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In a free market, there is need for regulation and transparency to encourage investors to invest in the economy. Lack of transparency and regulation puts investors' funds at risk, so they can either look for alternative investments overseas, or demand a higher return on their investment. Certified public accountants (CPAs) are professionals who help shareholders, industry regulators and other stakeholders to ensure books of accounts are prepared accordingly, thereby promoting transparency. The following is a list of services offered by St Louis CPA firms:
i) Bookkeeping Services
Certified public accounts, as the name suggests, are trained accountants, so they can be hired to handle all the daily, weekly or monthly bookkeeping requirements of an organization. This may entail preparation of income statements, profit/loss account and balance sheets among other things. Since hiring an in-house CPA can be costly, the best option is usually to hire a third party CPA firm to handle all bookkeeping requirements of a business.
ii) Auditing Services
CPA's are trained auditors. Since every company or business must have its accounts audited and presented to the board, CPA's can act as external auditors and present an independent opinion to the board. Audited accounts must also be submitted to the relevant government agencies for scrutiny. When in need of internal auditing services, business owners can also hire CPA's to offer the service.
iii) Tax Preparation Services
Every citizen, legal resident, US corporation and business is required by law to pay tax and file tax returns. Tax filing must be done annually before the specified deadline and the tax bill cleared without default. Late filing or payment of tax attracts huge fines and penalties. Filing wrong returns, on the other hand, can amount to fraud, which may come with a prison sentence. To ensure your tax returns are accurate, be sure to hire a reputable CPA firm to do your taxes. Certified public accountants can even help you get a tax refund, instead of a tax bill. This is because they know all the tax credits, deductions and other benefits that you may be entitled to. The average person may not have this type of information. After computing your taxes, you may be left with a negative tax bill, which amounts to a tax refund.
iv) Budgeting Services
Budgeting is important for individuals, businesses and nonprofits. A certified public accountant can not only help clients to come up with a sound budget, but also ensure that all the numbers add up. Most firms can also provide businesses with accounting software to eliminate the need for an in-house accountant. At the end of every week or month, the CPA firm can send accountants to analyze the data and prepare financial statements. Get detailed information on this webpage.
When looking for a CPA, the most important factor to consider is certification. The ideal accountant should not just have an accounting degree, he or she must be a certified public accountant. In case of an accounting firm, there should be CPA's working at the firm. The fee they charge is also an important consideration. Other factors to consider include; track record, reputation and availability.