Does tax time sneak up on you, leaving you feeling unprepared and stressed? Are you so on running the day to day operations of your organization that you lose sight of planning for the financial future? Do you need help navigating through the many forms and documents nonprofits are required to file? If you answered yes to any of these questions, a CPA may be just the answer to what your business or nonprofit needs.
A certified public accountant (CPA) is in charge of monitoring and maintaining financial records for individuals, businesses and nonprofit organizations. A CPA may work on their own or as part of an accounting firm. In order to become certified, a CPA must meet certain requirements imposed by the American Institute of Certified Public Accountants (AICPA), pass a CPA exam and have a particular amount of work experience before practicing as a CPA. These requirements ensure that when you hire a CPA, you are hiring an experienced professional in the field of accounting.
While a CPA can bring nonprofits much-needed relief during audit and tax time, many companies and organizations would benefit from hiring a CPA year-round to make sure their finances stay in order. While most accountants are hired on a long-term basis, there are some accountants that are hired solely to prepare tax returns. CPAs are trained to complete multiple federal and state returns, as well as the various forms nonprofits are required to file yearly.
When hiring a CPA, nonprofits should consider the amount of experience or qualifications a particular CPA has in their industry. Although many individuals feel more comfortable working with a local CPA, there are many accountants that work for successful firms or operate their own personal accounting business nationwide. Each business or nonprofit will have to make their own decision as to what type of CPA they wish to hire for their company.
From addressing your ever-changing and growing needs to helping you establish effective business operations and plan for maximum profitability, a certified public accountant (CPA) can be an essential partner to your business or nonprofit organization. Learn more about choosing a CPA for your business or organization here.