What's the difference between a CPA, Bookkeeper, and a CFO? Accounting Services Explained

There’s a lot of confusion in the business world about accounting services and what accountants ACTUALLY do. So this video is all about helping break down what a bookkeeper vs EA vs CPA vs CFO actually does, so that you can be more confident about WHO you need in your organization to help you succeed financially.
We cover Bookkeepers, Full Charge Bookkeepers, tax preparers, Enrolled Agents (EAs), CPAs, and CFOs in this video. What are they....and who do YOU need?
Note: I am hard on my industry sometimes.....but I love you all! ❤️❤️❤️
Number nerds have to stick together...but sometimes we need to be teased 😜
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Hannah Smolinski is a #CPA and the Founder of Clara CFO Group. Find out more about Clara CFO Group at claracfo.com/
Disclaimer: This video is intended for educational purposes and
should not be taken as legal or tax advice. You should consult with your financial professionals about your unique financial situation before acting on anything discussed in these videos. Clara CFO Group, LLC is providing educational content to help small business owners become more aware of certain issues and topics, but we cannot give blanket advice to a broad audience.

[@stoneyj1a1]

Very well explained, sweet and to the point

[@TheSharareh1]

Hi Clara, thanks for the great info. By the way, EAs have to study and pass 3 rigorous exams, all regarding TAXATION (for Individuals, Businesses, and Representation in front of the IRS). The material is the same material that CPAs have to study for their exam for “Tax purposes”. EAs can represent anyone from ANY state in front of the IRS. Of course, the CPA exam covers 3 other non-tax related sections as well, which are audit, financials, and business. (CPA is a state-specific credential while EA is a federal one). Also, I think what you explained as CFO's job description is what an ACCOUNTANT does as well. The very first difference between an accountant and a bookkeeper is the level of education. Accountants usually have at least a bachelor's degree specifically in “Accounting” and most of the time a master’s degree in accounting. They review and analyze the data that the bookkeeper has already organized and reconciled. They offer services such as financial statement analysis, budgeting, KPI, forecasting, benchmarking, budget variance analysis, etc. P.S.: I really enjoy your videos!

[@wencircs9270]

Thank you for the video. I was able to re-evaluate my position. You do such a great work of simplifying things so everyone can understand.

[@ClaraCFO]

So glad it helped! Thanks for being here!

[@joelnelson1682]

So good Hannah! Great breakdown on these positions. And yes please.... content around e-commerce (Shopify) sales tax would be amazing! Keep it up!

[@elianasmith6330]

Another invaluable channel will explore more videos from you, sir. This will help me plan my insurance, thank you!

[@ClaraCFO]

Thanks for being here!

[@simonegordon3659]

Fabulous review of financial positions. Thank you very much

[@ClaraCFO]

Thanks for the feedback!

[@javierolivares4678]

Thanks!

[@ClaraCFO]

Thank YOU so much! Hope this helps clear up some questions!

[@gabrieldiaz8523]

One of the best explanations of our industry, that I’ve heard.

[@ClaraCFO]

Thanks Gabriel!! What do you do?

[@gabrieldiaz8523]

@@ClaraCFO I’m a full-charge bookkeeper, and tax preparer. I typically work with clients who have complicated finances and years of undone tax filings and lack of record keeping. It’s hard to explain to clients the complexity of what’s going through my brain when I am entering transactions (is this schedule C? 1120S? How will I explain this in an audit? Is this depreciable? If so, to which income source? Which depreciation schedule? Did they have personal use? Which publications provide exceptions to the rule? On and on and on.) Clients don’t see that. They see the finished product that looks so easy and simple.

[@ClaraCFO]

@@gabrieldiaz8523 That's important work you are doing!

[@TerryCollinsP31Lifestyle]

That’s so true. Unless I ask specifically, it doesn’t get applied.

[@vonnettagraves-brooks8874]

Hi Clara, thank you for sharing clear, detailed information. It has been very helpful. ♥️

[@ClaraCFO]

So glad!

[@simplyroshie]

Thank you Hanna. I'm watching from Philippines,

[@dcat3510]

This is a very helpful video.. You make some crucial and important points on the distinctions and what is needed.

[@ClaraCFO]

Thanks so much! There's a lot of confusion about these roles, so I'm glad I could clear it up!

[@brianmcclemens2802]

Your the Best ! Thanks again for helping me with getting my PPP 1 back in 2020 . Blessed !

[@ClaraCFO]

Glad to help!

[@brianmcclemens2802]

@@ClaraCFO looking forward to my work session tomorrow with Kristi to help with ERC . Highly recommend the Clara CFO Group !

[@LRob65]

This was super helpful and from what I could tell pretty spot on. Thanks for the valuable info!

[@ClaraCFO]

Thanks! Glad it was helpful!

[@abosedeolodude3011]

thanks for the explanation

[@jessysixx8700]

I'm so glad I found you. I currently want to start bookkeeping as a business. I have a business degree and I work as an AP SUPERVISOR. What would you suggest classes or certification I take to make sure I know exactly what I am doing as a bookkeeper.

[@craigswiger8709]

Great advice!!! Thank You!!!

[@TerryCollinsP31Lifestyle]

Thanks for these videos

[@user-ku7hp5dm3y]

Thanks Hannah

[@concessionconcessions1761]

Very informative. Thank you!!!

[@ClaraCFO]

Glad it was helpful!

[@dadjbig]

Great video. Thank you

[@ClaraCFO]

Thanks for watching!

[@danhernandez6809]

This was a very informative video. Thank you for the information.

[@ClaraCFO]

So glad it helped!

[@germanalvarez745]

Excellent!!! Thanks

[@ClaraCFO]

Glad you liked it!

[@darrenc.8663]

Great video! Very helpful. Where would a Controller fit in these categories?

[@jaylenlenear7850]

Very informative. Subscribed

[@ClaraCFO]

Thank you! Welcome aboard!

[@samuelhyongsokkim7367]

I LOVE YOU HANNAH! -FROM YOUR SECRET ADMIRER LOL =)

[@TerryCollinsP31Lifestyle]

Do you have any videos specific to real estate and property management?

[@rafiullahjan4262]

Superb!!!

[@ClaraCFO]

Thank you! Cheers!

[@heathercraig5183]

This is great!

[@ClaraCFO]

Thanks for watching!

[@MasterYourBooks]

Great video! How do you define "fractional" vs full CFO?

[@roxannavillicana9945]

Great video!! What would you recommend for a small non profit ?

[@ClaraCFO]

Hi Roxanna - I'd start with a bookkeeper to make sure you have your numbers in order!

[@paulcali08]

I accrue a healthy amount of monthly interest from my online high yield savings accounts. I am retired, therefore I have no withholdings. Do I have to make estimated tax payments on the tax owed on this interest on a quarterly basis, or will I avoid penalties if I just wait for my 1099-INT at the end of the tax season? I've searched the IRS site extensively, but find nothing addressing this. Thank you.

[@learnamericanenglishlangua6416]

Hi ...can i import an excel chart into quickbooks?

[@ClaraCFO]

What kind of chart?

[@jaylenlenear7850]

Do CFO have to enter into multi year contracts ?

[@ClaraCFO]

No, but some may choose to set their businesses up that way

[@yuvaldavidi6751]

YOU ARE AMAZING!!! Like Like Like :))

[@ClaraCFO]

Glad this helps! 🙌

[@cemgumus1989]

You are more beautiful than shakira😀

[@ClaraCFO]

Haha!

[@FeastofChamps]

Your videos are the best!