What does a CPA firm do anyway? If this is your question, you’re in the right place.
In this article, we’ll explore the different services that CPA firms offer.
So, What Does a CPA Firm Do?
First and foremost, CPAs are financial advisors. They help businesses and individuals make sound financial decisions by providing accurate financial information and advice. This may include reviewing financial statements, developing budgets, and providing tax planning services.
CPAs can also help businesses with employee benefit plans. These could include retirement plans, health plans, and executive compensation packages. They can also help these businesses with succession planning and estate issues. In addition, CPAs can help companies develop business strategies as well as identify internal control risks.
A CPA firm may offer several other services including those listed and summarized below:
CPA Firm Services
Investment Advisory Services
Some CPA firms help businesses with investments. They may serve as consultants to business owners, for example, by developing retirement plans based on projections of company performance and funding requirements. Similarly, they may also provide investment advisory services to individuals with high net worth.
Business Valuation Services
If your business is being acquired or you’re considering selling it, you may need to get an appraisal of its value. CPA firms often provide this service.
Also referred to as fraud examination, forensic accounting involves the investigation of financial records to uncover fraud or other financial discrepancies. Forensic accountants can serve businesses by detecting cybercrime and embezzlement at companies. They may also work for law enforcement, insurance companies, and government agencies to find fraud in the public sector.
Business Succession Services
If you’re a business owner or a member of management with an interest in selling your business or turning it over to new ownership, you may need financial information about its value today and prospective earnings going forward. CPA firms can help with this through their business succession services.
Accounting and Auditing
CPAs are also responsible for auditing financial statements. This is the process of verifying that the financial statements of a company reflect its true financial position. In addition, CPAs provide bookkeeping and accounting services to businesses of all sizes.
Tax Preparation and Planning
CPAs are experts in tax law and can help individuals and businesses file their taxes correctly. They can also provide planning services to help taxpayers minimize their tax liability.
It’s important to note that not all CPA firms offer all of these services. So, if you need a particular service, be sure to ask the firm if they offer it.
If you’re in the market for a CPA firm, be sure to ask about their areas of expertise. You want to work with someone that can meet your needs efficiently and cost-effectively.
CPA Firm Services FAQ
What qualifies as a CPA firm?
A CPA firm is a business that employs CPAs. These are accountants who have passed the Uniform CPA Examination and met other state requirements.
What services do CPA firms offer?
CPA firms offer a variety of services, including financial advising, investment advisory, auditing, accounting, and tax preparation and planning. Not all CPA firms offer all of these services so it’s important to ask which services they provide.
How does a CPA firm make money?
CPA firms typically make money by charging clients for the services they provide. They may also earn commissions on the sale of financial products to their clients.
Can I work with a CPA firm even if I’m not located in the same state?
Yes, you can work with a CPA firm regardless of your location. However, be aware that some services may not be available in all states. For example, forensic accounting is only offered in certain states.
Concluding on CPA Businesses
CPA firms are all around the United States, with a vast majority in California and Texas. The AICPA (American Institute of Certified Public Accountants) has hundreds of thousands of CPA firms throughout the United States. Many of these businesses have a few employees while others have over 1,000.
When selecting a CPA firm, it is important to ask what services they offer. This will ensure that you are getting the most out of your CPA and that they can properly serve your needs. Remember, not all firms offer the same services, so it is important to do your research.
For example, Northstar specializes in the cannabis, mushroom, and entertainment spaces. We understand these developing marketplaces and the nuances associated with operating in each.
If you need a reliable CPA firm to handle your company’s financials, contact us now. Our experts are ready to help!