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It is one of the most surprising things that a lot of people say about accountants, that people that do not have a professional accounting designation are allowed to open and accounting firm. As long as they are not calling themselves a chartered professional accountant. That means, no matter what level of schooling they have, they can open and accounting firm, and their clients might not even know it says CFO services.
Becoming a chartered professional accountant takes an extremely long amount of time, because not only is there an undergraduate degree in business that they have to get, but then they have to article for an additional three years after that, working with a chartered professional accountant. It is also important to note, that they are not just working full-time in an accounting firm, they are also completing coursework online outside of work hours. It actually has a very low pass rate, it is designed to be extremely hard and very few people finish their degree, and then complete their article as well says CFO services.
Often, nondesignated accounting firms overplay their undergraduate degree, because they cannot tell people that they do not have their chartered professional designation. They will overplay their undergraduate degree by displaying their undergraduate degree on the wall, tell people that they majored in accounting, and leave it at that, allowing people to assume that is all that is needed in order to become an accountant.
Ultimately, CFO services say that when a person is choosing an accountant to work with, there is a large difference between someone who starts to become a chartered professional accountant and someone who finishes this chartered professional accountants designation. Not only is it a huge difference in the knowledge base, but a huge difference in learning real-life type problem-solving that chartered professional accountants have over accounting degrees. Does an entrepreneur want to hire an accountant who left the chartered professional accounting program or the accountant who was able to complete it? The biggest difference is to the entrepreneur, who wants to hire the best professional they can for the job, so that they have the best accountant possible for their business.
When an entrepreneur is looking for the best accountant to work on their business, they should choose the business professional that will give them the best chances of success, and that is an accountant who has completed the chartered professional accounting program, and not one who was not able to complete it, but is trying to work as an accountant in the meantime.
Many people do not understand what the difference is between someone who has finished their accounting degree, and someone who is a designated chartered professional accountant says CFO services. Ultimately, when a business owner is looking for an accountant to help them with their business, they should choose the best business professional they can find, because their business has hundreds of thousands, if not millions of dollars behind it, and hundreds of hours of sweat equity in it, a business owner should hire someone who is going to be able to do the best possible job for the business.
Many people are not sure how to tell the difference between an accountant, and a designated chartered professional accountant. CFO services say that there are a few things that business owners should be looking for to ensure that their accountant actually has completed their professional designation. If they walk into the office, and they have an accounting degree on the wall as well as the certificate showing that they completed the chartered professional accounting program, that is a good indication. However, CFO services says that that is not always possible for entrepreneurs to be able to see. A great way that business owners can check, is to google the accounting firmís name. What they are looking for, is for the firm to say in the name CPA or chartered professional accountant, CGA, CMA, or see a. It could also say professional association in the company name, or have the letters LLP after the name.
Many people tend to think that potentially Google is wrong, and will not have the right information and they do not want to not choose a great accountant because Google does not have the right name. CFO services says that it is not generally the case that they are going to encounter the wrong information online. Chartered professional accountants will have had to work seven years at the very minimum to get that designation, they are not going to accidentally forget to include the most important information in their company name.
Many people think that they will be able to hire an accountant, instead of a chartered professional accountant and save money. CFO services says that while the hourly rates may be less for an accountant versus a chartered professional accountant, but because the accountant will lack a large amount of knowledge, they may actually end up taking far more time on the accounting, and end up costing more in the long run. Business owners should also not hire an accountant hoping to save money. Their business is a huge investment, potentially one of the largest advancements they will ever make, their goal should not be to save money.
CFO services says that entrepreneurs can significantly impact their business by understanding the difference between an accountant and a chartered professional accountant and hiring the correct one in their business. Since 50% of all entrepreneurs fail within five years, hiring the best business professional can help improve those odds.
