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One grave mistake that entrepreneurs might make when they are looking to hire an accountant for their business says CFO services, is that they believe that all accounting firms have the same level of experience. This is actually extremely incorrect, and in fact, people without a professional accounting designation may even be able to open up and accounting firm, regardless of their level of experience. Business owners need to ensure they know what to look for so that they hire the best business professional possible, that can help them grow their business.
Some of the most impactful things that an accountant is going to be able to do for an entrepreneur says CFO services, is do efficient tax planning, and business planning. The tax planning will help an entrepreneur minimize the taxes that they pay, increasing their profits, and allowing them to save money personally. While the business plan is going to allow an entrepreneur to have the best plan possible in order to help them grow their business and become successful. Because of how important a great accountant is to a business, they should ensure they know how to tell the difference between an accountant, and a chartered professional accountant.
One of the first things that business owners need to understand, is how long it takes for a person to become a chartered professional accountant. CFO services says that it is a seven-year process from start to finish. Not only does an entrepreneur need to get their undergraduate degree first, which is going to take for years, they need to spend three years articling with a chartered professional accountant in their accounting firm, while doing coursework and taking tests at home, in the evening and on the weekends.
This additional articling experience is going to give an accountant advanced theoretical knowledge as well as the practical experience that is going to allow them to understand what it is like working with real entrepreneurs in real-life situations. For example, it is one thing to learn about the income tax act, and it is quite another for a business owner to see how it is applied in real life. Business owners should understand, that anyone who calls themselves an accountant, has completed the four-year undergraduate degree, but has missed on the advanced theoretical knowledge, and the practical experience that makes a huge difference.
Not only is this additional articling experience extremely important for business owners to get that additional education, it is also very difficult, with an estimated failure rate of 50% says CFO services. Therefore, the people who are able to graduate this CPA program, are exceptionally knowledgeable.
When an entrepreneur is looking to find the best accountant to work within their business, they should understand the difference between an accountant and a chartered professional accountant, so that they can hire the best professional possible, that can positively impact their business. Not only can help them significantly growth, it can also help them save huge amounts of money in their taxes.
Being able to tell the difference between an accountant, and a chartered professional accountant when an entrepreneur is looking to hire one, can help a business owner end up with the best business professional possible. Since an accountant without professional designation can open up and accounting firm, business owners need to understand how to tell the difference between the two, so that they can ensure that there ending up hiring a chartered professional accountant, which is going to give them the best chances of being able to succeed in business. Since half of all Canadian businesses fail, entrepreneurs need to do anything that they can in their power to succeed.
The first thing that entrepreneurs should understand, that accounting firms that are non designated, will overplay their undergraduate degree, and hopes of dazzling an entrepreneur with how much knowledge they have, and landing the job. Therefore, a non-designated accountant will overplay their undergraduate degree, often displaying it on the wall, and telling people they majored in accounting, or that they have experience in the CPA program, and that people assume that that is all the information they need. However, CFO services say that school is literally only the beginning of the learning process. Business owners should want to hire the accountant that did not attempt the chartered professional accounting program, or attempted it and flunked out, they want to hire someone who completed it.
Now that an entrepreneur knows what to look for, to find a non-designate, they should understand what they need to look for, to ensure that they are a chartered professional accountant. If they are in the accounting firm, they can look to see if they have two certificates on the wall, a CPA certificate and an undergraduate degree. If looking in their office is not possible, an entrepreneur simply needs to use Google. If the Google firmís name, CFO services says that they should ensure that the firm name has the name professional association or chartered professional accountants in the title. They also could have the letters LLP after the name, or have the following acronyms somewhere: CA, CMA, CGA, CPA these are all letters that indicate the accountant is a designated chartered professional accountant.
People should also understand that it is not likely at all that they are going to come across a chartered professional accountant that does not have those letters or words in their business name. The reason is, they will have worked at least seven years in order to be able to get that designation, it is not likely that they are going to forget to include important information in their company name. If it is not there, a business owner should ensure that those businesses are not designated.
By knowing what to look for when hiring an accountant, to avoid hiring an accountant instead of chartered professional accountants, can help a business owner end up with the best business professional that they can, to help them create great business plans tax-efficient plans that can impact their business positively.
