Wednesday, April 17, 2019

Not Every Accountant Does Taxes

Need a person to help with your taxes? It is not likely that the person you know who is an accountant or majored in accounting wants the job. There are several areas of expertise in this career field, and they don't all do taxes.

Perhaps the most annoying thing accountants experience is the presumption that they all do taxes. Sure tax experts are needed professionals, and the area of accounting expertise involved and deserves respect, but assuming all with the title are tax experts is like thinking that all Air Force personnel fly planes.

Those who specialize in forensics are key in investigating fraud, embezzlement, contract disputes, and money laundering. Cases like this will need legal counsel as well, but accountants in this field are trained to comb the books and records of the suspecting business to find clues that illegal things are taking place.

There are also those who keep track of inventory for businesses. This is certainly a big and important job for cooperations like big chain department stores or any businesses that keep inventory and stock. A bookkeeper is basically an entry level accountant, and this professional, though he may have a bit of tax knowledge, he in fact does not do taxes. Some in this career field work solely in payroll or in accruals and adjustments while others are budget experts.

There are many areas of expertise. They may be better at math, unafraid of numbers, and willing to do their own taxes, but they do not do yours.Another well known term in the field of accounting is the abbreviation CPA. This stands for certified public accountant, and you guessed it, not all are CPAs either. The CPA is an exam that those in the field take to augment their credentials, but just passing the test does not a CPA make. The term is earned by a combination of testing, on the job training (OJT), and professional hours logged and maintained. In addition to their regular jobs, professionals who add these letters to their monikers can also attest validity of financial information and audit financial statements for the declaration of accuracy.

Some who use these letters, though they imply working for the public, may work internally in organizations in a kind of CEO (chief executive officer) or CFO (chief financial officer). This is called the private sector. Much like lawyers are not abreast to each and every type of law but may be able to direct you to the professional that you need for your situation, you can ask someone who is an accountant for advice, but that may not be his or her expertise, and unless it his life’s work, he most certainly does not want to do your taxes.



By: Andrew Stratton 

ABOUT THE AUTHOR 

Keep your business on track by hiring a reputable philadelphia accountant who provides solid service and consulting. Read more information about one professional here: http://www.holtzmantax.net.

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