A CPA, short name for Certified Public Accountant is a person who can handle tax related problems efficiently. Only a person who has cleared the tax related exam, governed by the Canadian government can call himself a CPA.
But what role does a CPA play for small business owner. Do they really need a CPA or just a regular accountant or for that sake a bookkeeper will be enough for their business?
Most people take the term CPA and accountant as one and the same thing, but the truth is that there is a very big difference between them. The CPA has deal with a lot of work within the financial community.
Various services offered by Certified Public Accountants
A CPA is a very reliable person who will make certain that your financial statements are reasonable and correct and work according to GAAP, i.e. generally accepted accounting principles.
They will also take care of the reasonableness of disclosures and confirm that the statements are free from material misstatement.
The CPA in various chartered accountant firms in Toronto helps a person during tax audits. Tax audits cannot be individually handled by a business owner, especially if he is a novice in this field. He would need the help of a CPA at some point.
A Certified Public Accountant can also work as an adviser, who can give his important advice on standard business practices and give recommendations on financial management.
As such these consultants cannot work as auditors for a company at the same time when they are working as consultants.
A CPA certification involves around 40-50 hours of continuous professional education each year in order to keep themselves updated with the new rules and regulations introduced in the accounting, financial and business world.
If you want to hire a CPA who can handle your financial issues efficiently, you search for the best Toronto accounting services from the internet.
Why do you need a Certified Public Accountant?
The first and foremost reason of hiring a CPA is for Tax Planning. CPAs are also needed for guidance on business management and financial related issues. There are many other reasons carrying out legal proceedings, help in tax audits, etc.