Many people do not know the difference between Certified Public Accountants (CPA) and bookkeepers or tax preparers. CPAs will go through rigorous licensing requirements and qualifications. They are knowledgeable in many different areas of finance including business consulting, federal and state tax preparations, bookkeeping, investing, auditing, financial planning, estate planning, and more. CPAs don’t sit around crunching numbers anymore. Think of them as business partners or financial planners in your life. They will help you chart your finances and become a trustworthy advisor on many financial decisions. The difference is big and you need to know this when planning your individual or business finances.
CPAs will work with individuals on personal financial planning, tax preparation, estate planning, investing, and more. Many people don’t realize that CPAs need to be updated regularly on personal financial affairs. Life events such as marriage, divorce, turning your home into a rental, buying timeshares, and other events may have an impact on your taxes and financial goals. CPAs will advise you on the tax and personal finance implications on these life events. They will help you create a budget or advise you on how to pay your bills. They’ll strategize your finances with you and advise you on how to reach those goals. They’ll become trustworthy confidants in your personal affairs.
If you own a business, you should look for CPAs with an LLC (Limited Liability Company) after their name. This means that they understand limited liability to a company’s owners and can advise you in these matters. These professionals should be considered as business advisors for all your financial matters. They understand finances for different types of businesses such as profitable and non-profitable. They also assist financial institutions such as banks and investment firms. Because of their business diversity, they can save you hundreds of dollars on complicated tax returns and help you diversify your investments. Keep in mind that they are business and financial strategists offering professional advice to help your business succeed. And these professional CPAs can easily be found online, such as Michael J. Yuda. He’s just one of many professionals that is qualified to help you with your individual or business needs.