An organization must be financially sound to sustain itself in the cutthroat competitive market. To ensure that you make the right financial decision for your organization that will help you to grow further, you should look for some expert advice. Don’t you?
The one who is well aware of the business laws, and principles, and have a strategic thinking pattern to save and make money is the Certified Public Accountant (CPA) or Chartered Accountant (CA).
A CPA is a certified accountant and financial advisor to individuals, firms, and organizations helping them in planning and executing their plans to achieve financial goals. They provide a range of services like financial analysis and planning, handling accounting functions, tax preparation, financial reporting, financial audits, etc.
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The designation of chartered accountant (CA) is an international accounting designation granted to accounting professionals in many countries across the world, apart from the United States and Canada where this designation of such accounting professionals is Chartered Public Accountant (CPA) equivalent to the CA designation.
Typically, the CPA’s core areas to focus on are:
- Audit and assurance,
- Financial accounting and reporting,
- Management accounting, and
- Applied finance or taxation.
Having credentials of CPA, enhance the credibility of an accountant. It ensures that its holder possesses the qualification to file a business’s tax return, audit financial statements, and business practices, and offer financial advisory services to clients.
Different countries have different norms regarding becoming a CPA or CA. In most countries, the prospective accountant who possesses a three-year bachelor’s degree in accounting and business topics or a master’s degree in the same stream could complete a practical experience program and become a CA.
In Canada, after getting a bachelor’s degree in accountancy and business, candidates who wish to be a CPA need to enroll in a professional education program and pass it.
An efficient CPA must be a level ahead. Being detail-oriented and innovative with strategic thinking patterns are the key qualities, a CPA must have. He/ She will keep a check on the financial performance of your organization and will give you timely advice on financial matters.
Choosing the right CPA could positively impact the organization. A CPA must have qualities that could lead him to excel in the profession by providing the best services to his clients.
The Qualities Those Must Have in a CPA Are:
- Accountant needs to keep up with lots of figures, data, and paperwork in their daily jobs. An efficient accountant must store the data in such an effect that it can be retrieved without much hassle when required. He/ she must maintain a well-defined yet accurate financial system.
- Accountants should organize their work in such a way that could maximize productivity to save time that can be used for other research activities and keep themselves updated with the current scenarios in the market.
- An accountant must have good organizational skills that would make themselves to be able to meet deadlines or else there might be a lot to keep piling up on the table that could increase the pressure and lead to the chances for errors.
- Good communication skills make an instant good impression and this would help an accountant to grow professionally. Strong communication leads to building strong long-term relationships with clients which is important to survive in the market.
- The ability to camouflage the market environment by tackling the challenges will help prospective accountants be successful and survive longer in the accounting industry. In the accounting profession, sometimes an accountant needs to be a bit smarter to play with the figures and be strategic in terms of saving taxation money.
- With the rapidly changing business scenarios, an accountant must keep themselves updated with changing laws and working cultures so that they can adapt themselves accordingly to the changing scenarios and fight the competition to sustain.
Above are the qualities of an efficient accountant, however, these were just to name a few. The top players in the accounting industry are mainly known for being practical, logical, and visionary with a bit more creativity that leads them to succeed in many.
Hiring a good one to manage the financial activities of your firm could bring positive impacts on your organization and here we will get to know-how:
- Performing accounting activities – CPAs provide the services of maintaining and organizing the financial records in an organization. They render services for bookkeeping, payroll, and preparation of financial statements and make sure that they are in order, financial audits at the end of the year, and timely financial evaluation.
- Assist in Filing Taxes – As CPAs are qualified and experienced in filing taxes, they also assist you in the tax preparation process and services during the tax season. Being certified public accountants, they have an additional advantage and possess a preparer tax identification number (PTIN) from the IRS.
- Business assets management – During their professional training, CPAs are also trained in handling managerial tasks and duties. Being primary auditors, they are well aware and keep a check on the usage of the business’s properties and assets. They are well equipped with managing data which is a critical component in any business that offers a deep insight into the business performance, consumer behavior, its product, and service.
- Insights Into Making Critic Business Decisions – We understand that CPAs perform a very important task which is the preparation of financial statements of the firm which gives them clear insight into the business performance and that’s why CPAs are in the best position to assist in critical decision making for the betterment of the business firm.
- Helps minimize business costs – There is numerous expenditure associated with operating a business. A CPA helps you in minimizing that operational cost or other expenditure by providing you with the best alternative options with his creativity and experience. They help you to minimize the error while filing taxes like fines, penalties, or any dues. They also help in saving on taxes.
With their excellent skills and practical experience, CPAs could make a major and positive contribution to the organization’s success. The ability to comprehend complex tasks makes them a fruitful asset for organizations.
While hiring, you must ensure that he/ she has the qualification and expertise to handle the business’s financials and also the cost factor in hiring them to make sure it won’t burden you with costs that you cannot afford. If you are looking for a Certified Public Accountant or CPA Surrey, N.S Kehal Inc., would be the right choice for you.
N.S Kehal Inc. is a firm led by Nick Kehal who himself carries the experience of more than 10 years in accounting and has handled clients from small firms to mid-size corporates. They have been offering a range of services like accounting, payroll services, bookkeeping services, and taxation services.
With a customer-centric service delivery model, their team ensures that each client gets personal attention and gets the required outcomes that exceed their expectations.