CHARLOTTE – This coming tax season will be filled with lots of questions. Here is one that I think needs to be addressed.

So, let’s get to it…

Q) What’s the difference between a CPA and an Accountant?

A) While all CPA’s are Accountants, not all Accountants are CPA’s. A CPA is a person who has taken and passed the exam to be a Certified Public Accountant. An Accountant must have a Bachelor’s Degree same as a CPA minus taking the certified exam.  

Q) What can a CPA do that an Accountant Can’t?

A) Accountants prepare three main types of financial statements for all sizes of business: Audited, Reviewed, Compiled, Prepare Taxes, Bookkeeping, Payroll, Profit & Loss Statements, Balance Sheets, Quarterly Taxes, and Prepare Sales & Use Taxes. CPAs can prepare and audited financial statements and review financial statements. Most CPA would hire an Accountant to prepare the above documents.   

Q) Can you call yourself an accountant without being a CPA?

A) As long as they, Accountants, do not misrepresent their qualifications, almost anyone can call themselves an Accountant. As long as they have a Bachelor’s Degree in Accounting as proof for higher education.

Q) Is a CPA better than an MBA?

A) Choosing between an MBA and CPA boils down to your professional goals, aptitude, and personal interest. An MBA may be ideal if you plan to move into a leadership position & develop management skills. While a CPA license demonstrates their expertise in Accounting & Finance.

Remember, You Can Count On me! Tax tips from the desk of Mays Concepts, LLC.