CPA’s are the Accounting, Audit, and Tax Professionals of the US (United States of America). CPA is the highest accounting degree in the US and businesses generally look up to CPA firms to get their Finance, Accounting, Book-keeping, Audit, and Tax preparation done.
The Certified Public Accountants known as the CPA’s are the ones who handles the utmost matters of Accounting, Finance, Business relations, Taxations, Book-keeping, Audit, Regulations and other professional services.
In the United States of America, CPAs are the ones only allowed to perform these services with the utmost authority to represent their clients. Businesses have to comply with all the accounting standards and IRS norms to run their businesses legally and with compliance in the United States.
Though the real question is….
Why do Companies actually need a CPA Firm?
Well, Business Management could be a pretty complicated task when you have to handle and comply with all the business litigation requirements, Tax regulations, finance compliance, and a lot more and also managing your own business growth and performance. Handling everything solely or with minimal resources leads to inefficient performance and higher mismanagement.
Accounting and Taxation are among the core branches of any business. Businesses have to take care of their accounting and taxation activities with highest of significance. Though if not handled properly, businesses could face brutal consequences which can actually rip their functioning apart. If the accounting and tax related matters are not managed properly, there could be huge penalties, losses, imprisonment and many more a business could face.
Instead, it is best to employ a CPA team of a firm who would take the complete responsibility of handling and completing your accounting and taxation requirements. Also being an entrepreneur or a businessman, it would be a difficult task to manage both business and other accounting tax matters at the same time.
CPA Firms are professionals. They represent you and your business in front of the authorities for all the accounting, Taxation and business related professional matters. Along with this the CPA firms also part their highest of knowledge to train businesses for the matters accordingly.
CPA Firms also proves to be a great helping hand when it comes to consulting businesses to save money and taxes. CPA firms consult and give their best advises with their utmost knowledge in the field so that it could affect and give the best solutions to their clientele businesses. These Professionals part unfiltered informations, suggestions, recommendations, considering lots of other aspects which can help your business land on a safe and successful decision.
You get the highest of experience and knowledge with CPA firms and also the utmost of responsibility of handling accounting and tax related matters properly. Financial matters need a strong assistance and attention as one investment or expenditure can affect the whole scenario of financial accounts. Hence it gets very important to take care of each and every transaction taken place for a business. Each activity or transaction will have its affect on accounts, so in order to have accounts flowing correctly, it gets important to have professional assistance like of CPA Firm’s to help businesses manage their accounts and tax properly.
Though some businesses who are budget constrained, generally avoid employing a whole CPA Firm and just employ one CPA to handle their accounts and tax matters. Well to be honest, it should be on the basis of the workload and requirements and not on the basis of the budget. If your business has the need, workload and requirement to manage high-end accounts and tax matters, then it is more efficient to employ a CPA firm instead of bulk-loading it on your sole CPA which will ultimately lead your business to weak results.
CPA Firms don’t just back the experience and knowledge but also guide you through the whole process which makes your business professional and compliant with all the accounting and taxation needs. It is always recommended to employ a CPA Firm for your business compliance. Still, it depends on the scale of your business and how much you need it. You should assess your business requirements for accounts management and tax complexity and then go for a probable CPA firm who can assist you well at a lower professional fee.
Scope of CPA’s in India
Many say that CPA is only a USA based accounting degree which can be utilized only for the US companies and the scope is limited to there itself. Though this is not the case as demands and significance of CPAs worldwide, is increasing day after day. Even the Chartered Accountants (CAs) of India are going for CPA now to get an additional degree which is globally recognized.
In India, people have started understanding the benefits of pursuing CPA and its flexibility. The course CPA is not as rigid as CA where one has to complete articleship and face those hard 4 levels. In CPA, there is no mandatory articleship. You have to clear 4 exams based on Financial Regulation, Auditing and Attestation, Tax Regulation and Business Environment and that’s it. Though these exams are tough to clear as the passing % to pass these exams is above 75%. But why people in India get attracted to this course is due to the flexibility in scheduling its exams. Yes, you can schedule any exam anytime within 18 months after passing your first exam. This takes less time to complete this course and majorly CAs in India complete all the 4 exams of CPA within a year.
Scope for CPA’s in India is massive. The Big 4s having their offices in India are the major employers of CPA in India and globally as well. Many other Fortune 500 companies are also eager to join CPAs in their team.
In India, the demand for CPA is huge, but the supply is less as many are not aware of its benefits. Not only it gives global recognition and a good chance to get a job in the US, but it also generates high-end good yielding opportunities in India within the big-4s and other major accounting firms. Also with CPA, you get exemptions in many exams when you apply for other accounting degrees within and outside the US.