Do you need a CPA?

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Partner & Head of Tax
August 10, 2018
minute read

What does a CPA do? Understand the benefits a CPA can provide

A Certified Practising Accountant or CPA is a professional with a specific qualification in accounting, finance, and business. CPAs have a great deal of professional expertise and can provide invaluable advice and services to business owners.

Consulting with a CPA can give you a competitive advantage for your business. You can get expert business advice and specialised accounting services from a leader in the industry. Do you need a CPA? Keep reading to find out.

Do you need a CPA?

If you're an ambitious business owner, then you will likely benefit from the services a CPA can provide. What does a CPA do for you? The tasks they can handle include:

  • Resolve complex accounting and taxation questions
  • Consolidated reporting
  • ASX compliance for listed companies
  • Complex groups of entities
  • International dealings
  • Management Accounting
  • Strategic and complex tax issues
  • Internal audits for your business
  • Superannuation advice and compliance

If you're ever unsure about the direction of your business, your financial decisions, or how realistic your business plan is, a CPA will be able to advise you, giving you the best opportunity to succeed.

Find out more about how expert accounting can help your business.

What are the risks of not using a CPA?

woman researching what does a cpa do

CPAs are highly specialised professionals. They have completed an additional three years of study and are required to abide by a code of ethics and maintain high levels of ongoing professional development. This means that CPAs are among the most qualified financial professional you can call on for advice.

Risks of audit

Work submitted by a non-CPA is more likely to trigger an audit from the ATO. An audit may result in your business being investigated with potential penalties and further accounting costs incurred.

Incorrect work

A non-CPA may not have the necessary skills for certain tasks and prepare incorrect working files, financial statements, or tax returns.

Incorrect advice

Regular accountants may not have the necessary training in business to provide advice to business owners. Business advice from a non-CPA may not be tailored or even correct, which can be disastrous for small businesses.

Not across legislative change

CPAs are required to stay up to date with legislative changes, while a non-CPA may not be. This can lead to extra tax payable or missing opportunities for tax savings such as the small business instant asset write off.

Your questions answered

If you're still wondering if you need a CPA, here are some common questions clients have about the advantages of using a CPA.

What qualifications do CPAs have?

To become a fully qualified CPA, accountants must complete a degree level qualification which is recognised by CPA Australia. Undertaking the necessary studies makes CPAs qualified to advise business owners.

How is a CPA different to a normal accountant?

CPAs have done the necessary studies to be recognised by CPA Australia. This gives CPAs the skills to advise business owners in a variety of complex business decisions.

What does a CPA do that's different from a Chartered Accountant?

Those who have undertaken the CPA studies are generally presented with a broader focus on more accounting skills, whereas CAs tend to focus on specific accounting topics with a career path focused in that direction. This gives CPAs the ability to help your business in a wide range of areas instead of one specific area.

Why do you need a CPA accounting firm?

The accountants in a CPA firm have the skills to be able to advise business owners correctly and work with them to achieve their business and personal financial goals.

Who is a CPA at Liston Newton Advisory?

Our CPAs include Kieran Liston, our founder and one of our Directors, and Nathan Campbell and Stewart Lane, two of our Business Services Managers. We also have several other team members who are currently undertaking studies to become CPAs.

two accountants discussing do you need a cpa

Choose Liston Newton Advisory for CPA services

We are highly an industry-leading firm providing accounting and financial services. Our team includes many CPAs who can give expert advice on your business and financial goals.

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