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

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CFO Services | How To Hire The Best Accountant

There is such a high failure rate for entrepreneurs in Canada says CFO services. 15% of businesses fail in their first year, 30% of all businesses fail by year two, and by the time businesses reach year five, only half of them are still in operation. There are three main reasons why these businesses fail, not being able to find the right customers, running out of money, and not having the right staff in place. The most interesting thing about this is, having the right chartered professional accountant can significantly impact all of these circumstances in business. Therefore, business owners need to be extremely aware of how important it is for them to hire the right chartered professional accountant in their business.

The most surprising thing that entrepreneurs might discover, is that an undesignated accountant can start their own accounting firm. This is extremely serious for an entrepreneur to know, because in order to have the best accountant that they possibly can to help them avoid going out of business, and avoiding the three most common reasons why businesses fail, and accountant is going to need to hire a chartered professional accountant. But how can they ensure that the professional that they are hiring is a chartered professional accountant, when there are non-designated accountants with firms? CFO services says that entrepreneurs need to learn how to spot an undesignated accountant.

CFO services says that nondesignated accounting firms will overplay their undergraduate degree, typically having it prominently displayed on the wall. They will also tell people that they majored in accounting, and may even use the language of have experience in the CPA program. Ultimately, these are just words that an accountant is using to hopefully impress a potential client and hope that they do not know the difference.

However, when an entrepreneur is looking for a chartered professional accountant, they need to be able to find one that has CPA, CGA, CMA or CA in their title. They may also have LLP, or professional association in their title. These are some very quick ways that entrepreneurs can check to ensure that the accountant that they are working with has the rights designation.

The reason why an entrepreneur is going to want to hire a chartered professional accountant is the knowledgebase they have is far superior to those of non-designated accountants. While an accountant with an undergrad degree will have four years of theoretical experience, a chartered professional accountant will have taken that four-year degree, and then spent an additional three years apprenticing underneath a chartered professional accountant in an approved accounting firm. In addition to working full time as an accountant in a firm, they are going to also be taking additional courses online in the evenings and weekends. This three additional years of extreme learning is going to give them advanced theoretical knowledge as well as a great practical experience. There coursework even replicates real-life accounting situations they are going to face when they are done school. This is going to allow them to be prepared to face entrepreneurs and their situations a lot better than someone who just has their undergraduate degree.

CFO Services | How To Hire The Best Accountant

When entrepreneurs start their business says CFO services, they often tried to save money any way they can, and ink that they will be able to meet their budget, if they hire the least expensive accountant they can find. This is a huge mistake for a lot of reasons, and Red Adair, who is a specialist who extinguishes and caps oil well fires is known for saying ìif you think it is expensive to hire professional, wait until you hire an amateur.î Essentially reminding entrepreneurs that hiring a professional may cost more money upfront, but the right to get the job done correctly. Hiring an amateur can end up with higher expenses as they are unable to do the job efficiently, and they may end up doing a poor job of it as well.

In order to ensure they are hiring the best professional they can, entrepreneurs should ensure that they are hiring a chartered professional accountant instead of a non-designate accountant. The reason for this is because while non-designate accountants might charge of lower hourly rates, they often take far more time, because they are unable to get the job done efficiently, and ending up costing the entrepreneur more money at the end of the month says CFO services.

Also, a chartered professional accountant is going to be far more knowledgeable than a non-designate accountant, and it is extremely important that an entrepreneur ends up with an accountant that is extremely knowledgeable and tax planning. A business owner should be less concerned with saving money on a monthly fee, and more concerned with finding an accountant that is going to be able to help them save tens of thousands of dollars every year in taxes. By thinking about what is more important to their bottom line, can help an entrepreneur end up with the right professional that is going to help them impact their business more significantly.

CFO services says that when entrepreneurs are looking for the right accountant for their business, they need to ensure that they are going to hire someone that is going to be able to do the job that they need very well, and that translates into the person with the professional designation. The have far more knowledge than anyone that did not complete the CPA program. With how important the accountant is to an entrepreneur, and the ability to remain in business, an entrepreneur is going to want to end up with the person that has the best information, that they know they are going to be able to trust and they give them advice on what they need to do in their business to succeed. By doing this, entrepreneurs can ensure that they have the best possible chartered professional accountant that is going to be able to help them grow their business.