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What does a freelance certified public accountant do?

A freelance certified public accountant acts as a trusted financial advisor, working with individuals, businesses, nonprofits, and other organizations to help them reach their financial goals.

A freelance CPA can wear many hats, and they can specialize in specific areas. For example, a CPA can be an organization’s chief financial officer or controller as well as its accountant. A freelance CPA can also act as a financial advisor to individuals and organizations, helping them navigate complex tax laws as well as make key investment decisions.

Freelance CPAs may find employment working with individuals, within a client organization, or within an accounting firm. Their expertise and level of certification ensures their knowledge and experience in accounting and other financial matters will result in sound financial decisions.

What skills do I need to become a freelance certified public accountant?

Freelance certified public accountants provide a wide range of financial skills for clients. Similar to the expertise offered by a physician or an attorney, a CPA’s expertise ensures clients will receive sound advice, in this case on financial matters. With this in mind, there are specific capabilities a CPA should possess, including:

• Thorough understanding of tax laws and mandates. It’s important that CPAs remain current with all tax laws. As a freelancer, a CPA will be relied upon by clients to navigate problematic tax issues or develop tax strategies to avoid potential pitfalls.
• Expert business sense. A freelance CPA should exhibit business acumen in order to help clients develop financial and operational plans. CPAs exhibiting a sound business mind will help clients make the best business decisions specific to their industry and situation.
• Auditing capability. Freelance CPAs should have experience conducting audits or overseeing the auditing process. Large and small organizations can benefit from sound auditing practices offered by freelance CPAs, as their expertise helps to establish legally sound accounting practices while avoiding potential financial problems.
• Management prowess. CPAs are often called upon to fill senior management roles such as CFO, controller, president, CEO, and director of finance. It’s important that freelance CPAs not only have a thorough understanding of sound accounting practices and tax law but also possess excellent business management skills.
• Critical thinking ability. Because the world of finance can be complex, a freelance CPA should exhibit critical thinking skills. This ability enables freelance CPAs to think outside the proverbial box and to resolve and avoid problems associated with poor financial planning.
• Excellent time management. An important skill freelance CPAs should possess is the ability to manage their time and properly handle competing priorities.
• Industry knowledge. A freelance CPA should have in-depth knowledge of specific industries. While many accounting practices are universal, each industry has a different set of norms around financial management. A freelance CPA should be knowledgeable about these norms in order to provide the best possible counsel to clients.
• Accounting knowledge. It may go without saying, but a freelance CPA must have expert knowledge of general financial accounting principles. This ensures that baseline accounting principles are followed in order to address complex and detailed issues. Whether balancing books or auditing an entire operation, a CPA will rely heavily on their accounting expertise when providing expert counsel to clients.

In addition to these basic skills, it’s great for CPA candidates to have experience (or at least interest) in related fields. For example, many full-time CPAs also have experience with business law or professional ethics. Others have accounting expertise in specific areas, such as forensic accounting or working at a public accounting firm.

What are the core freelance certified public accountant job responsibilities?

The responsibilities associated with the role of a certified public accountant are pretty universal. In addition to handling accounting, tax, and finance duties, a CPA is charged with overseeing the financial health of an individual or an organization.

Following are core responsibilities associated with being a freelance certified public accountant:

• Manage and balance financial records and review for errors and inaccuracies
• Conduct audits on individual and organizational financial records and identify any discrepancies or issues that may present legal issues
• Collaborate with the CEO and other executive management to establish quarterly and annual budgets
• Ensure operational spending remains within budget
• Provide quarterly and annual financial records for review by executive management
• Assist with creation and production of quarterly reports, 10-K documents, and annual reports
• Review and hire external CPA firms to assist with audits and other financial reviews

Should I get a degree or certification to become a freelance certified public accountant?

Earning a bachelor’s degree is required to become a certified public accountant, as is passing a CPA exam. In addition, many CPAs obtain a master’s degree due to the number of credit hours required to qualify for the exam. Details of the CPA exam vary by state, but they all generally cover the same accounting principles.

Popular degrees and coursework required to become a certified public accountant include:

• Bachelor’s or master’s degree in accounting, finance, business administration, or an equivalent field of study from an accredited college or university
• Uniform CPA Exam – offered by the AICPA in conjunction with each state’s/jurisdiction’s board of accountancy and Prometric.