provide audited and reviewed financial statements by certified auditing firms such as a CPA audit firm.

CPA audit firms also enjoy the distinction of qualified audit and tax representation. For instance, a CPA firm can represent your business before the IRS for tax audits. However, an attorney or an enrolled agent can also present before the IRS.

CPA Audit Firm Services

CPA audit firms provide a wide range of services to public and private companies. For instance, a CPA can provide the auditing and review of financial statements. Likewise, auditing remains a key service offered by these firms for public companies. However, all private companies also need to comply with accounting and auditing standards.

Let us briefly discuss some key services offered by CPA auditing firms.

Audit and Assurance Services

CPA firms offer external auditing services to public companies. Financial statement audits are required by regulatory authorities. External audits can only be performed by public accounting firms.

Assurance provides comprehensive risk assessment and action plans for a business. It requires careful planning for governance, compliance, and internal controls.

Internal Auditing

Companies can also outsource their internal auditing services to CPA auditing firms. Internal auditing covers financial statement audits, internal controls, governance, risk management, and compliance segments of a business.

The internal auditing function is concerned with the implementation of effective governance procedures. Furthermore, CPA audit firms ensure a business is fully compliant with the internal controls.

Special Audits and Forensics

A business may need to conduct a special audit such as an IT system audit. In general, a business may need to perform a comprehensive forensic audit to unveil misconduct, theft, corruption, or fraud inside the business operations. Moreover, a CPA audit firm can offer special audits and forensics services.

Risk Assurance

Risk assurance services range from risk assessment, identification, controls, implementation, and review process. Identification and measurement of key risk areas are critical for the success of any business. Thus, a CPA audit firm can offer risk management and assurance services to offer enhanced controls for a business.

Digital Audits and Cybersecurity

Digital auditing relates to auditing services offered for any digital asset. For example, these audits may range from IT system audits, cybersecurity challenges, digital banking risks, cloud accounting risks, and so on.

Also, digital audits remain a key challenge in the modern business world. CPA audit firms offer digital auditing services through skilled auditors and forensic experts.

Employee Benefit Plan Audits

In short, employee benefit plan audits are meant to safeguard the most precious asset a business possesses i.e., Human Capital. In addition, employee benefit plans require regulatory compliance. These plans are often offered through third-party service providers. However, a CPA audit firm ensures the business remains compliant with statutory requirements of employee benefit plans.

CPA Firms Beyond Auditing

CPA audit firms can offer a wide range of services beyond auditing as well. You can expect advisory and business consulting services from these professional firms. Moreover, these services can range from accounting, taxation, and bookkeeping to financial management.

Here are some key advisory services that you can avail from a CPA auditing firm.

  • Accounting and Bookkeeping
  • Financial Management
  • Business Planning and Consulting
  • Tax planning
  • Payroll
  • Auditing and Assurance
  • Budgeting and Cash Flow Management
  • Risk Management
  • Transaction Advisory Services
  • Business Valuation
  • Debt Restructuring
  • Digital Audits and Cybersecurity

Contact Ash CPA to learn more about audits and other financial services. Call (617) 462-6651 or book online.

cpa tax specialist

Difference Between a CPA Tax Specialist and a Seasonal Tax Preparer

CPA Tax Specialist

CPA Tax Specialist | Tax planning and filing is a year-long activity. Many businesses and individuals make the mistake of leaving the task to the end. In the tax season, they have to rely on seasonal tax preparers. It can save you on professional fees but the consequences of filing tax returns in a short period can be costly.

Seasonal tax preparers are also qualified tax professionals. Usually, enrolled agents work as seasonal tax preparers. Some accountants and attorneys can also represent you as a seasonal tax preparer. Their job is to offer services in the busy tax season to businesses and individuals with IRS tax preparations, filing, and representation in some cases.

There are some key differences in services offered by a CPA tax specialist and a seasonal tax preparer. Let us briefly look at which option is the right one for you.

What Does a Seasonal Tax Preparer Do?

Seasonal tax preparers are qualified professionals who are familiar with tax laws, regulations, and procedures to file tax returns with the IRS.

The primary role of a seasonal tax prepare is to facilitate clients in busy tax season in IRS tax filings. These tax professionals are fully qualified to prepare, file, and represent your tax returns with the IRS.

Some key services offered by seasonal tax preparers include:

  • Advice on tax preparation
  • Advice on accounting and bookkeeping records
  • Tax filing for individuals, businesses, corporations, and other entities.
  • IRS audit representation
  • Representation in the IRS appeals and refunds

Seasonal tax preparers are experienced and well-versed with IRS tax regulations. They can represent and file your tax returns in a busy tax season. They also keep themselves aware of regulatory changes that may affect your tax returns.

What Does a CPA Tax Specialist Do?

A CPA tax specialist can assist you with tax preparation, planning, filing, and the IRS audit representation as well. CPA tax specialists are qualified for other fields of business as well.

In addition, a  CPA tax specialist can offer advice on accounting, finance, business consulting, payroll, tax, and transaction advisory services to name a few. Thus, the role of a CPA tax specialist widens to business consulting services than merely tax representation.

CPA tax specialists can work with you throughout the tax year. They can offer advice on tax and business management that affects your tax filing at the year-end. Hence, you can work with a CPA tax specialist to prepare a comprehensive tax plan that fits your needs.

Here are some key services offered.

  • Accounting and Bookkeeping
  • Tax Planning and Compliance
  • Business Consultation
  • Budgets and Cash Flow Management
  • Debt Restructuring
  • Financial Management
  • Transaction Advisory Services
  • Payroll Management
  • Retirement, Succession, and Estate Planning

The role of a CPA tax specialist includes a wider scope of services. It takes the role of a leader and advisor. A CPA tax specialist can also come with industry specialization that offers added advantages to clients. For instance, a dental CPA tax specialist would offer tailor-made tax advice to dental practices.

When You Should Hire A Seasonal Tax Preparer?

Both tax professionals offer some benefits in different scenarios. You can choose a tax specialist depending on your needs and the availability of the professional. If you want someone to file for tax returns in a tax season only, a seasonal tax preparer is your go-to person.

You should hire a seasonal tax preparer when:

  • tax filing as an individual or a small business
  • short on time
  • need only tax representation before the IRS
  • want to consult a tax professional for seasonal provisions and changes in tax regulations
  • revenues are smaller and do not require comprehensive advice
  • regular accountant or CPA is unavailable

When Should You Hire?

As we discussed above, a CPA tax specialist can offer a wider range of services than a seasonal tax pro. You should carefully evaluate the needs for tax preparation, business consulting, and financial management before deciding on hiring a tax professional.

You should hire a CPA tax specialist if you are in one of the following situations.

  • need a comprehensive tax strategy and planning
  • You need tax restructuring
  • selling or buying a new business during the tax year
  • revenues are larger and complex
  • need advice on financial management
  • want tax liability reduction and compliance
  • business owns large value assets (tangible and intangible)
  • You need a professional to work with you year-round
  • need transaction advisory services such as a dental practice transition

Contact Ash CPA to learn more. New clients are always welcome.

CPA Tax Specialist

Why You Should Choose a CPA Tax Specialist

CPA Tax Specialist

CPA Tax Specialist | You can do the tax filing by yourself or using tax software. For some individuals and small businesses, it can be a viable option. For businesses with complicated tax filing needs, it can be a risky endeavor. The costs associated with tax filing are not just limited to the IRS penalties. It can affect your business strategy.

Hiring a tax specialist like a qualified CPA can bring you more benefits than tax savings. Let us discuss some benefits of hiring a CPA tax specialist.

What CPAs can do for you

Tax preparation is only one task that a CPA can do for you. From a business perspective, you can expect more than tax preparation from a CPA tax specialist.

A CPA tax specialist can offer:

  • Preparation of accounting and payroll records
  • Preparation and reconciliation of financial statements
  • Tax Preparation and Planning
  • Business Advisory
  • Tax audit representation
  • Payroll taxes

Qualification and Expertise

CPAs need to earn the qualification through state licensing. They are highly qualified professionals with licensing requirements at the state level. They need to work with one of the big four firms to earn their credentials.

CPAs also come with expertise in taxation and compliance that is essential for tax preparation services. As far as qualification is concerned, CPAs remain highly qualified professionals. They bring unique skillset and experience with them as well. It makes them ideal advisors for your business and taxation purposes.

Tax Advisory Services

A CPA can work with you as a tax advisor. It takes strategic tax planning to bring long-term savings through tax deductions and credits. Although many insist on short-term tax deductions only.

When planning for tax purposes, it’s important to understand the business needs first. For instance, you can plan for a depreciation strategy on buying new equipment for your business. Employee contribution plans, investments, and financing costs are important business decisions that impact tax obligations directly. A CPA can best assist you in finalizing these decisions to create maximum tax savings without compromising on business objectives.

Reachable at Will

When you hire employees, you certainly want them to be available during duty hours. Similarly, you would like to reach out to the tax advisor at will whenever you need them. There are a number of reasons you might need to talk to the tax consultant.

A CPA can be reached during the year for tax consultation issues. There are real-time business decisions that require an expert opinion, something a tax software cannot offer.

CPAs can Handle Complex Tax Issues

The tax regulatory environment is rapidly changing. For instance, there are several changes to tax brackets and provisions due to covid-19 relief efforts for the current tax year. You’ll need to adjust for these provisions accordingly.

Seasoned CPAs stay abreast of the tax regulatory changes. Only then, they can advise you on the best option for maximizing tax savings. It can save you enormous time and money by reaching out to a professional with hands-on experience.

CPAs are Equipped with Better Technology

CPAs also require tax software and programs to complete tax preparation tasks for their clients. But they have access to far better software packages and technology than you can afford as an individual. More importantly, they know how to utilize their resources to create the best outcomes.

CPAs are well equipped to capture information and make decisions on your tax calculations than you can do with free software access. Access to better technology alone can save tremendous time and money for you.

CPAs can Represent you

The prime job of a CPA would be to prepare your tax returns. They’ll do so by preplanning and carrying out the routine tax tasks. However, in some cases, you may get an IRS audit call as well. CPAs can represent you in IRS audits. You’ll definitely want to work with a tax professional CPA that can represent you in a crunch time.

Continuous Professional Development

As discussed earlier, CPAs need to stay abreast of the regulatory environment. They do so by focusing on their continuous professional development. Certification bodies for CPAs require them to complete the CPD requirements regularly. It makes them ideal candidates for your professional tax consultant job with up-to-date knowledge.

Learn More

Contact Ash CPA to schedule a consultation.  Call (617) 462-6651 or book online today.