Many
people actually do not know the difference among a CPA (certified public
account) a bookkeeper, and a typical accountant. A Westlake certified accountant is the typical accountant. From the
business point of view however, all three have differences among themselves.
For
one, Westlake certified accountant are one level higher than bookkeepers. CPAs are bound by their
legal responsibilities to their clients.
Accountants
can perform bookkeeping, but most usually they don’t. However, their work calls
for the preparation of detailed financial statements. They can also perform
audits of the books of public companies with accompanying reports.
Accountants
don’t have any standing with the Internal Revenue System (IRS) regarding
matters of tax returns or representing clients in tax audits.
Work
Professionally,
an accountant performs accounting functions like financial statement analysis
and the common audits. These professionals are usually employed by accounting
firms. (Some set up their own practice.)
|As
professionals, they have certifications from national professional associations
with corresponding requirements to meet. (Those that don’t have them can still work
under other accountants.)
Designations
They
can have more than one designation but can perform several types of accounting
duties. This is dependent on the individual’s educational attainment that he
trained for.
Typically,
they have bachelor’s degrees and may get their certificate on the work they
want to do in their state. It can take a year sometimes to get one. Their certification includes Certified
Management account (called CMA) and Certified Internal Auditor (CIA), all
validations to the levels of their competence.
Some
accountants specialize in areas like tax accounting, oil and gas accounting,
forensic accounting (bankruptcy) and international accounting.
The
requirement in every state is the Uniform Certified Public Accountant
examination. These are written and graded by the American Institute of
Certified Public Accountants should the candidate would want to pursue that.
Other details
Accountants
studied to compile, inspect, interpret and report financial statements and tax
returns. These would need to comply with the governmental and regulatory
requirements.
Most
of the time, they work in a company’s accounting department or in an auditing
firm or in a private practice. The work revolves mostly on recording,
measuring, and presenting financial information anywhere they work.
In
accounting departments, the functions they are usually in include billing
customers, collecting payment, paying vendors and employees, reconcile bank
accounts, calculate and remit taxes and recording the transactions.
The
job details also include creating budgets, setting spending policies and making
or participating in major decisions.
Audit
The
audit work includes verification of the company’s financial information,
helping a company determine the right accounting treatment for complex
transactions and providing public opinions on the quality of the company’s
records.
The
practitioners in private may provide bookkeeping services for small companies
while preparing tax returns. They sometimes offer consulting services for
certain types of transactions.
Accountants
have been called “bean counters” that can always focus on the smallest details.
Fortunately, they have the rare advantage of being able to understand the
details of every area of a company as well as the big picture itself.
