Kissimmee CPA vs. Accountant –Knowing the Differences

CPA in Kissimmee know that there comes a point for every business where they feel the need to hire a professional to manage their accounting and financial matters. Majority of the small to medium sized businesses initially manage their own finances and accounting. However, as the business slowly progress, they can no longer manage them on their own. This is when they start looking for professional help.

Some companies opt for an accounting firm, some hire private accountants, while others hire CPAs. There are many accountants and CPAs in Kissimmee to choose from, but many get confused between the two. Many believe that they are the same and perform the exact same duties but is that true? Read on to find out the differences and figure out which one is right for you.

Difference between a CPA and an Accountant in Kissimmee

In order to determine who to hire, you first need to understand the difference between a CPA and an accountant. An accountant and a CPA in Kissimmee have almost the same duties but all accountants are not CPAs, while all CPAs are accountants.

• Accountants are tax and finance professionals following certain rules and regulations set forth by FASB (Financial Accounting Standards Board); while CPAs are those accountants who have cleared the licensed exam designed by the state.
• There are no guidelines to meet for an individual to become a specialized accountant. Any individual proficient in accounting and interested in doing all the financial tasks can become an accountant. If you can do bookkeeping and are familiar with accounting software, any company can hire you.
• CPAs have certain guidelines and rules to follow. They have to be qualified and hold a license issued by the state.
• An accountant is responsible to look after all the financial matters. He is responsible to issue financial reports and documents.
• A CPA can do all the duties of an accountant but an accountant cannot fulfill all the duties of a CPA.
• Accountants have knowledge about the balance sheet, accounts charts, cash flow, and equity of the business and how these can have an impact on the company.
• A CPA holds a high position in business and financial circles as compared to an accountant.
• An accountant does not have to be a certified professional.
• The state regulates the CPAs.
• An accountant’s views are valued, but the final word is that of a CPA.
• A CPA is more trusted on financial matters than an accountant because of their higher qualifications.
• CPAs have to undergo 80 hours of education every 2 years in order to stay up-to-date with the latest trends.

If an accountant wishes, he can become a CPA in Kissimmee by passing a series of assigned tests by the state. The requirements in each country and state are slightly different, but everyone has to pass some tests to get the certificate. For a small business, an accountant can easily manage the accounting and financial needs but there are many cases in which CPAs can be more beneficial to the company.

Interested in Becoming a CPA in Kissimmee?

Opting for a career as a CPA is not an easy task. Once you decide to become a CPA in Kissimmee, brace yourself for series of tests and requirements you need to fulfill. However, it will be a major accomplishment once you receive you certification. You will be rewarded with good salary packages and benefits. Apart from regular schooling, becoming a CPA requires considerable independent work and study. Read on to find out what you will have to accomplish in order to become a CPA.

Qualification for a CPA

The US State Board of Accountancy grants CPA recognition to the individuals who have accomplished competency in the following areas:

• Education
• Knowledge of accounting
• Standards of work ethics
• Experience and training
• Commitment and dedication towards the industry of accounting.

Tests to Pass

In order to become a qualified CPA in Kissimmee, you have to pass the following five tests.

1. Educational Prerequisites

• Many of the states including Florida, a CPA Kissimmee must have a four year bachelor degree.
• The individual must have cleared a number of business and accounting courses. Some states require particular classes in auditing, business ethics and business laws.
• Some states have an age limit for the exams (usually 18 to 21).
• In certain states, only local residents of citizens of US are allowed to take the test.

2. CPA Exam

• To become aCPA in Kissimmee, you will be required to take a computer based examination once you have fulfilled all the educational prerequisites set by the state.
• This examination is known as ‘Uniform CPA Examination’ which is administrated by AICPA and is the same worldwide.
• This examination consists of four parts covering intermediate/advance taxation, law, business and accounting. These parts are as follows:

• Four hours test of Auditing and Attestation (AUD)
• Three hours test of Business Environment and Concepts (BEC)
• Four hours test of Financial Accounting and Reporting (FAR)
• Three hours test of Regulation (REG)

• The passing rate of these examinations is only 50% each year because of its complexity.

3. Ethics Exam

Once you have cleared all the four tests, you will have to take the ethics exam. This test is much easier as compared to the Uniform CPA Examination.

4. Attaining Work Experience in Relevant Field

To become a CPA in Kissimmee, you have to attain 1-2 years of relevant work experience after clearing the examinations. The good news is that, by this stage, you have passed all the tough examinations, which makes it easier for you to get a job in a good accounting firm. Many accounting firms and businesses look for fresh graduates to manage their accounting. This step will be fairly easy to accomplish and you will get to learn a lot about this field.

5. Satisfying the Requirements of CPE

After attaining relevant work experience, you will be granted the title of a qualified CPA and will get your license and certification. However, to maintain your license, you have to take some hours of Continuing Professional Education every two years. This will keep you updated on the current trends of the industry.

If you need more information about our Kissimmee accounting and tax services, please contact us at 407-502-2400. Freedomtax Accounting’s staff has been providing honest accounting services and tax services for 15 years. Our Orlando accounting and tax firm has its main offices in Kissimmee, FL. Our services are provided nationwide, but mainly in the Central Florida market to areas like Orlando, South Orlando, Kissimmee, St. Cloud, Poinciana, Clermont, Davenport, Hunters Creek, Lake Nona, Celebration, Winter Park, Windermere, Dr. Phillips, Maitland, Altamonte Springs, Winter Garden, Ocoee, Apopka, Belle Isle, Edgewood, and Oakland FL. 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.)