Best Bookkeeping Service Pasadena Near Me

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4worldlovers:
If you are looking for a blend of personal service and expertise, you have come to the right place! We offer a broad range of services for business owners, executives and independent professionals. Our rates are affordable. We are experienced and we're friendly. Please call us for an initial consultation.


Our firm provides outstanding service to our clients because of our dedication to our underlying principles.


We are a full-service Accounting firm licensed in CA. We are affordable, experienced, and friendly.

We offer a broad range of services for business owners, executives, and independent professionals.

Did you know that 65% of failed entrepreneurs name financial mismanagement as the key reason for their undoing?

Mismanaging finances can be lethal for operations. This is one of the areas where a CPA can help.

Are you wondering if you need to hire a CPA to help you manage your business or personal finances? If so, you may also be wondering what does a CPA do, and how do their capabilities differ from a regular accountant.

Below is a list of all the functions CPAs can fulfill on both a business and a personal level. Keep reading to find out whether a CPA's expertise is what you need.

To understand how CPAs differs from regular accountants, let's quickly answer the question, "what is a CPA?"

CPAs are accountants who have undergone additional studies and passed the rigorous CPA licensing examination. The term CPA stands for Certified Public Accountant.

CPAs are legally licensed to perform audits and reviews. They also have a broader knowledge of tax codes and are recognized as experts by the IRS.

In short, CPAs are the 2.0 version of regular accountants and are legally recognized as the top pros in their field.

One of the primary tasks of a CPA is reviews and audits. If you are wondering what can a CPA do that an accountant can't—these are two functions that CPAs are licensed to carry out which regular accountants are not.

During audits and reviews, a CPA investigates an organization's financial records and statements. They work to ensure that no material misrepresentation has been made. All public businesses are required by law to have independent audits done.

In some cases, non-profits are required to have audits as well. This generally happens when they reach certain revenue levels or receive federal grants above a stipulated threshold.

Private businesses, on the other hand, do not require audits. However, as a private business owner, you might still wish to have an audit done by a CPA. Audited books can help you attract investors, secure loans and funding, and weed out fraud and erroneous accounting practices.

Having independent audits done can also reduce the chance of the IRS auditing you when tax time rolls around.

If your business doesn't require independent audits, you can also choose to have a CPA conduct a review. Reviews are less extensive than audits. They're also cheaper.

Although not as in-depth as audits, businesses can also use reviews to provide reasonable proof of materially accurate records to stakeholders and financial providers.

Besides conducting audits and reviews, CPAs are also able to file reports with the Securities and Exchange Commission (SEC). This is another thing that regular accountants cannot do.

Besides auditing financial records, some CPAs also draw up financial statements and reports. This is a function that a regular accountant, or even a bookkeeper, can carry out as well.

However, with their extended knowledge of generally accepted accounting principles (GAAP), a CPA may be able to optimize your financial reports for better decision-making.

Another important role CPAs carry out is tax preparation and the filing of business tax returns. This is also a task that non-certified accountants can undertake.

Once again, however, a CPA may be able to better handle tax returns if they are complex, as their knowledge of the tax codes is more extensive.

Besides this, a CPA is also legally recognized by the IRS. This means they can represent your business in any potential disputes with the IRS (more on this below).

Speaking of taxes, another invaluable service that many CPAs provide is tax planning.

Thanks to their in-depth knowledge of tax codes and regulations, CPAs can help you make financial decisions to reduce your tax burden in the future.

Want an example? Say your business is planning to dispose of a fixed property it owns. If the property has appreciated in value, this might trigger a capital gain that attracts a tax liability.

However, through thorough planning, you may find that your business could reduce this liability by incurring inevitable and planned capital losses. These can then be used to offset the gain and reduce your tax burden.