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m (When to Use a Certified Public Accountant)
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A Certified Public Accountant, or CPA, can help you make sure that your small business accounting or individual taxes are accurate and complete. Some businesses are small enough, such as home based businesses, that a Certified Public Accountant is not needed for most accounting tasks. However, there are times when a business or individual should use a Certified Public Accountant.
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Utilizing the services of a Certified Personal Accountant, more commonly referred to as a CPA is very common. There are some things you need to think about when drafting an agreement between you and your CPA. Here are the steps involved in drafting up a legal and proper agreement between you and your CPA that will help you maintain a strong and long lasting relationship between you and your CPA.
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Many CPA's require that you have an engagement letter in place. An engagement letter is simply what you and your CPA expect form each other so that there is no confusion as to what services are expected form the CPA and what is expected form you the client. Here are some tips to writing a proper engagement letter.
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In your engagement letter to your CPA, always define your expectation form the CPA and the CPA's firm. This will provide an overall statement form you that your CPA's firm can follow as guidelines that state specifically what you expect and want.
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Defining what you and your CPA's responsibilities are and what duties you must both perform to make the relationship work, is very important to define in your engagement letter. This will provide a definition of what you both need to do to fulfill your obligations to each other which will help avoid future problems.
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Defining the fees that you will incur for the services rendered by your CPA is a very important part of the engagement letter, when done right, will eliminate future financial issues. This wil safeguard you against rate adjustments from your CPA and will require that your CPA discuss rate issues with you if they choose to increase any costs for any services rendered that are defined in the engagement letter. You must also know that the fees will only cover services specifically referenced to in the engagement letter. So if you choose to add additional services, it is recommended to draft up a new engagement letter to include these new services and fees.
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Sometimes you CPA cannot define actual fees as it may be based upon certain circumstances. For these types of circumstances, discuss in detail why the fees cannot be calculated before hand. Make sure that if the fees cannot be determined before the services are rendered, that you have in your agreement a maximum that you will have to pay or to set a service budget. This will prohibit any outstanding bills. You may also want to include a clause that states that your CPA will also contact you when your budget has almost been reached.
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Many time CPA's can use technical language that can become confusing to you. Ask your CPA to use terminology you can understand and to make the word as non technical as possible. This will allow you to feel confident in signing the agreement between you and your CPA. An engagement letter is not only terms you and your CPA agree to abide by, but also is a professional agreement that protects you the client as well as your CPA.  
  
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If you have a small business, and you have discovered that an error in your bookkeeping exists, it can often be difficult to locate where and when the error was made to correct the mistake.  A Certified Public Accountant has special training and education to find these errors through an external audit process.  It is vital that these errors be corrected, because the books you use in your business are used to determine taxes and business decisions.
 
  
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These records also allow investors to see how well your business is doing so that you can get more backing to help your business grow.  A Certified Public Accountant can find and correct any errors in your bookkeeping, and help you organize your bookkeeping so that you or the Certified Public Accountant can easily generate financial statements and reports.  These financial statements and reports prepared by a Certified Public Accountant are the documents that most banks and investors want to see before making any financing decisions.
 
  
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If you are starting up a home based or small business, you should seek the guidance of a Certified Public Accountant.  The Certified Public Accountant can help you set up a double entry method of accounting with a journal and ledger, as well as a chart of accounts to help you use these tools effectively in your business.  The Certified Public Accountant can also advise you as to what taxes you will be responsible for paying throughout the year.  Quarterly taxes are often required of businesses and self-employed individuals.  To avoid penalties, late fees, and a large tax bill at the end of the year, you should contact a Certified Public Accountant for this information.
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Any individual that is self-employed should seek out the services of a Certified Public Accountant when it is time for tax return preparation.  Tax laws change every year, and a Certified Public Accountant can help you make sure that you are receiving all of the deductions you have available as a self-employed individual.
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Any individual with children, who is separated or newly divorced, or who may wish to itemize deductions based on mortgages, medical expenses, and charitable contributions should also seek out a Certified Public Accountant for assistance in income tax preparation.  This is because the tax laws are very complex, and change often.  If you make a mistake and claim a deduction that you could not legally claim, the IRS may audit your return and cause you to pay back the refund amount, with penalties.  Additionally, if you make a mistake and do not claim a deduction that you could legally claim, the IRS will not attempt to correct the mistake, causing you to receive a smaller refund.  Either way, you lose money.  The best way to avoid these and other errors is to have a Certified Public Accountant prepare your income tax return.
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Version du 11 mars 2016 à 16:01

Utilizing the services of a Certified Personal Accountant, more commonly referred to as a CPA is very common. There are some things you need to think about when drafting an agreement between you and your CPA. Here are the steps involved in drafting up a legal and proper agreement between you and your CPA that will help you maintain a strong and long lasting relationship between you and your CPA.

Many CPA's require that you have an engagement letter in place. An engagement letter is simply what you and your CPA expect form each other so that there is no confusion as to what services are expected form the CPA and what is expected form you the client. Here are some tips to writing a proper engagement letter.

In your engagement letter to your CPA, always define your expectation form the CPA and the CPA's firm. This will provide an overall statement form you that your CPA's firm can follow as guidelines that state specifically what you expect and want.

Defining what you and your CPA's responsibilities are and what duties you must both perform to make the relationship work, is very important to define in your engagement letter. This will provide a definition of what you both need to do to fulfill your obligations to each other which will help avoid future problems.

Defining the fees that you will incur for the services rendered by your CPA is a very important part of the engagement letter, when done right, will eliminate future financial issues. This wil safeguard you against rate adjustments from your CPA and will require that your CPA discuss rate issues with you if they choose to increase any costs for any services rendered that are defined in the engagement letter. You must also know that the fees will only cover services specifically referenced to in the engagement letter. So if you choose to add additional services, it is recommended to draft up a new engagement letter to include these new services and fees.

Sometimes you CPA cannot define actual fees as it may be based upon certain circumstances. For these types of circumstances, discuss in detail why the fees cannot be calculated before hand. Make sure that if the fees cannot be determined before the services are rendered, that you have in your agreement a maximum that you will have to pay or to set a service budget. This will prohibit any outstanding bills. You may also want to include a clause that states that your CPA will also contact you when your budget has almost been reached.

Many time CPA's can use technical language that can become confusing to you. Ask your CPA to use terminology you can understand and to make the word as non technical as possible. This will allow you to feel confident in signing the agreement between you and your CPA. An engagement letter is not only terms you and your CPA agree to abide by, but also is a professional agreement that protects you the client as well as your CPA.


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