<h2>What is an accountant?</h2><p>An <a target="_blank" rel="noopener noreferrer" href="https://www.ageras.com/accountant">accountant</a> is a professional who performs accounting functions such as account analysis, <a target="_blank" rel="noopener noreferrer" href="https://www.ageras.com/audit">auditing</a>, and <a target="_blank" rel="noopener noreferrer" href="https://www.ageras.com/dictionary/financial-statement">financial statement</a> analysis. Large corporations may employ accountants internally or through <a target="_blank" rel="noopener noreferrer" href="https://www.ageras.com/accounting">accounting</a> firms. Some even establish their own independent practices. National professional associations certify these professionals once they have completed state-specific educational requirements and passed testing.</p><p>An accountant is a financial professional who oversees a number of accounts, either private or public. These accounts can belong to corporations or individuals. Consequently, they may be hired by corporations of all sizes, including small and large companies, governments, non-profit organizations, or they may set up their own private practices and work with individuals.</p><h2><strong>What does an accountant do?</strong></h2><p class="p2">Accountants perform a variety of accounting functions, depending upon where they work. Accounting professionals conduct account analysis, review financial statements, documents, and other reports to ensure they are accurate, perform routine and annual audits, look at financial operations, prepare <a target="_blank" rel="noopener noreferrer" href="https://www.ageras.com/dictionary/tax-return"><span class="s1">tax returns</span></a>, advise on areas for improved efficiency and cost-savings, and analyze risks.</p><p class="p2">Accounting duties depend on the type of education and designation an accountant receives.</p><h2><strong>What education has an accountant?</strong></h2><p class="p1">Professionals in this field typically hold bachelor's degrees, and if employed by a corporation, they may need certification in order to advance. Some roles require additional education beyond a bachelor's degree and successful completion of rigorous exams in order to be certified. Accounting professionals have the option of holding multiple designations. Certified Internal Auditor (CIA), Certified Management Accountant (CMA), and&nbsp;<a target="_blank" rel="noopener noreferrer" href="https://www.ageras.com/cpa"><span class="s1">Certified Public Accountant (CPA)</span></a>&nbsp;are the most common accounting designations. Certified Internal Auditors and Certified Management Accountants do not require any licenses to practice.</p>

Accountant

<p>Hiring an accountant for this process helps lessen the burden on you and your business, allowing you more time to prioritize what matters most.</p><h2>What is accounting?</h2><p class="p1">Accounting is the practice of recording, reporting, analyzing, and summarizing&nbsp;a business's financial transactions. This process includes providing the&nbsp;business insight and information related to its overall financial health, the cost of its product, and the value of the business's <a target="_blank" rel="noopener noreferrer" href="https://www.ageras.com/dictionary/asset"><span class="s1">assets</span></a> and<a target="_blank" rel="noopener noreferrer" href="https://www.ageras.com/dictionary/liability"><span class="s1"> liabilities</span></a>.</p><p class="p1">The accounting process is usually handled by a professional <a target="_blank" rel="noopener noreferrer" href="http://www.ageras.com/accountant"><span class="s1">accountant</span></a>.&nbsp;An accountant will take accounting information and use it to prepare important financial documents for you. This information can be used to&nbsp;report the financial performance and conditions of your business.</p><h2><strong>What is the price for outsourcing accounting services?</strong></h2><p class="p2">Accounting services and fee structures vary depending on the type and size of the business, along with the specific tasks required. Typically, accountants&nbsp;charge either based on an hourly&nbsp;rate, proposal or per-case rate, or a flat fixed-fee rate.</p><p class="p2">Many business owners find that using professional accounting services pays for itself. Hiring a professional enables you to dedicate more of your time to running your business.</p><h2><strong>How can Accounting help your business?</strong></h2><p class="p1">Accounting services are beneficial to businesses of all sizes and industries. From small businesses to enterprises, there are services that will be needed depending on the nature of your business and the specific details of your project.</p>

Accounting

<h2>What is a chart of accounts?</h2><p>A chart of accounts (COA) lists all the financial accounts in a company's <a target="_blank" rel="noopener noreferrer" href="https://www.ageras.com/dictionary/general-ledger">general ledger</a>. Basically, it is an organizational tool used to break down all the financial transactions a company has made during a specific <a target="_blank" rel="noopener noreferrer" href="https://www.ageras.com/dictionary/accounting-period">accounting period</a> into digestible sections.</p><p>Charts of accounts (COAs) are used by companies to organize their finances and provide insights into their financial health to interested parties, including investors and shareholders. It helps to separate expenditures, revenue, <a target="_blank" rel="noopener noreferrer" href="https://www.ageras.com/dictionary/asset">assets</a>, and <a target="_blank" rel="noopener noreferrer" href="https://www.ageras.com/dictionary/liability">liabilities</a> to achieve this and ensure that<a target="_blank" rel="noopener noreferrer" href="https://www.ageras.com/dictionary/financial-statement"> financial statements</a> comply with reporting standards.</p><p class="p1">A company's accounts are typically listed in the order they appear on its financial statements. As a result, balance sheet accounts, assets, liabilities, and shareholders'&nbsp;<a target="_blank" rel="noopener noreferrer" href="https://www.ageras.com/dictionary/equity"><span class="s1">equity</span></a>&nbsp;are listed first, followed by revenue and expense accounts.</p><p class="p1">Every chart of accounts typically contains a name, a brief description, and an identification code to help readers locate specific accounts. A multi-digit number is assigned to each chart, so for example all asset accounts start with 1.</p>

Chart of Accounts

<p><strong>A CPA, or Certified Public Accountant, is a licensed accountant who has been certified by the American Insitute of Certified Public Accountants. A CPA has a bachelor's degree in a field like accounting, finance, or business, two or more years experience in public accounting, has passed a certified accounting exam, and must complete continuing education every year.</strong></p> <p>While a <a href="https://www.ageras.com/cpa">CPA</a> can perform tasks similarly to a non-CPA <a href="https://www.ageras.com/accountant">accountant</a>, such as filing <a href="https://www.ageras.com/dictionary/tax-return">tax returns </a>and preparing<a href="https://www.ageras.com/dictionary/financial-statement"> financial statements</a>, they can also perform specialty tasks that a non-CPA-licenced accountant cannot. Specifically, a CPA can prepare financial

<h2>What is a financial review?</h2><p>A financial review is a <a target="_blank" rel="noopener noreferrer" href="https://www.ageras.com/cpa">CPA</a>-performed examination of a company's financial records that reports on the plausibility of its <a target="_blank" rel="noopener noreferrer" href="https://www.ageras.com/dictionary/financial-statement">financial statements</a>, providing limited assurance.</p><p>Unlike an <a target="_blank" rel="noopener noreferrer" href="https://www.ageras.com/audit">audit</a>, a review is narrower in scope, still providing an evaluation of a business’s records, but limiting the analysis to analytical procedures and assessment of management.</p><p>As a result, a financial review provides <strong>limited assurance</strong>, while an audit provides a reasonable amount of assurance.</p><p>The outcome of a review can only determine the <strong>plausibility of </strong>a business’ financial statement, determining if financial statement are free from any material misstatements&nbsp;and&nbsp;if they meet generally accepted accounting principles.</p><p class="p1">It is commonly thought that a review can be an easy first step for transitioning into an audit in the following year, but this is not always the case. A review, instead, carries its own set of benefits.</p><p class="p1">Having financial statements reviewed puts&nbsp;another, unbiased&nbsp;set of eyes on a business’s financial statements. This can help provide extra security and confidence that is reassuring to&nbsp;a business, its board, lenders, and investors.</p><p class="p1">Many business owners who are not required to have an audit, but&nbsp;still would&nbsp;like the thorough analysis of their financial records, many&nbsp;instead choose to have a review. This will also let them save time and money.</p>

Financial Review

<h2>What is net loss?</h2><p>A net loss occurs when a company's expenses exceed revenues. Hence, the net loss is the amount of money the business lost during the period. After all expenses are paid, the negative amount of cash remaining is this amount.</p><p>The company would have <a target="_blank" rel="noopener noreferrer" href="https://www.ageras.com/dictionary/net-income">net income</a> instead of a loss if total revenues exceeded total expenses. Total expenses are subtracted from total revenues to calculate net loss.</p><p>After subtracting the <a target="_blank" rel="noopener noreferrer" href="https://www.ageras.com/dictionary/cost-of-goods-sold">cost of goods sold </a>and operating expenses, the net loss appears at the bottom of the <a target="_blank" rel="noopener noreferrer" href="https://www.ageras.com/dictionary/income-statement">income statement</a> or profit and loss statement. For this reason, many people refer to the net loss as the "bottom line."</p><p class="p1">Having a net loss does not always mean a business will close. Due to economic factors, short-term net losses may be expected or even planned, and businesses may use <a target="_blank" rel="noopener noreferrer" href="https://www.ageras.com/dictionary/retained-earnings"><span class="s1">retained earnings</span></a> to continue operating.</p><p class="p1">There is a difference between net loss and gross loss, which is the negative amount left after subtracting the cost of goods sold from the total revenue.</p>

Net Loss

<p>Filing your tax return can be a challenge, both for individuals and for businesses. Tax rules are constantly changing and can often be complicated to understand. A tax preparer helps businesses, business owners, and individuals with their tax matters. It can be complicated and difficult to navigate tax rules and regulations on your own.</p><h2>What is a tax-preparer?</h2><p class="p1">Tax preparers assist clients in completing and filing their tax forms. Tax professionals who have a thorough understanding of tax law can examine all of their client's personal information, including Social Security numbers,&nbsp;<a target="_blank" rel="noopener noreferrer" href="https://www.ageras.com/blog/guide-to-financial-statements"><span class="s1"><strong>financial statements</strong></span></a>, and personal and business expenses, to determine which expenses may qualify for&nbsp;<a target="_blank" rel="noopener noreferrer" href="https://www.ageras.com/blog/small-business-tax-deductions"><span class="s1"><strong>tax deductions</strong></span></a>&nbsp;or credits.</p><p class="p1">Tax preparers can also provide advice on the best steps to take to reduce a client's&nbsp;<a target="_blank" rel="noopener noreferrer" href="https://www.ageras.com/blog/tax-liability"><span class="s1"><strong>tax liability</strong></span></a>&nbsp;in the next year based on the results of calculating a return.&nbsp;They&nbsp;can help to clarify things and get everything in line with laws and regulations, so you report according to the rules and take advantage of all legal deductions.</p><h2><strong>What does a tax preparer do?</strong></h2><p class="p1">There is a wide range of tasks that tax preparers can assist with, both for individuals and for businesses. A tax preparer can assist with tax planning that must not be confused with tax evasion or tax fraud, which are illegal activities.</p><p class="p1">With the help of a tax preparer, you can analyze your business situation and select the best form and schedule for you. Most large businesses hire a tax preparer to ensure they pay their corporate taxes properly as well as optimize them.</p><h2><strong>How much does Tax Preparation cost?</strong></h2><p class="p1">The price of tax preparation is set based on many different parameters such as time, the scope of the task, how much you contribute yourself, and more. The average fee for a&nbsp;<a target="_blank" rel="noopener noreferrer" href="https://www.ageras.com/cpa"><span class="s1"><strong>CPA</strong></span></a>&nbsp;to prepare and submit a Form 1040 and state tax return without itemized deductions is $176, whereas the average fee for an itemized Form 1040 and state tax return is $273.</p><p class="p1">Hiring a professional enables you to dedicate more of your time to running your business.</p><h2><strong>Who needs a Tax Preparer?</strong></h2><p class="p1">You may need tax advice whether you are an individual filing a personal income tax return or a business owner with a more complicated business tax task. Individuals and businesses hire a tax preparer to calculate and file their income tax returns.</p><p class="p1">Tax preparers come in a variety of types, some of whom have credentials from third parties and others without. You can get the best results without stressing over tax preparation by finding a tax preparer and checking their credentials.</p>

Tax-preparer

<h2>What is a non-profit auditor?</h2><p>In a nonprofit audit, a tax professional would examine your financial statements, business transactions, accounting practices, and internal controls.&nbsp;Just like a regular audit, nonprofit audits are complicated and confusing.</p><h2><strong>When should you perform a non-profit audit?</strong></h2><p class="p1">A non-profit audit should be performed when your organization wants to receive additional funding from the government, investors, and shareholders.</p><p class="p1">Performing an audit ensures that your organization is more transparent about how it spends its funds. Conducting an audit can be useful for ensuring that fraud is not occurring within the organization.</p><p class="p1">However, not every charitable non-profit requires an audit.&nbsp;Despite not being required to conduct an audit, non-profits should still consider doing so to ensure their financial records and internal controls are up-to-date and to identify potential areas for improvement.</p><h2><strong>How much does an audit cost for a non-profit?</strong></h2><p class="p1">Independent audits vary in cost based on the organization's size and location. For large non-profits in urban areas, audit fees can exceed $20,000. Even a small nonprofit can expect to pay $5,000- $10,000 for an independent audit.</p><p class="p1">The process of independent auditing is time-consuming. It usually takes 4 to 12 weeks to choose an independent auditor, 2 to 4 weeks to prepare for the audit, and 2 to 4 weeks to conduct the audit.</p><h2><strong>What are the 3 types of GAAS?</strong></h2><p class="p1">Generally Accepted Auditing Standards (GAAS)<strong>&nbsp;</strong>is a method for auditing private companies. Non-profit organizations are classified as private companies unless they can prove that they are public charities. Auditors' reports and actions are made more accurate, consistent, and verifiable when GAAS is followed.&nbsp;</p><p class="p1">There are three main categories in GAAS: general standards, standards of fieldwork, and standards of reporting.&nbsp;</p>

What is a Non-profit Auditor?

<h2>What is an audit?</h2><p class="p1">Audits&nbsp;are&nbsp;an evaluation of a business’s internal controls and accounting processes. These reviews&nbsp;help ensure your business complies with government laws and regulations and help maintain the accurate and timely reporting of financial data.</p><p class="p1">Finding the right professional to assist and perform your audit is crucial to the success of your business.</p><h2><strong>Differences between Internal and External Audits</strong></h2><p class="p2">The main differences between internal and external audits are in who performs them. For internal audits, a company gives auditing tasks to an internal auditor who later reports their findings to the management. In external audits, the audit is performed by an independent accounting firm, and the auditor reports to third parties, such as shareholders. Internal audits are done voluntarily and are scheduled by management, external audits are generally involuntary and, in some cases, even required.</p><p class="p2">Whether internal or external, an audit is an essential tool to provide risk management and safeguard against potential fraud, waste, and financial abuse in your business. It provides assurance and communicates issues in the financial process.</p><h2><strong>How much does an audit cost?</strong></h2><p class="p1">The price of an audit is difficult to estimate, as many factors will come into the final determination. For example, the size of your business, your industry, and whether or not your company is private or public will all be important components for the ultimate price of your business's audit.</p><p class="p1">Finding an affordable auditor&nbsp;is hard to come across. Our platform helps you find an auditor in your price range and when you receive auditor quotes from us, you are able to compare what each auditor&nbsp;charges.</p><h2><strong>What happens during an audit?</strong></h2><p class="p1">The audit process can seem overwhelming and confusing to business owners, especially if they are being&nbsp;subjected to an external audit. There may be questions about what needs to be done to prepare for the audit, what will be looked over during the audit, and what will happen afterward.</p>

Dictionary