Whether you are running a small business or just started your small venture, a certified accountant can help you with a number of issues. Each business, big or small needs a tax and financial advisor and for these purposes a certified accountant works best. Other than that they also help you in saving money, managing investments or even planning your retirement. For all of these reasons, an accountant is a necessity for any business and here are the reasons for which you should consider studying an accounting course from Training Link and not just an accountant.
Why certified accountant?
An accountant is a term used for tax and financial professionals who follow particular rules and regulations. The rules also include Generally Accepted Accounting Principle (GAAP) which are the standards set by FASB. Certified accountants are the ones who have passed the licencing examination in the country. It means that all accountants are not certified.
Though accountants can help for small businesses, however for some specific circumstances hiring the certified accountants have many benefits.
The certified accountant is licenced by any state and has to be current with the tax laws in order to maintain his licence within the state. They have to perform the CPA exam which is based on several days process, that includes numerous facets of tax and financial expertise. After they have their licence, it is also required that they comply with the education requirements for the purpose of maintaining the licence, simple accountants don’t have to follow this requirement. There are other standards as well which are set by CPA professional organization that the certified accountant must follow.
- Tax laws:
The certified accountants have more information about the tax laws than the accountants have. This is because deep knowledge of the tax codes is a major part of the CPA’s examination and most of the certified accountants get help from tax courses each year in order to be updated with the tax codes. Accountants do not have the certification assurance and they are also not able to represent you in front of the Inland Revenue because the Inland Revenue classifies them as unenrolled preparers.
- Financial Analysis:
The responsibility of accountants is to review the inputs (the income and expenses record prepared by the bookkeepers) and prepare as well as analyze the financial reports. Whereas the certified accountants perform a thorough and more detailed analysis and also give their advice on tax and financial matters. Certified accountants are more prepared and they provided advice on the basis of their licence.
- TAX audits:
Certified accountants are able to represent your business in front of the IRS for an audit while the accountants are not. Accountants have limited authority before IR and they do routine work while completing tax returns whereas certified accountants analyze the work, help you in making more high-level tax and business decisions and represent you in a tax audit.
Hiring the certified accountants is better in every way than a simple accountant if you want to have professional services.
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