Wondering how your business can prosper and become more profitable? Your accountant knows!
Businesses strive to achieve their primary objective — to make profits. CEOs work hard day in and day out to make sure that their goals are realised. But how can you determine that you are really accomplishing your business goals? More than the office expansions, continuous workforce growth, high retention rates, and a lot of loyal customers, it’s the financial statements that show whether a company is profiting or not. Financial statements are essential, and so are the ones who make them—your accountants.
Importance of financial statements
Financial statements serve as your scorecard in the eyes of investors, financial institutions, government, stakeholders, and the general public, including your competitors. These statements show your financial health, which you can use to attract investors or prove to the banks that you are creditworthy, thus, grant your loan applications.
More often than not, the users of your financial statements will demand an audited version because it gives them the greatest assurance. CPAs are authorised to produce all three levels: audited, reviewed, and compiled financial statements. On the other hand, non-certified accountants can only prepare the compiled ones.
All CPAs are accountants, but not all accountants are CPAs
Both certified and non-certified accountants are significant to every company. However, aside from the levels of financial statements they can produce, there are considerable differences between the two—primarily on education and experience.
Generally, non-certified accountants are responsible for tasks such as bookkeeping and simple tax-related matters. However, with proper training and experience, they can provide a wider range of services to the company or client.
Certified accountants hold a bachelor’s degree in Accountancy and have passed the 21-hour CPA board examination composed of seven subjects. Moreover, to maintain their licensure, they need to meet the required Continuing Professional Development (CPD) units, gained by attending accredited accounting training and seminars. Through their advanced education and training, CPAs are more knowledgeable with tax laws and other financial matters. They are also eligible to represent your company before tax agencies, while non-certified accountants are not.
CPAs as advisors
The financial reports prepared by your CPAs are not only useful for investors and financial institutions, but they are also a reliable basis in your own decision making. Your CPAs give you easy-to-understand, reliable financial information that allows you and other executives to make fact-based decisions, allocate resources effectively, analyse the performance of your products or services, monitor efficiency of operations, and develop strategies.
Do you want to know if you need to cut costs? Or are you torn between making or buying a product or service? Consult your CPA; they have the solution you need.
Getting offshore help for your Accounting and Finance
Accountants and CPAs play different roles in business. In deciding whether to hire a certified or a non-certified accountant, you should consider the things that you want to get done, as well as the level of financial statements that you need.
Looking for accounting staff who match your needs is not an easy job. However, by outsourcing to Cloudstaff, this process is simplified. We have a pool of qualified accountants and experienced CPAs that you can choose from. In addition, the cost of outsourcing to the Philippines is considerably lower than hiring locally, and there’s no need for additional space and equipment.
Filipino Accountants go through a rigorous process before successfully acquiring their license. With a 30-40% passing rate in the CPA board examination, Filipino CPAs are surely among the best.
Whether you are just starting to build an Accounting and Finance team or adding members to your existing team, the key is to choose the accountants who can provide you with the sharpest edge; they are the ones who can lead you to make the right decisions. Besides, your accountant’s edge eventually becomes your business’ edge.
Reach us at sales@cloudstaff.com and we’ll be glad to help you determine which accountant is right for you.
To learn more about using outsourced team members to support your accounting needs, please visit our website at www.cloudstaff.com/accounting.