CPA or Certified Public Accountant is a title that is given to qualified accountants in various English-speaking countries. The prospective accountants in the United States need to be a qualified CPA in order to provide their accounting services to the public. The title of CPA is honored to potential CPAs in all the 50 states of the United States. Moreover, nearly all states (49 out of 50) have allowed CPAs from other states of the United States to practice in any state they prefer.
However, state licensing requirements considerably vary in each state. In order to become a CPA, the minimum requirement is passing a special CPA exam which is the Uniform Certified Public Accountant Examination. In addition, prospective CPAs should complete 150-semester units of college and must be equipped with a year of accounting experience.
To have an in-depth insight into the subject of a CPA in Kissimmee, continue to read this blog.
The Role of a CPA in Kissimmee
People who are good with numbers and dealing with finances can consider becoming a CPA in Kissimmee. It is a smart and skilled occupation that is required by every organization and business corporation. Prospective accountants must not limit themselves to be just accountants. They should further consider becoming a CPA in Kissimmee because of unique privileges and responsibilities it offers to the title holder. In order to choose this career path, one must know what job description it entails. The job description of CPAs is quite vast which means that the job comes with hefty responsibilities.
A CPA in Kissimmee is required to maintain and monitor financial records of their clients. At times, they have to engage in tasks that are not a part of their accounting job description such as giving financial advice to the company organizers and owners. They are expected to offer financial reports and financial statements that can help the organizers in improving their financial decision-making skills.
In addition, they are required to prepare tax returns in the tax season. Primarily, the CPA professionals keep the investors updated about the financial health of their organization. For this purpose, they offer them financial statement audits and other attestations. In other words, a CPA in Kissimmee plays a crucial role in fostering a business’ growth.
Frequently Asked Questions about CPA in Kissimmee
CPA in Kissimmee is the most respected profession in the industry. Owing to its high educational and professional demand, many are interested to learn about it in more detail. Here we answer some of the most commonly asked questions related to the Certified Public Accountant.
- What’s the strength of CPAs in the United States?
On the Internet, it is hard to find out the exact number of CPAs in the United States. However, the latest data available is from 2006 published by AGA New York, NASBA. According to the report, the number of CPAs in the US in 2006 was nearly six hundred, forty-six thousand, and five hundred and twenty. The figure has drastically increased over the years.
Studies point out that in 2015, there were more than 400,000 members of CPAs in the organizations. According to the Bureau of Labor Statistics, there are about 1.3 million US accountants, out of which about 30% to 50% of accountants are CPAs in the United States.
- How can interested candidates become a CPA in Kissimmee?
In order to earn a CPA license, a prospective CPA in Kissimmee needs to have a bachelor’s degree and 150 credit hours under his belt. In order to complete a 150 semester hour, students are required to enroll in a master’s program. A qualifier’s education has to include 36 semester hours of higher division accounting and general business management courses. The subjects that should be included are auditing, taxation, finance, business accounting, managerial accounting, and accounting information systems.
Next, the prospective CPA would have to sit for a CPA exam. In order to earn the CPA certification and then be allowed to practice as a CPA in Kissimmee, all the accounting boards of 50 states have made the CPA exam mandatory for the prospective CPAs. Interested candidates must apply to the Florida Board of Accountancy to be allowed to take the CPA exam. Only those will be permitted to give the exam who fulfill the necessary educational criteria.
- What are the career opportunities for accountants?
Generally, audits and attestations are considered to be the only two jobs for a CPA in Kissimmee. However, there are many other career options available to choose from. Some of them are described below.
- Advisory & Consulting Service
In this job, a CPA in Kissimmee would be required to give his expert advice on corporate finance, businesses, financial planning, international trade, non-profit organizations, and various government agencies.
- Tax Expert
If a CPA in Kissimmee is good with taxes, this is a career path that he can choose. CPAs have to offer advice on tax-related matters including tax planning and tax preparation.
- Assurance Service
For a CPA in Kissimmee, this is a common career choice. Corporations, all around the world, have to hire public accounting firms for auditing. The basic role of an auditor is to assess the financial report to ensure that the financial statement is accurate.
- Forensic Accounting
Also known as investigative accounting or fraud auditing, forensic accounting requires CPAs to find out proofs of treachery through accounting records of a company.
- Information Technology Services
CPAs with great computer skills can consider this profession. The CPA is required to design an upscale version of accounting systems which would contribute to the company’s growth.
- Is there any difference between a CPA and an accountant?
The major difference between the two is that a CPA is an accountant but an accountant isn’t a CPA. To become a CPA, you will first need to be an accountant. To become a CPA, an accountant has to fulfill certain educational and experience requirement. In addition, one is required to pass a Uniform CPA Exam as well.
- What Are Exam Requirements for a CPA in Kissimmee?
CPA exam requirements can be confusing as CPA licenses and certifications are different in every state. This is because there is a total of 55 accountancy jurisdiction in the United States. Every state has an accounting board that maintains different kinds of rules and regulations. Due to this reason, the requirements set for giving the CPA Exam are different.
Owing to varying test requirements in different states, there are a lot of discrepancies among candidates. However, the AICPA and NASBA are working together to make the requirements somewhat similar. Therefore, various states follow the “3E” rule – Education, Exam, and Experience.
The candidate is supposed to have a 4-year bachelor’s degree along with 150 credit hours of general education under their belt.
The candidate also has to pass the 4-part Uniform CPA Exam.
The candidate should have at least 1 year of relevant accounting experience which should be verified by a CPA or equivalent.
An ideal candidate that would be allowed to give the CPA exam is the one who is a US citizen with a degree in accounting or a field related to accounting. The conventional candidate must be studied from a US college and is also aiming to get 150-credit hours through a Master’s program in accounting, taxation, or business administration. The potent candidate should also be above the age of 21; only then he would be allowed to sit for a CPA exam. If the candidate is looking forward to work in public accounting after graduation then he must give the CPA exam.
- What is the next primary step after giving the CPA exam?
Once a potential CPA in Kissimmee has given the CPA exam, he would need to wait for the result. At times, the candidates have to wait for a few days, at times weeks, or in a few cases months. Thus, there is no need to freak out if you don’t receive a congratulatory letter after a week. In the meanwhile, you can consider polishing your skills or re-drafting your resume. After receiving the congratulatory letter, you will be required to give the CPA Ethics Exam. It is completely fine if the letter doesn’t state it as many U.S states do not conduct this kind of exam.
Next, the majority of the state boards want the candidate to earn a relevant accounting experience. The experience needs to be supervised and verified by a CPA licensee. Afterward, download the license application form from the state board. Fill it properly and then send it with the license fee. Once the candidate is through CPA licensing, the candidate can apply for the AICPA (American Institute of Certified Public Accountants). A CPA candidate would also be required to keep the license active. Therefore, he will be asked to continue taking professional education daily, for 80 to 120 hours every 2 to 3 years.
Reasons to be a CPA in Kissimmee
For many accountants, becoming a CPA in Kissimmee is a dream. Before you consider the option of becoming a CPA in Kissimmee, you will need to understand why becoming one is important. There are plenty of reasons for why it is crucial to be a CPA. However, the most basic and significant reasons are discussed in detail below.
- Possesses Expertise More Than an Ordinary Accountant
Becoming a CPA in Kissimmee is not a small deal. A CPA, or a certified accountant, holds high prestige in an accounting industry as compared to an accountant. CPAs also enjoy more power and financial reward. However, to have this supremacy one need to acquire advanced education and undergo rigorous training.
Plus, an accountant must have 1-2 year of work experience in accounting to become a certified one. All those accountants who aspire to make a huge name in an accounting firm or to be able to promote to a better position in an organization need to earn CPA qualifications.
- The Need of a CPA is in Every Organization
Whether it is a corporation or a non-profit organization, there is always a seat for a CPA. Handling finances and taxes are important jobs that need to be dealt with in all kinds of firms. Hence, it doesn’t come as a surprise when a firm is on a hunt for a CPA.
- High Income
Did you know that a CPA can make 10-15% more than an average accountant on a yearly basis? Studies show that once an accountant is promoted to a certified one his gross income shoots up too. The more the firm makes, the more a CPA earns.
- Secured Job
The demand for accountants and auditors has considerably increased in recent years. According to the Bureau of Labor Statistics, the employment rate of those with a CPA license will increase by 22% in 2018. Hence, there are plenty of job opportunities for a CPA in Kissimmee.
There is a reason why firms invest in so much to allow potent CPAs to take and pass the CPA exam; and the reason is that it is one of the most valuable jobs.
- CPAs Are in High Demand
This point goes hand in hand with the above one. Being high in demand ensures that CPAs would get high-earning and secured jobs.
Due to the Sarbanes-Oxley Act, there is a lack of effective accounting experts in all the accounting department of every firm. Hence, the demand for expertise in accounting has considerably increased. Moreover, according to a study published by the AICPA, 75% of CPAs are going to retire within 15 years.
All of these reasons shed light on the significance of becoming a CPA in Kissimmee. If you want to make the most of these perks, you should consider the option of becoming a CPA in Kissimmee.
If you need more information about accountingand tax services, please contact us at 407-502-2400. Freedomtax Accounting’s staff has been providing honest accounting services and tax services for almost 20 years. Our tax accountants and IRS enrolled agents (irs ea) specialize in corporate accounting and bookkeeping, tax services, tax preparation, back taxes help, tax debt relief, tax resolution, tax planning, itin number, incorporations, and non profit 501c3 tax exempt. (Freedomtax’s accounting and tax professionals are NOT CPA’s. CPA services provided by third party provider.)