Guidelines to be Followed on Hiring NRI CPA
Hiring an NRI CPA (Certified Public Accountant) can be of significant advantage. Specially when the CPA is also a Charter Accountant from India.
This gives business owners more time to concentrate on their responsibilities. Common individuals can also leave their finances to be overseen by an account if he has a wide variety of deductions or several sources of income. To help you manage your finances, here are guidelines to be followed on hiring an NRI CPA.
There are various accounting functions performed in the span of a year. These include bills payments and revenues which are received all throughout the months. The accountant also prepared financial documents at least 4 times a year, close accounts every month, and file taxes quarterly as well.
Know the responsibilities of an accounting employee. For instance, accounts receivable and accounts payable are often handled by accounting clerks and bookkeepers. NRI CPAs are often hired, even by small companies, to oversee and control their monthly and quarterly closing of records. They supervise the year end closing of the accounts as well as the filing of tax returns.
To avoid hiring the wrong employee, know the difference between an accountant and a CPA. Remember that a CPA is a certified public accountant who passes a rigorous and multi-part examination given by the nation. They also have to be certified or licensed in order to practice.
Compare the duties of an accountant and a CPA. While accountants are qualified to handle most of business transactions in a firm and are considered as controllers of the company, CPAs are the ones who sign the audited results of the company.
Before you hire an NRI CPA, ask appropriate questions about his education and experience first. Be familiar of the degrees and certifications that a potential applicant has as well as his specializations in the area of accounting law. You also need to make sure that he has kept up with the requirements of continuing education. You should also ask about billing and response time.
Lastly, a company has the power to hire an accounting firm or an accountant alone. If you plan to hire an accounting firm, ask whether the work will be done by a senior member or a junior member. You also need to make sure you know your direct contact.