Certified Public Accountants (CPAs) offer valuable services to business owners, government organizations, and NPOs. They offer a variety of services depending on the client’s requirements. Hiring an accounting firm in Pembroke Pines, FL, can always help in fulfilling your business accounting requirements.
So, what are the types of services a CPA can offer you? Here is a list below:
Auditing involves individually verifying by sight, confirming, discussing with management, evaluating internal controls, and analyzing procedures so your financial reports are accurate. Audited financial statements include a statement of financial and detailed footnotes specifying your accounting policies and important data.
Internal auditing is individualistic and objective and promises. It is a consulting activity that adds value to your business operations. Your organization can fulfill its objectives by implementing a disciplined and systematic approach to assess and increase the effectiveness of risk control, management, and governance activities.
A review includes evaluating your company’s records and books through analytical tests, analytical procedures, and calculation of financial ratios. Such procedures give assurance to external reviewers rather than comprehensible verification and reporting requirements. Banks and insurance companies request reviews to issue performance bonds for those who want an advanced level of verification rather than only a compilation. Reviewing usually includes financial statements and proper footnotes.
Compilation is the lowest level of CPA attestation services. A compilation occurs when a CPA maintains the records and books of clients without the implementation of effective processes, individual verification, or checking of any client balance. A compilation mainly represents your management, as no account balance verification on the balance sheet or the P&L statements is required. Plus, management can eliminate compiled statements in financial positions and relevant footnotes.
Internal Control Design
Internal controls are practices, procedures, policies, and systems that help in detecting or preventing errors of omission and commission. Internal controls protect your organization’s assets, including precise financial statements. Internal controls boost productivity and encourage people to follow all managerial policies, laws, and rules. Efficient internal control is crucial for effective internal management.
CPAs make effective tax planning strategies to diminish current and future tax liabilities. They make local, state, and federal tax returns. A CPA helps clients to follow all tax laws and rules and represents them in examinations by tax authorities.
CPAs can help in building businesses and offer the required services in multiple stages of development as below:
- Install accounting systems
- Build cash flow models
- Increase profits and secure financing
- Design employee salary and benefits packages
- Follow government rules
These are the types of services you get by hiring a CPA. If you want any of the services above, reach out to the best accounting firm in Pembroke Pines, FL.