Let’s talk about a CPA or Certified Public Accountant in a nutshell. Well actually there is no such thing as a CPA in a nutshell.
We are a profession that is fairly old and that means there are a bunch of different types of CPA’s. Just like lawyers, there are specialists in their field and industries and what a CPA does is determined by where they choose to work.
The CPA is the highest certification that can be earned in the field of accounting. As accountants we handle financial accounting functions, managerial accounting functions and run most of the world’s largest companies as Chief Financial Officers.
The First Accountants
The first accountants in the US were involved more in the financial stability of the stock market through the financial reporting function. Then in 1913 the federal income tax code was passed into law with the 16th Amendment and CPA’s naturally stepped in to help with the reporting process.
Today, CPA’s fulfill many roles within our society. As the title suggests, the CPA is about protecting the public from false financial reporting or navigating the very complex tax world that we now live in.
Technology and CPA’s
Technology has changed the CPA profession in numerous ways and has allowed us to further our reach and offer more specialties. As CPA’s we are naturally great at accounting so it has been an easy transition into managing smaller businesses for clients and handling the business from the beginning transactions to the final tax reporting.
Many CPA firms, like GMLCPA, offer Accounts Payable and Receivable services as well as Payroll Management. The compliance around payroll and some human resource issues make the CPA a vital key to managing these areas of your business.
Outsourced CFO’s
Outsourced CFO’s have given many small businesses a big advantage over their competitors by having better reporting, better planning and strategy in their repertoire. Generally, business owners do not have this skill set so hiring someone who does on a part-time basis is a game changer and it also allows you the benefits that larger companies have.
There are also CPA’s that handle audit work which is a different specialty altogether. In the past banks required more audits but as the cost to the consumer has increased the banks have found other ways to confirm a company’s financial fitness. Even though it’s not our specialty at GMLCPA we do partner with other CPA’s who specialize in this area.
As a modern CPA firm, we offer companies who are entrepreneurial and fast growing the help they need in scaling their company. This takes a great understanding of your company and your long term goals. Businesses like yours don’t need untrained employee’s filling in boxes; they need skilled knowledged financial experts that understand how to get them to their goals. Understanding and interpreting data is a strong skill set that is a difference maker in one’s success.
Hopefully, this gave you a good overview of what a CPA does for you. The CPA is a deep and wide profession that is here to help the public in all its capacities. We love our profession at GMLCPA and offer our business skills nationally to entrepreneurial business owners who need help with their business growth. If we can help you contact us today!
