CPA: Every small business’s requirement

CPA Tax Small
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While a lot of small businesses utilize the help of accountants for advice on tax and financial planning, most of them are unaware of the limitations of being represented by a general accountant. An accountant is simply a finance/tax professional who conforms to the guidelines of the Generally Accepted Accounting Principles (GAAP) as set by the Financial Accounting Standards Board (FASB). A Certified Public Accountant (CPA) on the other hand is a state licensed professional who comes under the category of ‘enrolled preparers’ in the IRS. This means they can represent small businesses at IRS audits whereas general accountants don’t bring in much weight. Let’s have a look at the many advantages of hiring a CPA for your business!

CPA is an IRS recognized tax advisor

The IRS categorizes tax and financial professionals into various categories. Broadly speaking two of them which are, enrolled and unenrolled preparers. While general accountants come under the latter, professionals such as attorneys and CPAs come under the first category which comes conferred with significant business representation at IRS audits. CPAs are required to take rigorous exams by the state and this is an affair of continuous assessment. Which means that they can lose their license at any point if found to be incompetent. This entails that CPAs are well informed about current tax laws and therefore in a better position to advice your business than an accountant, enrolled agent and tax preparer. This does not mean that accountants are bound to give you bad advice. It just means that with the training constraints the CPAs go through, your business will have better professional on side with an assurance of certification and real time advice.

CPA: making small business accounting more accountable

This does not refer to the innate nature of the CPAs but rather to the nature of their job at hand. Meaning, whenever a CPA makes suggestions or acts, they are putting their licenses on the line. This means that they can be held far more accountable than your average general accountant.

Learn about Four Growth-Killing Small Business Accounting Problems and Solutions

Expect a more in-depth analysis

Given the degree of rigorous assessment that CPAs are put through by state accountancy boards, their ability to carry out a detailed financial analysis far exceeds that of an accountant. Most small businesses have bookkeepers that record all financial and tax inputs typically into tax preparation software packages. The role of an accountant or CPA begins here. With accountants however, their roles primarily involve doing a superficial analysis of the inputs and preparing the returns to be filed. CPAs however are generally more competent at digging into the details for an analysis. This is often useful as it is this attribute that confers the power of representing a business at an IRS audit to the CPA. They are capable of both representing and executing claims on your behalf in addition to helping you make more complex and high-level business decisions.

Take your business to next level by using our advisory and valuation services. Make the investment by hiring the right CPA team that works with you. Read more about our advisory and valuation services.

Delegating between bookkeeping and CPAs

While hiring CPAs are more expensive to hire, they are well worth the money as this is compensated by your tax savings and clear tax trajectories for your business. Moreover, it is advisable to segregate the job and allocate the more routine documentation and tax preparation to the bookkeepers and accountants and leave the analysis of your inputs to the advice of a CPA. Finally, once prepared, have your CPA sign off on your returns for the security of having certified tax returns.

Read more about how to solve the challenges faced by small businesses in tax preparation

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Client Reviews
AKIF CPA
5.0
Based on 107 reviews
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Annie Phillips
Annie Phillips
12:35 10 Oct 21
Turn around time was amazing on the project I needed done. When you don’t understand all the different forms... communication is key and you will get that here. They are there to explain what and why you need it.read more
Meru Kapadia
Meru Kapadia
23:33 01 Oct 21
I usually don't write reviews much as everyone has different experiences, but definitely wanted to share the positive... experience I have had here and why I would recommend them to all my family, friends and co-workers.I got a referral for here from a friend, so thought of giving them a try over my old CPA firm. I have been going here for a couple years now and have to say they are top notch. They are always responsive and willing to work with me even when I am delayed. I generally like to ask a lot of questions and not once did I feel like they were annoyed by it and would very thoroughly and positively answer all my concerns with detail explanations. Even during the pandemic, they worked with me 100% virtual and it was seamless. Overall, I am very happy with this firm and will continue with them for the foreseeable future.read more
Kevan Shah
Kevan Shah
21:45 01 Oct 21
I’ve been going to them for 3 years now for multiple of my businesses. I changed to them after I had problems with my... previous CPA firm and I’m so glad I did! Best decision I ever made for my businesses. They have saved me thousands of dollars over the years as well as deal with my immensely complicated tax filling issues. No matter when I call, they always help answer all my questions (and trust me I have a lot) and put my mind at ease on all my concerns. I feel as if I am family the way they take care of me. The quality of their work has not changed; very consistent and professional. It is an understatement when I say I highly recommend them.read more
Maunil Shah
Maunil Shah
16:19 01 Oct 21
AKIF CPA is the best place for your tax needs! Saim has been easily available for my all my questions and concerns. ... Couldn’t ask for a better firm that provides excellent service and a familiarity with their clients. I always recommend family and friends to AKIF CPA!!read more
Shah Hussain
Shah Hussain
03:58 01 Oct 21
Hello AKIF CPA,I wanted to share my experience with you, your team and whomever may be reading this message. My most... humble thanks to you and your team for a being such great part of my success.You have done a fabulous job for us this year, and since you took over our books (during our most devastating times) you have literally taken weight off of our shoulders.Thanks for bringing everything up to date and also providing us with numbers or as you call it consultations, ahead of time so we could seal the holes.Great work!!!Shah H.read more
Sumit Dalwadi
Sumit Dalwadi
04:57 30 Sep 21
The professionals at Akif have been absolutely amazing! Quick to answer all the questions I had and always available... to offer their guidance.read more
Calvin R
Calvin R
20:21 29 Sep 21
I recommend these guys! I will be going back next year. They made everything simple and we understood what was... happening. There we issues with our taxes due to our previous accountant and these guys fixed everything. They answered our questions and service was always with a smile.read more
Ammoria Daniels
Ammoria Daniels
02:11 16 Sep 21
We contacted Akif with an urgent matter regarding corporate taxes. Akif immediately understood what was needed and... within days had everything ready to sign. The level of service we received was amazing and unmatched. Waqar expertise in trucking industry made our situation seamless. His communication was outstanding; I heard from him daily and could have been completed sooner if I was as fast as he was 😃 Highly recommended!read more
Joe Paneitz
Joe Paneitz
18:30 18 Aug 21
What an absolute pleasure to work with this CPA firm. My business is already seeing such a positive impact and growth.... I cannot believe I didn't connect with them sooner. This firm is helping in so many ways! 5 stars is an understatement! Thank you so much for your help AKIF CPAread more
Helptest ARCpoint Labs
Helptest ARCpoint Labs
15:02 18 Aug 21
The firm is quick, responsive, and has the latest technological software. Thus far, I have been with them for 3+ years... and will continue to work with them even after relocating. They make it easy even when I'm miles away. Would highly recommend them.read more
Luz Tipaz
Luz Tipaz
16:06 13 Jul 21
Saim and his team are the best CPAs in town. I have been their client for years. All started when I needed help with... company structure with multiple companies and then accounting and Taxes. I have been very happy ever since. Thank you AKIF CPA.read more
Maria perez
Maria perez
18:31 08 Jun 21
Me and my husband have been getting all of our personal Taxes, business Taxes, monthly bookkeeping, accounting and... payroll done with AKIF CPA. Recently, we had more stuff come up and had detailed analysis done on capital gains, single family rentals (SFR) and business disposition. You will only know how great this CPA company is until you have worked with them and given them a chance. Words can’t describe our experience. AKIF CPA gets the job done every time - very reliable, professional and affordable.read more
Afnaan Amin
Afnaan Amin
22:14 02 Jun 21
Very good experience, we had unique situation in regards to cross border income as Canadians currently residing in the... US. Income on both sides of the border through completely different channels. Everything was very easy and completed timely, I also had lots of random questions and Mohammad provided top notch service along the way and even after we finished our taxes!! Highly recommended.read more
Ryan Paton
Ryan Paton
10:56 08 May 21
I moved to the USA from Canada late 2018 as part of a promotion/relocation for work. For my 2019 returns, I used an... accounting firm recommended by the local Canadian social club in my city, which was a terrible experience. They were slow to respond to inquiries and would follow up in piecemeal requests which dragged out my return process over several months, often asking for information I had already provided.For the price I paid, I vowed to find better service. I found Mohammad online and decided to reach out. Mohammad was extremely responsive, took care of my US and Canadian returns as well as my wife's business returns in a timely manner. Overall, it was a very positive experience and I would recommend him to another in my situation.read more
Tuan Vo
Tuan Vo
01:59 20 Apr 21
I relocated to Texas from Alberta, Canada and needed a CPA to help me with my cross-border taxes as I was not happy... with the CPA that I used previously. During my interviewing process to find another CPA, I had good feedback from Mohammad as he was able to answer my questions regarding my unique tax situation with expertise, and importantly to me, in a timely manner. I decided to use his services for the current tax year and I have nothing but compliments for the work Mohammad provided. If you are in need of a professional cross-border CPA, I highly recommend reaching out to Mohammad Akif.read more
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