Why Every Business Needs Certified Accounting Specialists
Accounting and finance is a large domain, and the professionals in this industry might have different levels of expertise. However, businesses often look forward to working with certified accounting specialists as they have proficiency in the required fields. This is where the accounting certifications come into the picture. Different accounting certifications aim for varying sets of skills and have different eligibility criteria.
The need for an expert accountant is never going to subside. For steep growth and superb financial health of your business, you should hire an accounting specialist. However, when you look forward to working with a certified accounting specialist or hiring one, you should know the certifications to look for. This blog shall get you started on who certified accounting specialists are and some standard accounting certifications you should know about.
Who are Certified Accounting Specialists?
Certified accounting specialists bear a certificate that shows their knowledge and skillsets. The certified specialist accounting and finance stand out in the crowd. They are proficient in various subdomains of accounting and finance. An accounting specialist knows the ins and outs of business analysis, tax preparation and research, reporting, etc. Therefore, hiring a certified accounting specialist will not only elevate the quality of your accounting operations but also save you tax costs, improve the accounting system, and cut off company expenses as a result.
Moreover, an expert accountant is a powerful companion for the management to evaluate the company’s financial health and plan the future route. Working with an accounting specialist is crucial for leading the business to its objectives.
Compelling Reasons to Hire Certified Accounting Specialists
The critical question is, does a business need to hire certified accounting specialists? More importantly, do small or middle-sized businesses really need to work with accounting specialists? The answer is a big and clear yes. Businesses should prioritize working with proficient accountants who hold certifications from recognized boards or institutions. A certified specialist in accounting and finance (CSAF) brings on board a plethora of benefits to the business.
Let us look closely at the top reasons why even small companies should hire certified accounting specialists (CSA).
1. Experts in Tax Regulations
The certified accountants are proficient in tax regulations across the nation, states, and localities. They are experts when it comes to ever-changing tax laws across borders and among various tax authorities. Every business needs this knowledge base to manage taxes efficiently and prevent incompliance, penalties, and lawsuits. This knowledge empowers businesses to benefit from tax breaks and deductions and reduce expenses.
2. Proficient in Financial Navigation
Certified accounting specialists have an in-depth understanding of financial complexities. They can easily figure out the financial statements, identify any mistakes or the scope of the improvement, and devise the right way to address them. A company must know precisely about its financial health and how to improve it.
3. Well-versed in Financial Technology
The traditional ways of carrying out accounting and financial operations no longer fulfill the need. Today, businesses have shifted to cutting-edge financial technology. These financial solutions are fast, accurate, and simplify accounting and financial analysis. The accounting specialists are very well-versed in financial technology and can significantly enhance the productivity of the business.
4. Support Strategic Decision
A business needs to carry out analysis, generate insights, and evaluate the company’s performance. Moreover, it also predicts the results for the future months and makes strategies to improve them. Almost every day, the management might need to come up with or implement strategic decisions to improve productivity, efficiency, ethics, etc. Certified accounting specialists have the foresight and understanding to support the decision-making process.
5. Command in Optimizing Resources
When it comes to income and expenses, the businesses focus on utilizing the income more efficiently and reducing the expense. An accounting specialist can prove very helpful in optimizing income and assets and wasting minimum resources in the form of expenses. With this key skill, every business can manage the resources at their disposal more efficiently.
6. Reliable and Credible
When you search for an accounting professional, you want to know their qualification and experience. Once you find them reliable, you can leave the company accounts to them and confide in them. Certified specialists in accounting and finance are qualified individuals who have an in-depth understanding of the business niche. Therefore, these are the credible individuals you can hire and rely on.
7. Tailored Solutions
Why is it important to hire certified accounting specialists for a business? Every company, large or small, has its own situations and business requirements. Therefore, it is essential that the accountants understand various aspects of the business, such as the risks, needs, goals, and current performance. The certified accounting specialists understand what is right for the business and devise a tailored solution for it.
8. Efficient and Accurate
A business strives to achieve the highest efficiency and increase production and net profit. Therefore, precision is quite important in any for-profit organization. An accountant must know how to prepare accurate reports and carry out accounting operations without leaving a large margin of error. The certified accounting specialists have the know-how and technical expertise to carry out accurate accounting.
Today, cutthroat competition covers the business landscape across the globe. Therefore, businesses, small, medium, or large, must know how to stay competent and not get behind in this race. That is only possible by hiring skillful employees, accountants, business experts, and managers. This is one of the core reasons to hire certified accounting specialists for your company.
Top Accounting Specialist Certifications in the United States
For hiring the best-certified accountant, a business owner must look out for these top certifications. These are standard accounting specialist certifications in the USA and mark the capabilities and expertise of an accountant.
1. Certified Management Accountant (CMA)
Certified Management Accountants (CMA) are proficient in financial analysis, planning, strategic thinking, and decision-making. The certificate is issued by the Institute of Management Accountants (IMA). CMA is highly sought after by businesses in the American industry.
2. Certified Public Accountant (CPA)
Certified Public Accountant (CPA) is the qualification entitled to the accountants who pass the CPA exam. After the university studies, the individuals are required to take the Uniform CPA Examination arranged by the American Institute of Certified Public Accountants (AICPA). Certified public accountants are well-versed in services like tax preparation, internal auditing, consulting, and financial planning.
3. Accredited Business Accountant/Advisor (ABA/ABV)
Accredited Business Accountant/Advisor (ABA/ABV) is offered to professionals who have high expertise in accounting and business consulting. The ABA/ABV professionals provide top-notch business tax planning strategies and financial advice, strategies on business and budget, etc. The institute that is responsible for offering the recognition is the American Institute of Certified Public Accountants (AICPA).
4. Certified Fraud Examiner (CFE)
The Association of Certified Fraud Examiners (ACFE) issues the designation of Certified Fraud Examiner (CFE). These certified accounting specialists have extensive expertise and knowledge in the investigation, detection, and prevention of fraud. They qualify after passing a difficult four-hour examination.
5. Certified Internal Auditor (CIA)
A Certified Internal Auditor has the know-how of internal auditing knowledge. Moreover, they have a grasp of the International Standards for the Professional Practice of Internal Auditing. The CIAs are designated by the Institute of Internal Auditors (IIA) and are helpful in providing internal audit and assurance services to business organizations.
6. Certified Financial Planner (CFP)
The Certified Financial Planner Board of Standards, Inc. (CFP Board) offers the qualification of Certified Financial Planner (CFP®) to deserving accountants. These certified accounting specialists have proficiency in financial planning and providing financial advice a business requires.
7. Enrolled Agent (EA)
The enrolled agents represent the taxpayers before the Internal Revenue Service (IRS). The Enrolled Agents designation is offered by the IRS. These agents work for the interests of taxpayers in matters of audits, collections, or appeals. Enrolled agents are proficient in areas like individual taxation, business taxation, representation, practices and procedures, etc.
8. Financial Services Audit Certificate (FSAC)
A financial services audit certificate is given to individuals who show proficiency in eleven areas of finance. It comprises of areas like
- Market risk,
- Model risk management,
- Fraud risk assessment,
- Financial services audit,
- Internal auditing in financial and insurance services,
- Liquidity risk management,
- Cybersecurity risks,
- Auditing capital adequacy for banks and auditing for credit risk,
- And third-party risk
The Financial Services Audit Certificate (FSAC) is issued by the Institute of Internal Auditors.
Start Working with Certified Accounting Specialists Today
Your business needs certified accounting specialists proficient in a specific subdomain of accounting. The CAS is the field expert in their discipline and will prove the most helpful asset for your company. With a team of CAS onboard, you will be able to navigate changing tax laws and business landscape, the effects of globalized markets and geopolitical events, and flourish with strategic decision-making.
Hiring a CAS is the next step toward achieving high efficiency, optimizing business operations, revolutionizing decision-making, and enhancing business management. Therefore, a business, regardless of size, should hire or outsource to certified accounting specialists. If you are looking for the best-certified accountant, we can help. Connect with our certified accounting team, and let us address your query immediately. Dial 1800 580-5375 now!