Accounting: What Does CPA Stand For?
Updated: Jan 6
Public accounting is the term used to refer to a field of expertise in which activities related to the accounting profession are provided to individuals, businesses, or organizations in the form of services.
In order to be licensed to work independently in providing accounting services, an individual needs to undergo training courses and exams in order to obtain a practicing certificate.
What Does CPA Stand For? - CPA Meaning
CPA stands for Certified Public Accountant, a person who has met the education and experience requirements and achieved a certification given by the American Institute of Certified Public Accountants (AICPA).
A certified public accountant is required to meet specialty, work, and experience requirements. To get this certificate, an accountant must have a bachelor's degree (business administration, finance, or accounting) and complete 150 hours of education. In addition, they must have at least two years of experience in public accounting and pass the Uniform CPA Exam administered by the American Institute of Certified Public Accountants (AICPA).
A CPA can operate independently or join a professional company (auditing company, accounting service company, etc.), providing accounting services to individual units for charging.
>> More: What is Construction CPA? How to evaluate Construction CPA Firms for Your Company
Services Provided by Certified Public Accounting Firms
The main services provided in the field of public accounting include:
Audit services
Public accountants usually perform an audit - an independent evaluation of an entity's financial statements. This is often the most basic of a CPA.
Audit work will be usually done by an auditing service company to perform. This independence is to ensure that the audit will be conducted in an objective manner.
After the audit, the auditing company will issue an audit report, which clearly presents the views and assessments of the auditor.
Tax services
This service is provided to individuals or businesses, to assist them in tax planning and tax reporting.
With their knowledge, the accountants will advise and assist their clients on the optimal solutions to harmonize compliance with the law and minimize tax obligations.
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Management consulting services
Along with the development of the economy, information technology, market... management consulting services provided by notarized accountants have escalated significantly, bringing great revenue for companies, as well as individuals practicing accountants
>> More: Management Consulting Services Report 2022).
Management consulting services cover many types, from financial planning to cost research, to designing and implementing electronic data processing systems for businesses.
CONCLUSION
It can be said that hiring a CPA for your business is worth considering because they are not only an accountant but also can help you with your problems including everything from tax preparation, to financial statements, to financial planning, to internal auditing, to income tax. They are the people who support your business to growth and predict the risks.
Are you ready to get help, or are you still not sure if you need help to run your construction business? Contact Construction Cost Accounting to have a free 15-minute consultation!
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