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Three Key Facts to Know When Prepping for the CPA ExamScores of colleges and universities offer the chance to major in accounting, because of how versatile the degree is. Indeed, by taking plenty of business courses with a focus in accounting and financial management, you’re diversifying yourself in order to fit into a number of different industries. But just because you graduated with a degree in accounting doesn’t automatically make you an accountant.

Becoming a certified public accountant, or CPA for short, is a benchmark many choose to go on and accomplish, because it greatly increases their employment opportunities. CPAs tend to be in high demand because their services are just as good as those of tax relief attorneys but at typically more affordable rates. Plus, CPAs can provide auditing services to the public, as well. Since becoming a CPA is a significant commitment, here are a few items you definitely need to know before you consider it:

You’ll need a college degree.

Just like you can’t be expected to become a plumber without having the necessary training first, you likely won’t be able to pass the CPA exam without a number of years of college under your belt to lay the groundwork. Your degree track might be very regimented, but take courses in business law and other areas of management, too, in order to get a full education in the field. Then, the real fun can begin.

You’ll need to study. A lot.

The best form of CPA training and practice is to simply bury yourself in books for the months leading up to the exam. The CPA certification requirements always involves successful completion of the examination, which is uniform across all 50 states and in Guam, Puerto Rico and the nation’s capital. Think of it as the bar exam but for accountants and you’ll be able to view in it the appropriate context.

You could benefit from CPA training courses, too.

Familiarize yourself early on with the CPA requirements. If they sound absolutely overwhelming to you and you begin to hyperventilate, it might be a good idea to look into some CPA training classes to help prepare you. The CPA exam is particularly daunting, too, since it’s comprised of four different sections, all of which need to be studied for at great length. Everyone learns differently, and if you think you could learn well in a CPA training course, definitely get involved — sooner rather than later.

The most important thing you need to keep in mind is that passing the CPA exam is an investment in your future. Once you obtain your certification, you’ll also need to amass plenty of on-the-job experience, too, to truly learn how to be the best accounting professional you can be. CPA is just a title, and you want to show your employers how valuable you the person can be to their organization. It takes time, but when it comes to CPA training and preparation, it’s always time well spent.

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Career in AccountancyA certified public accountant is often times the first line of defense for business owners who need to make sure that they are filing all of their tax forms properly. There are currently over one million CPAs practicing in the United States. While that may sound like a lot, the truth is that there is room for plenty more.

To become a professional CPA, one must pass the Uniform Certified Public Accountant Exam after meeting certain state and federal experience and educational requirements. CPA certification requirements have varied over time, in order to make sure that those who earn their certificate are able to provide the highest quality service to their clients. CPAs have the skill to complete a wide range of finance related jobs with extreme competency.

A small business CPA will also have the ability to spot and correct financial errors before they cause serious damage. Errors like this could cause financial hardship, even forcing a business to shut down or trim their workforce. It could also end up forcing the IRS to pay them a visit.

CPAs can also serve as consultants and sounding boards for their clients new business ventures. Advice from someone who has meet all of the necessary CPA requirements is something that most business owners would love to receive.

As a certified public accountant, one could help a business to improve their overall credit rating. Those businesses that have been struggling due to poor planning or the recent recession could be saddled with a higher quality financial plan. The right bit of planning from a CPA could be all that is needed by business owners who have fallen on hard times.

Perhaps the best news is that those who decide to become a certified public accountant will probably never have to worry about being out of work. One thing for certain is that there will always be a need for those with high quality accounting skills!

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The Mortgage Debt Forgiveness Act

Are you “upside down” with your mortgage? Do you know how the tax implications of walking away from your home or having short sale can affect you? How can a Reno CPA help you with these types of mortgage issues? What are the tax implications of a short sale, foreclosure and other options? The Mortgage Debt […]

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Starting Your New Business

Are you starting a new business but need some direction? Many potential and new business owners aren’t sure what questions to even ask! Starting a new business can be exciting adventure or a wide awake nightmare. Think of it as a journey to a place you’ve never been before, while getting there in a borrowed […]

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Elections & Tax Law Changes

I often hear people say “Tax laws are constantly changing! How can I protect my business? How can I even keep up with how it will impact my bottom line?” One of the constants in life is change…and you can be sure there will be constant tax law changes as well!  How can you keep […]

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Business Consulting | Start Up Businesses

Have you recently opened a business? Are you starting to find some holes, or need help in your processes and aren’t sure how to fix them? A Reno CPA can help you find the best ways to ensure your business adapts to all rapidly changing needs a new business can go through. Meeting with your […]

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Ask A Reno CPA: When Is Online Income Taxable?

Hi there, I have seen many articles about the amount of home-based online businesses that are started up each month and there are many more articles about how big Facebook and other social platforms are getting and how people are making money on them. The problem is there is sometimes a blur between what types […]

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Reno Tax Preparation Requires Cooperation Between CPA And Client

A Reno CPA or certified public accountant is a huge help to individuals and businesses when it comes time for filing taxes. However, in order for the CPA and client relationship to be successful, communication is imperative. By understanding how communication works best between a CPA and his or her client, you can make sure […]

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A Certified Public Accountant in Reno Can Help You See the Big Picture

Small business owners have a lot of tax filing requirements that have to be met, from filling out specific forms to keeping thorough records on everything. At times, the whole process can be very frustrating. It is easy to become fixated on one issue as you try to work things out, and it can quickly […]

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A CPA Helps Business Owners Understand Payroll Taxes

Payroll taxes can be a headache for business owners. Employers are required to withhold some types of payroll taxes from an employee’s paycheck. Some payroll taxes must be paid by both the business owner and the employee, while some are the responsibility of the business owner alone. Along with understanding the different types of payroll […]

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