Why hire a CPA?

As an individual or business owner, it can be difficult to gauge when exactly is the right time to outsource accounting responsibilities you may try and handle on your own.

If you have a complicated financial portfolio, believe you are paying too much in taxes, or have started your own business, hiring a certified public accountant (CPA) may offer you the tax advice and tax return preparation you need to be sure you are filing properly and taking advantage of all the deductions you can.

A CPA will help you make sound financial decisions, plan for the future, and avoid costly mistakes.

While you can certainly take care of your day-to-day accounting yourself, especially if you have good accounting software or work with a bookkeeper, there are instances when the expertise of a CPA can help you make sound business decisions, avoid costly mistakes, and save you a lot of time.

• CPAs are accountants who are tax experts.
• CPAs work with the IRS daily and can navigate their language and complicated rules.
• CPAs are up-to-date on the latest tax rules, guidelines and laws.
• If you have inherited money, are in charge of a trust, or have a complicated financial portfolio, a CPA can ensure you are following all the appropriate tax rules and filing responsibilities.
• Before you start your business, you should meet with a CPA for tax advice on which business structure will save you money and the accounting method you should use.
• If your business has grown a lot, it is wise to meet with a CPA to make sure your are using the best accounting method for your growing business.
• If you’re audited, a CPA can represent you before the IRS.

While most people use the terms “accountant” and “CPA” interchangeably, there are some big differences. The CPA credential carries enormous weight in the business community, and greater clout with the IRS. Achieving a CPA license takes intelligence, ethics, integrity and a lifelong commitment to the profession.

CPA’s Are:

Tested

Candidates must complete some of the toughest business courses at their university and pass the Uniform CPA Examination.

Educated

Accounting graduates must complete 150 educational credits in order to qualify for a CPA certificate. CPA’s are required to follow a strict code of ethics as well as perform within the highest standards of the profession. In Maine, every year they must complete 40 hours of continuing professional education.

Regulated 

The Maine Board of Accountancy grants certificates and licenses to practice public accountancy to qualified individuals who comply with the requirements of the statute.