What Does a CPA Do? Job Duties and Career Paths

Public Certified Accountants (CPAs) are essential human resources in almost every organization and enterprise. They perform a wide range of duties, including accounting, tax-related tasks, and auditing activities. Read on to know more about the job duties and career paths of a CPA.

CPA Job Duties

Tax Duties

One of the leading duties performed by a CPA is tax activities. A CPA working for a business or an organization is responsible for reporting revenues generated by an organization. They also file and remit taxes to the appropriate authorities on behalf of their organizations and firms. Giving accurate revenue data and paying taxes on time helps organizations to operate within the law. Tax evasion is illegal and can lead to the revocation of business licenses.

More so, it is the duty of a CPA to advise the organization and firms they are working for on appropriate tax ramifications. They first study the structure and operations of a business and give the best advice to improve revenue or cut taxes. Paying taxes is beneficial for organizations and companies as the government can use the revenue collected to help the economy blossom.

Consultations

Another vital duty performed by CPAs is consultations. Firms and businesses require CPA input when performing various activities to ensure they avoid making financial errors. A CPA can help an organization during contract negotiations. This allows the firms to avoid incurring considerable penalties in case the contract is terminated. Also, the contribution of a CPA ensures the business or organization is cautious not to enter into agreements that are overburdening.

Furthermore, CPAs can act as consultants during budgeting activities. Any firm will wish to have a budget that can be funded without diminishing the firm’s assets. The CPAs can help develop an appropriate budget that will steer an organization’s growth and come up with strategies for financing the same budget.

On the other hand, CPAs are essential during strategic planning. In many instances, strategic planning involves the use of resources such as finances. Thus, CPAs can give their views as they understand the financial position of a business or an organization. They also have the financial projections for the coming years. Their contribution in strategic planning ensures a firm or an organization is conscious of its financial capacity.

Financial Analysis

As a CPA, financial analysis is one of the duties you must encounter in your field of expertise. Organizations, both public and private entities, require financial analysis to understand their financial position. CPAs analyze financial data and prepare reports for the organization. The reports prepared by CPAs help the organization managers and leaders make informed decisions about debt, investments, and operations.

Career Paths for CPAs

To start with, CPAs can work in government entities. Public entities such as schools, hospitals, transport, and even the military require CPAs to audit, file taxes, and accounting activities.

Additionally, CPAs can develop a career in the private sector. Private companies and businesses employ CPAs as they require assistance with financial analysis, tax-related responsibilities, and other experts’ duties.

More so, NGOs also employ CPAs. You can have a blossoming career in any NGO irrespective of its field of operation. Donors and funders require constant updates on the financial situations in these entities. CPAs are the essential human resource that helps analyze the financial position of an organization and prepare reports that are easy to understand.

Starting a CPA career opens your opportunities to work in any sector that deals with finances. If you aspire to have a blossoming career in this field, you should check these fantastic ways that will help you learn how to study for CPA exam. With these tips, you will get the best results in your exam and join this incredible job field with unending opportunities.

Conclusion

In conclusion, a career in CPA does not limit you to work in specified areas. Instead, you can be employed in any field, either by the government or by private entities. Interestingly, you can also be self-employed and work as a consultant. The market for CPAs is rising as many start-ups emerge. Moreover, tax obligations keep on changing, prompting the need to have an expert who will deal with all tax issues for a business. A CPA is best suited for such duties.