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

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Vancouver accounting firm remind small business owners that tax can be the single be the biggest expense in your small business career. Likewise, a bad tax plan is extremely common with nondesignated accountants. It’s very common that small business owners particularly if they are new small business owners will just get bad advice. Consequently says Vancouver accounting firm, as an entrepreneur there are many opportunities to save on that tax, but you need the proper advice from a registered CPA.

The differences can be very misleading, don’t trust nondesignated accountants that are still working through and enrolled in the CPA program. What that means is they haven’t yet finished their courses, and pass the test, ergo they have not yet received the designation. Likewise, when you are doing your homework in retaining a CPA, if you walk into their office, a proper registered CPA will have not one but two certificates on the wall. They will have received a four-year undergraduate degree, ergo one certificate. The second certificate will be specifically the CPA program. Make sure you look for those as you do your CPA homework. If they do not yet have their CPA designation however they have a business degree, that is not the end-all to being a CPA, that is just the beginning. They must have that three year CPA course and passed the test to receive the designation.

Vancouver accounting firm also says some more formal ways in which you can do your research for hiring a charter professional accountant for your business would be to look at the Institute of chartered professional accountants. However, to make it easier on yourself, simple Google search will work 99% of the time look for terms such as “charter professional accountant” in the firm name behind one’s personal name, will it have the acronym CPA CGA, CMA? Sometimes, LLP, which is a professional Corporation will work as well in terms of retaining a CPA. The term “and Associates” does not count towards being a CPA.

The differences between a CA and a CPA in regards to your business is quite large as well. If you retain a CPA, yes, you will be charged more salary. They will be billing you by the hour. However, their work will be far more efficient, they will be able to get things done quicker, and when you are asking for information in a timely manner, they will be able to give it to you. For example, when you are dealing with employees, hiring and firing, GST, or anything in regards to the Canada revenue agency, a CPA will be able to help you to get all the forms ready and in on time before you incur a penalty. Likewise, the CPA may be able to in fact ease some of your tasks and free up some of your time so that you can enjoy a little bit of your life while trying to grow small business.

Vancouver accounting firm strongly recommends that, when opening a small business, whether it be your first small business or your hundredth, that you retain a proper certified chartered professional accountant. The chartered professional accountant will in fact be able to do a lot of work for you in terms of taxes, GST, year-end and month-end forms, or anything that the Canada revenue agency may require. In fact, a proper charter professional accountant will be able to get all the forms properly filled out, organized, and submitted to the Canada revenue agency in time so that you don’t incur any fees or fines. The Canada revenue agency has in fact been known as well to freeze accounts if in fact you do not have your forms in by the deadline.

Keep in mind, reminds vancouver accounting firm, that the difference between a CA and a CPA may look subtle and can be very misleading. Do not make the mistake of trusting accountants who are not designated and have completed the proper CPA course and program. This essentially means that CAs who say they are in the CPA course have not yet been designated. As well, knowing that CPA’s do in fact charge more, CA who has failed or quit the CPA program may not be the most honest and designate themselves a CPA when in fact they are not. Do your due diligence and looking for a proper CPA.

On an hour by hour basis, generally yes, says vancouver accounting firm, a CPA will be charging more. You can in fact pay less salary or be billed less by a CA or a nondesignated CPA. However you might not necessarily be getting the proper advice that a CPA could afford you. For example, there is an example of client who thought that the Canada revenue agency owed him $23,000 in taxes after the CA had done all the work. In fact, the CA had gotten it wrong and that client in fact owed the Canada revenue agency that amount. Imagine getting that piece of news from improper documents being filled out. That could potentially be the end of your business. If you had simply retained a proper registered CPA, yes, you would’ve been paying the CPA more, but you would’ve avoided that penalty altogether.

You may decide to go to the long road, the formal way, and talk to the Institute of chartered professional accountants in order to find a proper CPA for your business, however 9% of the time you can simply go on Google and do a quick search. There are many proper CPAs although not very good marketing that can be found on the Internet. When you do your due diligence and are in the CPAs office look for not one but two certificates on their wall being displayed. A proper CPA will have a four-year undergraduate degree, as well as a CPA certificate, another three years. The CPA will have injured seven years total of post secondary education. Look to for the proper acronyms, most likely CPA.