Tuesday, June 5, 2012

Duties of certified public accountant

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A certified public accountant is the one who offers public accounting services.
In the area of finance the certified public accountant in the following areas:
? Financial accounting
Financial accounting is the area of accounting which is concerned with the preparation of financial statements for the stakeholders of a business. These include the suppliers, employees, owners, suppliers, banks and so on.
? Financial analysis
A certified public accountant also carries out the duty of analysis of financial records. By analyzing the quarterly or yearly financial records of a business entity these professionals can understand the risks and profitability of the entity. It helps in formulation and pricing of the credit risks involved.
? Corporate governance
Corporate governance is the prevention of the conflict of interests between the external and internal stakeholders of a firm. The external stakeholders include the shareholders, government, suppliers, customers and so on. The internal stakeholders are the employees, board of directors and executives.
? Income tax
These professionals also operate in the income tax area. Income tax is the tax which is levied on the individual or a business entity. A certified public accountant can suggest you with measures how you can reduce the tax amount as they are aware of the loopholes in the financial system which a majority of the system comprises of.
? Forensic accounting
It includes the prevention and detection of financial frauds. Hence this service is very useful to the owner of any business as it helps him against frauds. It includes the economic calculations arising from insolvency, breach of contract, bankruptcy and so on.
? Corporate finance
It is that part of finance which deals with the financing of a business entity. Its main aim is to increase the value of the shareholder. It is the duty of the CPA to make sure that the sources of finance are not illegal. Otherwise the business will have to face serious repercussions in the future.
? Estate planning
It is concerned with the disposal of an estate. It includes will, property rights, beneficiary, trusts and so on. Its main aim is to lessen the taxes and other expenses while generating maximum value to the property.
By having knowledge about the services that certified public accountants offer you know what to expect from them when you deal with them. With the help of a certified public accountant you need not worry about the management of your finance. You can pass on the responsibility of handling your money matters on these professionals.

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