Most 5 star CPA Google reviews in Canada
Helping Canadian businesses beat the odds!
When entrepreneurs are starting their business, a great accountant can make a huge difference in their initial success says CFO services, as well as their ongoing business success. 15% of Canadian businesses fail in the first year, 30% fail in the second year, and by year five, 50% of businesses have close their doors. The right accountant can make a huge difference to the success rate of businesses, as long as they hire them early enough in their business to make a difference.
Before the even open their doors, entrepreneurs should be contacting a great chartered professional accountant. The reason for this is because an accountant will be able to help an entrepreneur create an effective business plan that can help set them up for success right from the very start of their business. There are three reasons why entrepreneurs typically fail in business, they run out of money, they cannot find the market for their products, and they are not able to find the right team. Therefore, being able to address all of those difficulties in a business plan, can help entrepreneurs avoid them and succeed in business.
One of the most important things an entrepreneur can do right away in their business is to find a great accountant to work with. They are going to be able to help them with an efficient tax plan, that will help them save thousands of dollars in tax savings. This is going to help the cash flow in the business, which is going to help entrepreneurs from running out of money, which is the second most common reason why businesses fail. It is extremely important that entrepreneurs are very mindful of the money that they are spending, and by hiring a great accountant, they can help manage that says CFO Services.
When an entrepreneur realizes how important hiring the right accountant is for their business, they are going to want to hire a chartered professional accountant. The level of schooling that they have is the devil, compared to undesignated accountants, and they have not only a solid theoretical knowledge of business finances, but they also have just as much if not more practical experience applying that theoretical knowledge not just to coursework that mimics real-life accounting situations but actually working in an accounting firm, under the tutelage of chartered professional accountants, working with real businesses and real files says CFO services.
It is extremely important that entrepreneurs are hiring the best accountant they can, so that they can end up with a great tax plan to save them thousands, and a great business plan that can help them succeed. CFO services says that with how important an accountant is to an entrepreneur, hiring the best when they can will ensure an accountant is doing everything that they can to beat the odds that many entrepreneurs face in Canada, and succeed where many other entrepreneurs have not been able to. They have their best chance of hiring the right accountant when they ensure that there hiring a chartered professional accountant for their new venture.
Many entrepreneurs do not understand the difference between a chartered professional accountant, and an undesignated accountant says CFO services. In fact, many entrepreneurs think that all professionals that are allowed to call themselves an accountant have the same level of schooling. This is not so, and entrepreneurs need to know this, so that when they hire the right professional for their business, they have all the correct information. As Red Adair , the specialist in extinguishing capping oil well fires has said, ìif you think it is expensive to hire a professional to do the job, wait until you hire an amateur.î
One of the ways that people unknowingly hire an undesignated accountant, is when they look at the hourly rate to make the decision of which accountant they work with. Often, undesignated accountants charge a lower per hourly rate, to make up for the fact that they have half the schooling of chartered professional accountants. If entrepreneurs are making the decision based solely on hourly rates, they may end up with a business professional that does not have all the knowledge that they need to help an entrepreneur succeed. CFO services says that while a chartered professional accountant may charge more money per hour to do the job, it often takes them less time to finish the same task, and do it more accurately as well. Businesses that hire based on hourly rates may not know this, but be more hours that it takes than undesignated accountant to do the job, they end up with a higher monthly bill than they would if they hired a chartered professional accountant in the first place.
Not only does it take undesignated accountants more time to do the same job, but they also may not be doing it as efficiently as possible. Take tax planning for example says CFO services. A great tax plan can help an entrepreneur save thousands of dollars if not more in save taxes every year. A chartered professional accountant will have several years of experience working with actual businesses in and accounting firm learning how tax plan for real businesses. Will be able to create an efficient tax plan, for entrepreneurs. Hiring an undesignated accountant, and entrepreneurs may not even realize the amount of money that they are paying, and there may be an option to pay less.
When entrepreneurs hire an undesignated accountant, they may end up paying far more in billing, they also may be paying thousands more in taxes with the inefficient tax plan, and they may end up with incorrect finances that could also impact every facet of their business. It is extremely important that business owners understand that not all accountants have the same education, that they should look for one that has their chartered professional accounting designation so that they can hire the best possible professional for their business.
