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What is the purpose of accrual-based accounting when cash basis is so much easier?
Accrual basis accounting evens out revenue and expenses so there are not drastic spikes. Cash basis accounting also becomes more complex the larger the business becomes.
Does an accounting degree prepare you for the real world?
The short answer is no. An accounting degree builds the necessary framework, but it is experience on the job along with advanced training that will help ensure you are successful.
What does an accountant make?
An accountants’ salary can range from $55,000 to $100,000+ depending on experience.
What records should I keep?
The short answer is everything. At TGG, our best practice is to save all source documents.
What is the difference between a bookkeeper, an accountant, and a CPA?
Accountant: an accountant has a minimum of a bachelor’s degree in accounting and may or may not be certified.
CPA: CPA stands for Certified Public Accountant. This person has a minimum of a bachelor’s degree in accounting and has gone through extensive testing to become certified to work in public accounting.
Bookkeeper: A bookkeeper may or may not have an accounting degree or certification. A bookkeeper can perform basic day to day accounting tasks.
Should I hire an accountant?
If you are considering it, then the answer is most likely yes. Hiring an accountant or accounting team can pay for itself very quickly. Turning over your accounting to the experts can help identify areas of inefficiency, increase profitability and help you achieve your goals.
Should this accountant be a CPA?
It depends on what you need the accountant to do. Do you need tax advice for your business? Then, yes, the accountant you hire should be a CPA.
Can I hire a bookkeeper instead?
Again, it depends. If you just need basic day to day accounting completed, then a bookkeeper may do, but you will still be missing that high-level strategic thought that an experienced accounting team can provide.