Certified Public Accountant: Davao City Businesses Should Look for the Right One

Posted by Admin on Mar 7, 2013 in News | 5 comments

Are you worrying and struggling with your financial records as well as tax-related issues? Are you being sued by the Bureau of Internal Revenue (BIR) for fraud or tax evasion? Your current predicament could be the result of an ill-prepared income statement submitted to the agency. But the situation is not hopeless. You can get out of this mess through the help of a competent certified public accountant (CPA) to work on your behalf.

 

Hefty Fines Can Result From Tax-Related Issues

Finances and taxes are some of the most sensitive societal issues which should be handled properly. If you’re a Davao businessman, you sure know that hiring a CPA is a very valuable component of one’s business.
You surely don’t want to play around with government entities. There is no way you can bend the rules for your personal gain. And if the agency finds out you’re trying to evade your tax obligations, it means HUGE trouble. So, before any tax problems can hurt and affect you, having someone with expertise in the field of finances to handle it can help you avoid further complications with the BIR.

 

CPA’s and Their Roles

A CPA is the ideal person who can help you with tax related cases. Some of their most important roles include:

• Tax Preparer – In business, there are a lot of tax filing requirements that have to be met which can be frustrating at times. Hiring a CPA can take over the tedious work such as organizing expenses and profits and filing out tax forms properly and correctly. This is to make sure that the BIR don’t chase you down for inconsistencies in your tax filing. This is very advantageous for business owners because they can focus more on the more important aspects of their business. Another thing is that if you think you pay high income taxes, you can avoid paying excessive fees and maximize your tax saving that you may not be aware of by hiring a CPA.

 

• Finance Manager – This is another function of a CPA. They manage a company payroll, taxing allowances, salary packaging, and more.

 

• Financial Strategist – Do you need to reduce your expenses? How do you know that you spend too much on less worthy things or simply wasting money? As a financial expert, a CPA can help you with strategic financial planning not just for yourself but for your business as well. They can review and analyze your financial situation on a regular basis which is very important for the financial health of a company.

 

• Legal Consultants – CPA’s can also perform, to a certain degree, the responsibilities of legal consultants. Since they’re trained on that discipline, they can look at the big picture and advise you about proper record keeping, and how your business is performing. They can also identify problems arising and they can advise what methods and strategies you need to keep the business running and improving. Furthermore, they give advice on which budget plan creation, cash flow projections, and tax strategies to take and which to reconsider.

 

• Auditors – Not only can a CPA handle tax preparation, financial budgets and record keeping. Sometimes, he or she can also function as a company auditor. As the CPA, he or she knows full well the ins and outs of the company.

 

Now, if your CPA cannot offer direction and long-term guidance for the business, you may not be getting your money’s worth. If you are left with nagging doubts, you should trust your instincts.

 

 

How Can You Make Sure You Are Getting What You Pay For?

Is the CPA I hire worth it? There are a lot of CPA’s and firms in Davao that offers a lot of professional services. It’s just a matter of following the DO’s to make sure you get the suitable accountant for you.

 

Ask for Recommendations

If you don’t know of a particular accounting firm in your locality, the best thing is to ask for recommendations. Your friends or relatives might have worked with a competitive accountant or firm before. You can also get recommendations from other business owners.

Do Some Background Check

Make sure you are hiring a real CPA. Do a background check to make certain of his credentials. He or she must be able to procure a copy of his of her bachelor’s degree diploma, TOR, and licensed papers and identification. It doesn’t hurt to double check if the CPA or CPA firm is really credible and legitimate.

Make Appointments or Conduct An Interview

It is during the interview where you can ask questions with regards to a CPA’s experience and competence. You can ask things about what their qualifications are and if they have experienced working with other business similar to yours. The more they understand the type of business you have, the more they can be of help to your company.

 

Davao Business and CPA

When money talks, people listen. Money is serious business. No one, most especially businessman, would want it carelessly handled. Therefore, it is very important to entrust it with the right person or people.

Being a great businessman does not guarantee you don’t need professional help when it comes to taxation matters. But if this all beyond your scope, you should be needing the help of knowledgeable Certified Public Accountant in Davao or firms that operate in the city who can properly keep track of all your finances. Having the right accountant, you’ll surely have a long way to go in the business sector.

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