Accounting FAQ Franklin, TN | Padgett Business Services

Frequently Asked Accounting Questions

Padgett Business Services

 

What kind of services can an accountant provide?

An accountant can provide many financial services for individuals and businesses. They can prepare and file taxes for both, following tax laws and working to find all the tax credits and deductions the person or business is entitled to.

For businesses, an accountant can also perform payroll services and bookkeeping to keep the business on track and following laws. Some Certified Public Accountants, or CPAs, also offer Chief Financial Officer, or CFO, services.

 

What is a CPA?

A Certified Public Accountant, or CPA, is a higher level accountant who has gone through specialized education, passed a thorough exam and gone through peer review to get the CPA designation. These accountants also have ongoing standards they need to meet, including performing continuing education and following ethical guidelines.

 

Why do I need an accountant in Franklin, TN to do my taxes?

It is possible to do your taxes yourself, but an accountant can make the process much easier and offers specialized expertise. An accountant keeps up with changing tax laws, so he can help you follow the law. An accountant can also ensure that you get every possible deduction and tax credit.

Plus, accountants can handle complicated tax returns that are more difficult to handle on your own. Overall, an accountant can ensure that your tax forms are done correctly to prevent audits and to get you your proper return if you are entitled to one.

 

How can an accountant help my Franklin, TN business?

Proper accounting is very important for a business, which can include many different financial aspects, including taxes, payroll and bookkeeping. An accountant can streamline your process, make sure everything is performed correctly and help your business come up with and follow business goals. Finally, an accountant can use his specialized skills to focus on the financial side of the business so you and your other staff can focus on their specialized skills.

Can’t I just do accounting services myself?

Yes, it is possible for you to perform accounting services for yourself and/or your small business. Nonetheless, you have to consider whether this is something you are skilled at or want to focus your time on.

Accounting is a highly specialized field that requires extensive knowledge in finances, tax laws and other aspects. To properly perform these duties, you will need to learn these skills. Since it won’t be your career and your constant area of focus like it is with an accountant, you will most likely still not learn these skills to the level of knowledge that an accountant has. An accountant also stays up with changes in tax laws.

In addition, you need to consider whether you want to spend the time learning and practicing these duties. By taking the time to focus on accounting tasks, you are taking your time away from other responsibilities. If you would prefer to focus your time and efforts on your own specialties, which might be more worthwhile for you, you can rely on an accountant to take over your personal or business finances. Contracting these services out to an accountant can also prevent the need to hire employees for your small business.

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