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.

A Latin Impact on the Finance Industry

Financial Institutions are a fantastic business model to learn from when considering ever changing market conditions. Their traditional target markets are stable, but, the needs of an emerging market, the Latino market is extremely underserved. It is certainly not for lack of money. Many Latinos have zero debt and healthy saving habits. The question arises, are financial institutions doing enough to serve this population? Are they adapting to the Latino needs? The answer is complicated.

There are two types of Latinos in the USA. One is the immigrant seeking a better life and wanting the American dream, whether they came through the proper channels or not it is irrelevant. The second, are the Latinos that are born here. These are two very different groups of people with different needs and goals. Most immigrants bring their culture, traditions, and customs with them to the US. Those born here develop a blended culture that is both Latino and American.

Financial Institutions are taking notice and making strides to accommodate this very economically influential population. The main reason is that there is a lot of investment in education and developing trust. An untold detail is that in Latino countries, people do not trust banks and financial institution because of corruption. Everything is paid in cash and there are no debt or traditional credit scores. This means that the Latino community have cash, probably stored under their mattress or in a shoe box. This is very dangerous considering that a house fire could burn an entire life savings. Another scenario is they could become a target for robbery. This is a foreign concept for Americans. What is happening is a huge learning curve, educating them on the process of building credit, saving their money in a financial institution, getting loans (mortgage, car, etc.), and most important having trust in the financial institutions.

The younger generations that are born here learn from their parents and surroundings. There is still a disconnect from the importance of financial products, building credit, and how that process works. Many of these young people are just translating for their parents, explaining financial products, and become an intermediary for conducting business. You will notice an increase in bilingual support at many financial institutions for this reason. There is still a lot of work to do in this regard, and this process will take time.

However, more and more financial institutions are offering products specific to Latinos. Information is becoming available in Spanish and more financial institutions are hiring bilingual and multi-lingual speakers. It will be interesting to see how we as a country adapt to this important demographic. It is truly an untapped market that has an important function in our economy for growth and stability.