Tax Services
Individuals and business leaders look to CPAs for advice on income tax and business tax strategies. They assist clients with personal and business tax planning, preparing income tax returns, and representing individuals before government agencies at federal, state and local levels. As part of their ongoing education, CPAs stay up-to-date on current tax laws and regulations, which can save their clients substantial amounts of money and worry. CPAs take the guesswork out of tax regulations and provide straightforward advice for staying on a clear financial path. Many CPAs are also trained to prepare tax returns or represent a client to tax authorities.
Accounting and Assurance Services
Auditing (also known as assurance services) is one of the most important and well-known services CPAs provide. Audits are conducted annually for publicly owned companies, privately owned businesses, nonprofit organizations and government agencies and groups. These reports help owners and managers make operating decisions, enable creditors to evaluate loan applications, and help individuals make investment decisions. A CPA may provide a client with three distinct services designed to meet a different need: compilation, review or audit.
Compilation - The CPA assembles financial statements using the client's data but does not provide assurance on the financial statement. Compilations are useful in assisting small, non-public companies. During a compilation, the data is simply arranged into conventional financial statement form. No probing is conducted beneath the surface unless the CPA becomes aware that the data provided is in error or incomplete.
Review - A private company may engage a CPA to perform a review of its financial statements and issue a report that provides limited assurance that material changes to the financial statements are not necessary. With respect to reliability and assurance, a review falls between a compilation, which provides no assurance, and the more extensive assurance of an audit.
Audit - A public or private company may engage a CPA to audit its financial statements. Management is responsible for the content of its financial statements regardless of an organization's size or form. The audit, provided by the CPA, is a report that provides an opinion on whether the financial statements are presented fairly in conformity with generally accepted accounting principles. An audit is designed to provide the highest level of assurance that the financial statements are free of material errors and fraud.
Internal Controls - Learning how to protect the resources of a company is a key element in running a successful business. CPAs can help business owners understand the importance of organizational controls by evaluating or setting up procedures to reduce the risk of fraud.
Financial Services
To help individuals maximize their income and plan for a secure future, CPAs offer a variety of financial services, which include: personal financial planning, retirement and estate planning, college funding, investing, risk management and business succession planning. A few ways CPAs can help individuals with financial planning include: developing a personal budget, offering recommendations on ways to save for college or planning for retirement. CPAs can also offer advice on investment opportunities or assist with estate planning needs to ensure beneficiaries receive the maximum benefits.
Business and Management Consulting
CPAs play a vital role in helping businesses make better use of their resources and increasing efficiency and profitability. With careful planning and help from a CPA, you can learn how to start, manage and successfully grow a business. CPAs can offer advice in such areas as:
Small business management
Cash management
Compensation plan evaluations
Growth planning
Purchasing or selling a business
Measuring the performance of a business
Disaster recovery planning
CPAs are trained to look at businesses with an objective eye. They can help you identify weaknesses in your organization and offer suggestions for improvements. A CPA can be your most valuable business partner, one who helps you reach for success.
