TIMOTHY H. SLONE
Why Hire a CPA?
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Why Hire a CPA?

 

You don't have to be among the rich and famous to need the services of a Certified Public Accountant. Whether its preparing a simple tax return, helping you plan your financial future, preparing a business plan for your dream business, or conducting an audit of your company, a CPA is equipped with the knowledge and background to help you make the best financial decisions. 

CPAs must pass a comprehensive two-day exam covering accounting practices and theory, taxes, commercial law, and auditing. As a practicing CPA, I am required to complete 80 hours of continuing education over a two-year period. CPAs are governed by a professional code of conduct and are self-regulated by a Peer Review process, which is monitored by the American Institute of CPAs' Public Company Practice Section.

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Working with a CPA

 

When it comes to working with a CPA you are in control. There are a variety of things you can do to get the most value out of your time and money spent with a CPA. 

  1. Before you even contact a CPA, be prepared with your goals and objectives of what you want the CPA to do for you. Have a list of questions and a clear idea of what you want to accomplish. 

  2. Before you meet with a CPA, gather all the documents and information you think you may need - past tax returns, financial statements, investment documents, business plans - and take this information with you to the first meeting. 

  3. Keep your CPA up-to-date on what's happening in your life. Are you getting married, divorced, having children, need to plan for your child's college education, expanding a business, giving the business to an heir? You'd be surprised what life sequences you experience that your CPA can help you with. 

 

What else can a CPA do besides taxes and audits?

 

For Businesses 

  1. Set up accounting systems 

  2. Help secure financing 

  3. Accumulate, analyze and report on financial and operational information for management decision-making 

  4. Perform special studies of finance, inventory, cost accounting, credit and collection 

  5. Serve as expert witnesses in litigation 

  6. Assess benefit and compensation plans 

  7. Determine the value of businesses and estates for insurance or tax purposes 

  8. And more . . .

For Individuals 

  1. Represent you before tax authorities 

  2. Develop a personal financial plan 

  3. Create a family budget 

  4. Advise you on divorce settlements 

  5. Project future college expenses and develop savings plans 

  6. Set up a retirement plan to secure your financial future 

  7. Assess insurance needs 

  8. And more . . .

 

from the Colorado Society of CPA's