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Does Your Business Need a Financial Advisor or an Accountant?


An accountant and financial advisor are both central elements in ensuring your company’s financial future. Working with a team of experts can help your firm develop a comprehensive overview of financial planning, budgeting, tax planning, and other areas. Each delivers a unique set of services and skills.

Choosing the right professional can be crucial to financial prosperity. To increase your chances of success, you must be methodical in your steps and work with the correct team of financial experts.

We’re comparing the benefits of having each type of expert advise you, how to identify when it’s time to get them on board, and how they can help you develop your business!

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Have Questions? Call us at (678) 799-7241 and let us show you how our expertise can save you in the long run.

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Accountants vs Financial Advisors: A comparison

Financial advisors are professionals licensed to provide investment and financial planning advice. Financial advisers can be consultants, CFPs, or investment managers, among other titles. Depending on their specialization, they can assist with a wide range of financial decisions. They can assist with retirement planning, budgeting, coaching, and even tax planning.

An accountant’s job is to help you in remaining within compliance with accounting and financial rules. An accountant may also assist you in developing a budget, tracking spending, and forecasting future development. The accounting profession includes a wide range of professionals, including certified public accountants (CPAs). A CPA or accountant’s level of advice depends largely on the experience, certification, and background they possess.

Here are some differences outlined that can help you differentiate between a Financial Advisor and an Accountant.

An overview of an Accountants’ duties :

  • Help you comply with accounting and financial regulations.
  • Offer tax advice and preparation.
  • Help forecast future growth.
  • Prepare financial statements.
  • Evaluate depreciation.
  • Provide a breakdown of expenses.
  • will recommend modifying the business model.
  • Provide assistance in developing business growth and succession plans (as it relates to taxes).
  • Providing representation during audits.

An overview of the duties of Financial Advisors :

  • Prepares budgets for you.
  • Advises you on your investments (short and long term).
  • Assists with asset allocation in a variety of portfolios.
  • Assists you with estate planning to address the distribution of your assets in retirement.
  • Assistance with insurance planning (disability, life insurance, etc.).
  • Advices you on asset accumulation and protection.

What certifications do a Financial Advisor and an Accountant need to have?

You should seek out licensed specialists for tax, financial, and accounting guidance. Financial advisors usually earn the designation of Certified Financial Planner (CFP), whereas accountants often get the designation of Certified Public Accountant (CPA). The formal education requirements for CFPs and CPAs include passing difficult exams, meeting licensure requirements, and maintaining ethical standards.

Due to the complexity and ever-changing nature of each profession, most professionals stick to their primary areas of expertise and rely on other professionals for their special skills. If you need assistance with taxes or investing, consult a licensed professional. It is ideal if they have qualifications related to their specific area(s) of competence. It is also necessary to find someone who is familiar with the laws that apply in your state, particularly those regarding taxes. Consult a licensed professional for tax and financial advice.

Financial advisers, for example, must hold licenses issued by the Financial Industry Regulatory Authority and their state’s financial authority (FINRA). To be licensed to provide certain services, advisors typically pass examinations that assess their understanding of securities and investing strategies. Depending on the licensed services they offer, advisors must often pass both the Series 7 and Series 65 or 66 tests. These tests assess their understanding of securities and financial techniques. Similarly to that, CPAs in particular must be licensed by their state’s board of accountants. The Uniform CPA Exam, which tests CPAs’ knowledge of tax and accounting laws, is another requirement.

Must Have credentials of a CPA includes

  • Accounting bachelor’s degree
  • Extensive experience in public accounting
  • Successfully completing the Uniform CPA licensing exam
  • Completion of required continuing education.

Must Have Credentials Of CFP Includes

Financial advisor certification requirements vary based on the exact certification an individual is trying to obtain. Although other certifications exist, the basics include:

  • Registering with the SEC and the Financial Industry Regulatory Authority
  • Passing of the Series 7, 65 or 66 exams
  • Passing the CFP Board exam (for CFPs)
  • Completion of continuing education requirements

When to hire Accountants/CPA

An accountant should be a part of your team if you are a small business owner. Understanding how various business types and expansion strategies affect your tax liability is crucial from the outset. The team of accounting experts can help your business expand, maintain compliance, and make future plans.

Accountants are the most knowledgeable about the IRS’s laws and regulations. People frequently use accountants to verify that they are taking advantage of all possible tax breaks. A financial advisor can help you with a variety of financial issues. An accountant can help you prepare financial statements and tax returns.

Accountants are especially useful for persons with complicated tax situations, such as business owners, big families, or people with several income sources. Hiring an accountant makes more sense if you’re starting a company or evaluating the tax consequences of a sale, merger, buyout, or acquisition.

When To Hire Financial Advisors/CFP

Working with a Financial Advisor can assist you with long-term financial management. During market volatility, an advisor can help you in maintaining your emotions under control. If you

need a sounding board when the markets go crazy, you should consider hiring a financial advisor. Some companies have in-house CPAs or CPA firms that are licensed to handle a person’s money.

Hiring a Financial Advisor is advantageous when

  • You are providing a tax-efficient gift to your children.
  • You are selling your little business.
  • Make plans for your children’s college costs.
  • Choosing when to retire.
  • Making certain that your assets are sufficiently protected by property and casualty insurance.
  • Make certain that your family is appropriately protected in the event that you die early.

When Do You Need To Work With Both?

You may need to work with both of these key professionals in cases like

  • You’re starting a business: Financial advisors and CPAs can assist you in setting up your business structure, selecting insurance, and planning for future growth.
  • You’re buying a home: Your financial advisor can help you determine how much you can afford and advise you on mortgage products that may meet your needs, while your CPA can offer you tax breaks for first-time homebuyers and those with mortgages.
  • You’re planning for retirement: You can get assistance from a financial advisor if you need to create a retirement plan, while a CPA can explain all the details about retirement plans, particularly if you own a business.

How Can BFG Give You The Right Advice For Your Accounting And Finances

Business Financial Group has expertise in accounting, bookkeeping, consulting, outsourcing, payroll, and business services. The Financial Advisors and CPAs at our firm are licensed and can assist you with the necessary documents and procedures.

You can count on our personalized business services solutions for all your accounting, tax preparation, payroll administration, and human resource management needs.

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