Every company needs structure in their accounting practices. It may make all the difference between becoming a widely recognized company, and remaining a small to mid-size company. However, there are certified public accountants who perform accounting, auditing, business management, tax and advisory services for businesses, tax exempt organizations and individuals. They are leaders in setting industry standards, and they have the skills to help you with your financial practices and strategies.
A round up of services
The services include staying up-to-date on new tax laws and regulations, as well as educating yourself on new opportunities and the best times to change strategies. They can also assist you in evaluating, improving and monitoring tax controls, functions and processes. Professionals in the tax planning arena take into account federal, local, state and international tax liabilities. In addition, the main areas that they can help in are federal, multi-state and international tax compliance, which includes:
• Multi-State Tax
• Income and Franchise Tax
• Sales and Use Tax
• City Business Tax
• Business Property Tax
• International Tax
• Audit Representation
• Tax Accrual Preparation -Under ASC 740 (formerly SFAS 109)
• Balancing Book/Tax Differences
• Tax Return Preparation and Review
• Quarterly Tax Filings, and
• Tax Return Amendment
When a company needs to expand or change the products, services, and operations it uses, this will require new tax requirements and new tax strategies. Furthermore, international tax services include helping American citizens with foreign tax burdens as well. Tax planning companies are flexible in engagements, and can act as a third party. Additionally, there will be times when you will require expert advice when it comes to something specific to your industry, state or issue. However, CPAs will tailor their skills and tax compliance to your needs.
One of the services offered by CPAs is assurance and auditing services
They are able to budget by structuring audit and assurance engagements that are related to your industry goals. These services include audits, reviews and compilations. The partners perform audits, reviews and compilations of financial statements too. Audits may include understanding your accounting systems, and confirming assets and liabilities with financial records, transactions and invoices. If you have international components in your business, CPAs are trained in managing the necessary adaption for US Generally Accepted Accounting (GAAP) in preparing financial statement audits on an International Financial Reporting Standards (IFRS) basis. Additionally, you will get help with licensing and royalties audits for entertainment and technology matters, and with performing agreed-upon procedures.
CPAs can also give you recommendations related to the industries and on your goals and challenges
The next area you will get assistance in is internal audits. You will get a holistic perspective of which standards you will have to uphold, and the best practices as well. Additionally, you will receive audits in:
• Internal Controls
• Policies and Procedures
• Systems, and
Thinking and planning ahead
Another important service you will get is business management. You will be able to stay organized with taxes and accounting, financial planning, lifestyle planning and investment administration. The goal of business management is to make sure you are operating strategically and smoothly. CPA professionals can also help you with agreed-upon procedures. This includes being able to depend on them, as well as creating goals that are tailored to your needs. For example, CPAs can review and report on upcoming transactions and deals.
The next area you can get help in is the licensing of assets, such as trademarks, proprietary processes, copyrights and other intellectual property. Last of all, CPAs will also facilitate benefit plans for companies, whether they are large or small.
Last of all, you will receive advisory and consulting services. You will work closely with CPA professionals, who will only work to your benefit. The services include employer compliance reporting, which includes benefit plan audit services. The next service is media revenue measurement, which adds value during diligence on mergers, acquisitions and financial reporting requirements. This area of service also includes strategic business planning, succession planning, mergers, acquisitions and customs enforcement administration.
Furthermore, CPAs can also provide healthcare claims compliance, litigation support and benchmarking analysis, salary surveys and fringe benefits. The services can be helpful to many different sectors, and will only improve your business through personalized strategies.
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