Do Small Businesses require CPA on a Regular Basis

D o  s m a l l   c o m p a n i e s  r e q u i r e  C P A ’ s o n  a  r e g u l a r  b a s i s ?
In the context of regulatory requirements, smaller private companies are not obligated to have a CPA servicing the accounting of their financial transactions on a full time basis. From time to time, they may need the services of a CPA to provide a compilation of their financial statements which the owner certifies to be true, in the event they need to borrower money. The creditor (bank) generally my review 12 to 24 months of bank statements in order to validate cash flows in addition to reviewing the financial reports.
Because they are not obligated to provide audited financial statements, and in some cases the costs of doing an accrual based accounting service exceeds the benefits in the short term, they do not bother. But although smaller companies are not obligated to use the services of a CPA on a regular basis, they should think carefully about the long term consequences of inaccurate financial... Read more: http://thinkandprofit.net/Do%20smaller%20companies%20require%20CPA's%20on%20a%20regular%20basis%20%20by%20Trevor%20G%20McKenzie.pdf