With the mergers between the 3 accounting bodies, CGA, CMA, and CA under one body, CPA, it is important you understand what value a CPA, CA professional can provide to your business. The CA designation and the new CPA program requires rigorous training and work experience. The partners at MP Group have received their CA designations prior to the mergers and have met the requirement of having 36 months of public accounting experience. We will go over the benefits that your CPA, CA professional can provide to your business.
Experience
As noted, CPA, CA professionals require 36 months of training with public accounting firms. As such, for example, the partners at MP Group began practicing in public accounting with large international accounting firms, KPMG, Deloitte and PwC. The governing bodies require that an aspiring CA to become proficient in areas such as assurance, accounting principles, tax, governance, management accounting and ethics. Experience in these areas are also required and developed while working in public practice. Therefore, when you work with a CPA, CA, you know that you are working with an expert that has gone through rigorous training and has a lot of valuable experience.
Financial Statement Preparation
CPA, CA professionals are able to provide financial information for your company with a compilation engagement report. Your company may require this service for when you need financial statements for the use of filing a corporate income tax return, or internal financial reporting.
Proficient in Tax
When you work with a CPA, CA, you know for sure that they have the expertise and knowledge in assisting your tax return preparation, and provide insights that lead to tax savings. Most CPA, CA have a certain degree of competencies in tax as a requirement; however, some professionals decide to focus greater in tax and expand their knowledge base. For example, MP Group partners have gone have worked in the largest corporate tax group in PwC. They still focus on providing their clients with excellent tax advice and service.
Identifying Issues and Thinking Outside the Box
CPA, CA professionals have the knowledge and expertise to provide valuable business insights. With the ability to understand your business to a greater extent, it allow for the ability to identify problems and come up with solutions. Using financial tools such as preparing useful periodic financial statements, developing key performance indicators (such as gross margin, inventory turnover, current ratio, etc.), budgeting and setting benchmark, and reviewing cash flow can identify problem areas. Also, CPA, CA professionals can help you assess how the company is performing and meeting company targets.