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

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CFO Services | Hiring The Right Accountant For Entrepreneurs

One of the most things that an entrepreneur can do for their business says CFO services, is hire the right accountant. Since half of all Canadian businesses fail, and 29% of them say they failed because they ran out of money in their business, hiring the right financial professional for their business is one of the most important things that they can do. Red Adair, the specialist in extinguishing and capping oil well fires has said that ìif you think it is expensive to hire a professional, wait until you hire an amateurî. While business owners may think that they are hiring a budget-friendly accountant, they may end up with a professional who lacks the experience to do the job efficiently, costing them far more to their business then an hourly fee.

The biggest difference between an accountant with low hourly rates, and an accountant with a higher rate, is often the professional designation of a chartered professional accountant. Most of the time, accountants charge less per hour because they only have half the schooling. Most entrepreneurs think that anyone who calls himself an accountant is qualified to do the job, however, they should understand that people without chartered professional accounting designation can also start and accounting firm. They need to be very diligent when looking for the right professional for their business

In order to understand the difference between an accountant with a professional designation and without, entrepreneurs need to understand how long it takes for someone to become a chartered professional accountant. CFO services says that the entire process from start to finish takes about seven years, if they had no brakes and past everything on the first try. First thing that I have to do, is get their undergraduate degree first, which takes four years. After they have graduated with that, they must article for an additional three years, apprenticing with a chartered professional accountant in an approved firm.

Working alongside chartered professional accountants, these undergraduates get experience working on real customers files, in real situations. This practical experience is invaluable. Also, they must be continuing their schooling at home at night and on the weekends. The have to finish course work and write tests at the same time. What this does is helps accountants understand how to work with entrepreneurs, and in real situations. The coursework is also designed to replicate real-life accounting circumstances. It is extremely hard said CFO services, and the estimated pass rate is approximately half.

When an entrepreneur wants to hire the right accountant for their business, they should trust the one who has gone through this difficult program and has achieved their designation. The have a lot more practical experience and skills not only working with entrepreneurs but also in giving them tax advice, creating tax plans and business plans. This will ensure that they have the best chances at succeeding and a professional that they will be able to trust to give them great information.

CFO Services | Hiring The Right Accountant For Entrepreneurs

It is extremely important for entrepreneurs to hire the right accountant to work in their business, as the right one will be able to help save them money in taxes, and create a business plan says CFO services. The wrong accountant will end up costing entrepreneurs in many ways, for example, the undesignated accountant who lacked the practical experience and ended up telling the client that they were getting and twenty-three thousand dollar refund, when it was actually the entrepreneur that owed Canada revenue agency.

In order to hire the right accountant, business owners should be looking for designated chartered professional accountants. Many business owners think that anyone who calls themselves an accountant will be qualified to work on their business, however accountants without the professional designation of CPA, lack a lot of the same experience. CFO services says that people who have graduated secondary with their accounting undergraduate degree, are able to open up and accounting firm and call themselves an accountant, they just cannot say that they are chartered, professional accountants. They will tell business owners that the graduated from an accounting program, the have their degree on the wall, and say things like the have experience in the CPA program.

If entrepreneurs want to hire someone with more than just their undergraduate degree, they should know what to look for in order to hire an accountant with their CPA. If they Google the firmís name, they should see that the firm has use the words chartered professional accountant, or professional association in the name of their business. Or they might have letters in their name like LLP, CPA, CMA, CGA or CA. All these acronyms mean that the accountant has obtained their professional designation.

Why this is important for entrepreneurs to have an accountant with the professional designation, is because in order to achieve that designation, accountants also have to go through additional training, three years of working in an accounting firm, while doing courses at night and on the weekend. CFO services says that this gives accountants great base of knowledge in the practical side of accounting. Not just having a bunch of theoretical knowledge and not know how to apply it efficiently. The CPA program is designed to give accountants knowledge working directly with entrepreneurs so that they understand how all of the theoretical knowledge works together. By the time they have completed their three years, they will have experience working with companies, giving tax advice, creating business plans, all under the supervision of chartered professional accountants. For this reason, it is extremely valuable to hire an accountant that has this designation.

When entrepreneurs are looking to hire the right accountant for their business, they should hire someone that they are going to be able to trust, and someone that is reliable. Therefore, the quality of information they have, counts for a lot. A chartered professional accountant is going to have the best information, which can help entrepreneurs actually succeed in their business says CFO services.