CPAs in business and industry work for companies ranging from family-owned businesses to Fortune 500 companies. They are considered strategic business partners of their organizations and work in a variety of different areas including:
- Financial Management
- Financial Reporting
- Internal Auditing
- Management Accounting
- Non-Financial Positions
- Tax Planning
Financial Management: Under this broad category, CPAs are responsible for analyzing a company's future financing needs, making presentations to and negotiating with banks and other investors, and managing an organization's cash and investments.
Financial Reporting: The CPA is responsible for accumulating and verifying the data required for the preparation of financial statements. CPAs are often in charge of the design, implementation, and maintenance of the computer system used in the preparation of financial statements.
Internal Auditing: The CPA as internal auditor is responsible for providing an objective review of the company's financial and operating systems. He/she may also assist outside CPAs in their examination and evaluation of the company's financial statements. The internal auditor also functions as an in-house management consultant to senior management.
Management Accounting: CPAs working in management accounting are responsible for the accumulation, analysis and reporting of financial and non-financial data in a format and level of detail required by management for making business decisions. Management accountants may make recommendations on business policy, resource allocation, and business operations to improve financial performance.
Non-Financial Positions:CPAs are broad-based experts whose knowledge and skills are sought and valued by management in various non-financial positions. CPAs can succeed in business as top level managers, chief executive officers, and company presidents.
Tax Planning: CPAs are responsible for determining the company's liability to various taxing authorities for income tax, licenses, sales tax, property tax, and payroll tax. They analyze the effects of tax accounting alternatives and study laws and regulations to ensure correct application of new tax measures.