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E-Myth – “Why most small businesses don’t work & what to do about it”

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CFO Services | Commonly Asked Questions When Hiring Accountants

Business owners may be overwhelmed when it comes time to choose the right accountant for their business says CFO services. They may try picking one based on their hourly rate, or whose office is closest to them, but business owners actually need to hire the accountant is going to be able to do the best job possible. That means they are looking for not just an accountant, but a chartered professional accountant. The reason why, is because they are going to have the level of theoretical knowledge combined with practical experience that is going to allow them to help entrepreneurs significantly not just with their financial statements, but with efficient tax plans as well as a business plan that can help them succeed in business.

One of the first questions that entrepreneurs have when it comes to hiring an accountant is: can people without a professional accounting designation start a firm? Many entrepreneurs are very surprised to hear the answer to this question is yes says CFO services, someone who completes their accounting undergraduate degree are able to start and accounting firm, even if they do not have their professional designation. They just have to ensure that there not naming their business in a way to mislead people to think that they were chartered, professional accountants. Therefore, business owners need to be very aware when they walk into an accounting firm, that it is a chartered professional accounting firm.

Another question that many people have is how long does it take an accountant to become a chartered professional accountant? After their four-year undergraduate degree, CFO services says that students who want to go through the CPA program must article for another three years with chartered professional accountant in an approved firm. So from beginning to end, if they took no time off, and did not have to repeat any courses, it would be a seven-year process from start to finish.

Third question that people often have is: what is involved in the articling process: while these CPA students are working forty hours a week in an accounting firm, they also are doing additional coursework and tests in the evenings and weekends. This coursework is designed to replicate to real-life accounting situations, so that when they end up with their designation, they have a lot of practical experience to back up their theoretical knowledge. CFO services says they actually will have more practical experience because of the working in the accounting firm, and doing the casework at night and on the weekends.

When entrepreneurs understand the difference between an accountant and chartered professional accountants, they will be able to choose which professional is the one that they would like to work with, and who would be more beneficial for their business. This way, they know if the higher the less expensive accountant, the reason why they are less expensive, because it probably did not go through the chartered professional accountant program, and may not have the skills the entrepreneurs looking for.

CFO Services | Commonly Asked Questions When Hiring Accountants

When entrepreneurs are hiring the right accountant for their business, CFO services says they often have many questions that they need to understand the answer to so that they can ensure that there hiring the right person for their business. The biggest difference that entrepreneurs need to understand between the different accountants out there, is that there are accountants and chartered professional accountants. Chartered professional accountants have done three more years of school in accountants within an undergraduate degree. Understanding the differences between these two types of accountants can significantly help an entrepreneur make the right decision.

The first question that entrepreneurs often have is how do nondesignated firms overplay their undergraduate degree? CFO services says that many nondesignated accountants often want to stress their undergraduate degree, and hope that potential clients assume that that is all they need in order to be efficient accountant. Therefore, they will often have their degree which is a bachelor of commerce displayed prominently on their wall. There are also going to be telling people that they have majored in accounting, and even say that they have experience in the CPA program. However, entrepreneurs need to be aware that all accountants will have their become degree, they will all major in accounting, but only chartered professional accountants will have completed the CPA program. If they say they have experience in the CPA program, that means they either started and dropped out or did not pass it.

A lot of entrepreneurs often wonder is there a difference in starting the CPA program and finishing it? CFO services says that it is a huge difference. Not only is the knowledge so much higher, because it has three additional years of schooling, but it is also practical experience wire as the undergraduate degree is all theoretical knowledge. About 50% of all people who start the CPA program actually finish it, so entrepreneurs should consider who did they want to hire for their business, an accountant who either did not attempt the CPA program or who failed it, and the accountant who took the CPA program and passed it?

The next question that entrepreneurs often house, is how can they tell that the accounting firm they like to use is a chartered professional accounting firm? Entrepreneurs can do a Google search of the firmís name that they are thinking of using. CFO services says designated accountants will have the words professional association, or chartered professional accountants in their name. Or they might have a variety of acronyms after the name to indicate that they are designated. These acronyms could be CPA, LLP, CA, CMA or CGA. All of these acronyms mean that the accountant is a designated accountant.

When entrepreneurs are hiring the right accountant for their business, they should be very aware of what the differences are between an accountant and chartered professional accountants, so that they can end up with the right person they need for their business and that can help them significantly grow.