Manage Navy Everything You Need To Know About CPAs and Accountants

Every business needs an accountant, regardless of other factors. However, entrepreneurs often make grave mistakes when it comes to selecting one. First things first, there’s a big difference between accountants and CPAs. In this post, we will discuss that and much more about selecting an accountant/CPA for your company.Difference between Accountants and CPAs:A CPA or Certified Public Accountant has similar jobs and responsibilities as that of an accountant. However, CPAS are required to pass certain exams and their profession is regulated by the state. CPAs must also complete CPE (Continual Professional Education) courses, to offer their services in the long run. Accountants, on the other hand, have no such obligation. In more simple terms, all CPAs are accountants, but all accountants are not CPAs. CPAs also offer additional services, such as business and financial consulting, depending on their area of expertise.


How to Select a CPA?If your business needs the experience and professional advice of a CPA, you have to consider a few things before you hire one. Here are the steps you need to follow.1. Ask around. Talk to your friends, peers, and use the other contacts in the industry to find more about reliable CPA firms. When it comes to accounting and tax preparation services, references can be quite handy. Another option is to check online. Since most CPA firms have their websites, finding the relevant details is not hard at all.2. Understand their expertise. As mentioned earlier, a CPA does much more than just maintaining accounts and tax records. You need to know the kind of expertise a firm can offer for your business needs, which may include financial suggestions and tips for better investment. The concerned team may also offer advice and help on managing different accounting errors and other concerns.3. Can you afford their services? Most CPAs charge more than accountants for obvious reasons, so it’s important to ask for an estimate. If you need their services for the last financial month to prepare the final accounts, the costs will be lower. Experts recommend businesses to have an extended accounting team at all times. This will help in preventing many of the accounting errors, and you can be assured of getting quick assistance for matters related to the IRS. In most cases, a monthly or a fixed yearly price is charged for such services.


4. Know your needs. Long before you talk to an accounting firm, you have to understand your business goals, objectives and financial needs. This will help in further negotiations, and they may even offer assistance for other things within the same budget.5. Find about their clients. If a local CPA firm has great things to claim about their services related to tax preparation, accounting, and IRS representation, they must have enough clients, as well. Ask for a few client references, so that you can understand their expertise and market standing better. Don’t shy away from asking questions that may interest your concerns.Check online now to find a few known services now.

Why Is the Blockchain Technology Important?

Let’s say that a new technology is developed that could allow many parties to transact a real estate deal. The parties get together and complete the details about timing, special circumstances and financing. How will these parties know they can trust each other? They would have to verify their agreement with third parties – banks, legal teams, government registration and so on. This brings them back to square one in terms of using the technology to save costs.

In the next stage, the third parties are now invited to join the real estate deal and provide their input while the transaction is being created in real time. This reduces the role of the middleman significantly. If the deal is this transparent, the middleman can even be eliminated in some cases. The lawyers are there to prevent miscommunication and lawsuits. If the terms are disclosed upfront, these risks are greatly reduced. If the financing arrangements are secured upfront, it will be known in advance that the deal will be paid for and the parties will honour their payments. This brings us to the last stage of the example. If the terms of the deal and the arrangements have been completed, how will the deal be paid for? The unit of measure would be a currency issued by a central bank, which means dealing with the banks once again. Should this happen, the banks would not allow these deals to be completed without some sort of due diligence on their end and this would imply costs and delays. Is the technology that useful in creating efficiency up to this point? It is not likely.

What is the solution? Create a digital currency that is not only just as transparent as the deal itself, but is in fact part of the terms of the deal. If this currency is interchangeable with currencies issued by central banks, the only requirement remaining is to convert the digital currency into a well-known currency like the Canadian dollar or the U.S. dollar which can be done at any time.

The technology being alluded to in the example is the blockchain technology. Trade is the backbone of the economy. A key reason why money exists is for the purpose of trade. Trade constitutes a large percentage of activity, production and taxes for various regions. Any savings in this area that can be applied across the world would be very significant. As an example, look at the idea of free trade. Prior to free trade, countries would import and export with other countries, but they had a tax system that would tax imports to restrict the effect that foreign goods had on the local country. After free trade, these taxes were eliminated and many more goods were produced. Even a small change in trade rules had a large effect on the world’s commerce. The word trade can be broken down into more specific areas like shipping, real estate, import/export and infrastructure and it is more obvious how lucrative the blockchain is if it can save even a small percentage of costs in these areas.