Why Businesses need a CPA? Why should You pursue it as a Career? – By Simandhar Education.
The Institute of Chartered Accountants of India (ICAI) is the national professional accounting body of India, which regulates the profession of Chartered Accountancy (CA) in India, confining the practice to Indian jurisdiction. US Chartered accountants are known as US CPAs. The Certified Public Accountant (CPA) exam, testing of which is now available in India, is administered by the American Institute of Certified Public Accountants (AICPA), is the highest level of proficiency in the field of Accountancy across the globe. A CPA can act as a tax consultant, financial advisor, business consultant, and they can take up any other position related to finance in a company as well.
One of the lengthiest and non-productive parts of managing a business is eventually keeping all the financial records safe and well maintained. With the help of a competent individual like a CPA or a full-fledged finance team, businesses are able to manage and monitor the finances easily and make better plans for the future of their business.
How are CPAs different from accountants?
Being an accountant is a requisite for becoming a CPA. The only noticeable difference between being “just an accountant” and a “Certified Public Accountant” is that the candidates have to pass a specific exam to obtain the CPA license. The accountants are also required to have some experience in the field of accounting (usually two years) before they can apply for the CPA exam.
In addition to the standard tasks that accountants come across every day, the CPAs are trained to handle even greater complex tasks because of their in-depth experience in accounting. Once you have passed the CPA exam, you do not get the license for the rest of your life, but you will have to renew the license periodically. This is done to ensure that the accountants stay up-to-date with all the amendments and latest updates in the world of accounting. Only CPAs can perform mandatory audits for publicly traded U.S. companies.
The benefits of hiring a CPA
If you are hiring a certified accountant, businesses are not only saving precious time, but there is a potential of saving a lot of money. This is because the CPA, with his multifaceted financial and tax expertise, can give some invaluable advice on how to save business from fines and tax-related penalties.
| CPA | Enrolled Agent | Accountant | |
| Does business taxes | Yes | Yes | Yes |
| Represents business at tax audit | Yes | Yes | Limited (only if the accountant did the business tax return) |
| Licensing required | Yes | Yes | No |
| Continuing education required | Yes | Yes | No |
| Helps with payroll and payroll taxes | Yes | Yes | Yes |
| Prepares financial statements | Yes | No | Yes |
| Analyzes financial statements | Yes | No | Yes |
One of the biggest reasons for businesses to hire a CPA for is that a CPA is the most qualified to represent you before the IRS in an audit. An enrolled agent is eligible to represent your business at a tax audit, but an accountant without a CPA license can only represent clients in a minimal manner. If you are paying to have a professional do your tax preparation, make sure this person has full authority to represent you in an audit.
Accountants do the routine work, and they can complete tax returns, while CPAs can analyze the work, represent you at a tax audit, and help make more high-level business and tax decisions.
Here’s a short video for candidates wishing to write the U.S CPA Examination in India : https://bit.ly/3b5Mwes
Certified Public Accountant (CPA) is the highest standard of competence in the field of Accountancy across the globe and a popular career choice to standout in this increasingly competitive world. Hence, CPAs enjoy perks of having attractive salary packages along with many other.The CA course in India is difficult as the syllabus is vast and clearing all the levels of CA needs average intelligence combined with plenty of hard work. A CPA lets you start off your career with a respectable position and pay and lets you pursue CA as well. Although a CA cannot practiceas a CPA alongside CA practice, he/she can form alliance and pitch for US based work with CPA Qualification in India. ICAI is encouraging export of services and this could be a game changer.
Simandhar Education (a channel partner of AICPA and an authorized training partner of Becker) is India’s #1 training institutefor US CPA, US CMA , IFRS and EA courses and is committed to be helpful at every step, right from US CPA exam preparation to the licensing process. In collaboration with the Big 4 and over 100 renowned MNC’s, Simandhar Education is well equipped to provide exceptional placement assistance. With the co-founder and leading man, Sripal Jain (CA, CPA USA), Simandhar faculties, with more than 10 years of industry experience, are engaged with teaching and research to push the boundaries of human knowledge. Catering to training requirements of CPA aspirants all over India via online platforms, Simandhar Education also has presence in Hyderabad, Bangalore, Delhi, Gurgaon, Chennai, Ahmedabad, Mumbai etc. for offline in-class coaching.
As an initiative to enrich the time spent in quarantine, Simandhar Education has lined up a series of knowledge-packed live interactive sessions with eminent leaders all over the world. The video recordings of the same can be found on their YouTube channel. The blogs on the website cover challenging and engrossing topics such as “CARES Act Tax Provisions aim to stabilize Pandemic-Ravaged Economy” and “Effects of Covid-19 on CPA Exametc. Simandhar Education has proven to be engaging on all social media platforms.
To know more about Simandhar Education, visit www.simandhareducation.com
To know more about CPA Course, visit www.simandhareducation.com/certified-public-accountant
To know more about EA Course, visit www.simandhareducation.com/enrolled-agent.php
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