When starting a small business, choosing the best legal structure is one of the most important decisions you can make. This decision will impact critical aspects of the business, including how much you are required to pay in taxes and the extent of your personal liability for financial debts and losses.
Even though the terms “accountant” and “Certified Public Accountant” are often used interchangeably, these positions are not entirely the same. All Certified Public Accountants (CPAs) have experience as accountants, but they are also recognized as being experts in their field. In other words, not all accountants have the qualifications to become a CPA. The following are five of the main differences between an accountant and a Certified Public Accountant.