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Why do you need a CPA?

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Are you starting a business?  Are you growing a nonprofit organization?  Are you an individual that owns property?  

A large segment of society relies on the services provided by Certified Public Accountants.  Without our specialized skills, problems with the IRS may arise, as well as paying considerably more in taxes than you may otherwise owe.  CPAs can advise their clients on the proper financial decisions they need to make in order to maximize the earning potential of their personal and business endeavors.

What can a CPA do for you?

A CPA is necessary to help a client navigate the complicated world of GAAP (Generally Accepted Accounting Principles) and the mind-bending world of taxation.  

If you are a business owner, a CPA can help simplify these issues by helping with your bookkeeping, financial statement preparation, payroll processing, tax planning (both Federal and State) as well advising and consulting businesses (new, growing, or mature) on a variety of issues.

Many businesses may need the assistance of a CPA regarding an audit.  All publicly traded companies need an annual audit performed by a CPA firm.  Non-profits may need an annual audit in order to continue to qualify for certain grants, both publicly funded and private.  

Individuals may think that a CPA is only useful to them if they don’t want to prepare their own annual tax returns.  This is probably true for many Americans, however a CPA will know the proper deductions and credits that a person may have earned.  In addition, a CPA can provide advice to an individual or family thinking about purchasing a home, vacation or rental property, or even just making a plan to save for a child’s education.   

CPA vs. Accountant

Modern CPAs do much more than just crunch numbers in the backroom of an office.  We are called upon to provide business advice, financial advice and even provide input on our knowledge of business law, including the requirements of setting up a new company or operating an existing company.  In order to become a CPA, as opposed to an accountant, stringent educational requirements must be met, as well as the passing of the notoriously difficult CPA exam.  While requirements may vary by state, Rhode Island has a particularly difficult set of requirements that must be met in order to earn the CPA designation.

Please email me or call me at (401) 383-9694 for more information. We can work together to see what kind of services you or your business may need.

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