Busted! Don’t Believe These Myths About CPAs!
If you’re kicking off a new business venture, managing your finances can become a tedious task. It gets even trickier when you have limited knowledge about accounting. Fortunately, you have Chartered Professional Accountants (CPAs) who can handle challenging accounting and tax-related issues and advise you to make better financial decisions.
However, despite their primary benefits, many entrepreneurs refrain from working with CPAs due to the misbeliefs associated with the profession. Many are given the impression that Chartered Professional Accountants are costly, and small businesses won’t fully benefit from their services. This is not true, and believing myths like these can prevent your business from earning optimal revenue.
To help you steer clear of these and other misconceptions, Tamara Nichol Professional Corporation has debunked three of the most widely believed myths about hiring a CPA.
Myth 1: Hiring a CPA is expensive.
If you choose to hire a small accounting firm, like ours, you’ll notice that we do not charge the same rate as a large firm. In fact, we can offer competitively lower rates. Moreover, you will save money in the long run, as we help maximize your company deductions, evaluate cost savings, avoid fees for noncompliance with laws and regulations, and develop a plan to help you save on the amount you pay to taxes.
Myth 2: Only large complex businesses need a CPA.
This is not true as a business of any size must perform complex tasks like managing money, creating budgets, and paying taxes. With the help of a CPA, a company can quickly get through each financial task without complications. As a result, it is better to bring in a CPA early on in your business. They will help you build a solid business plan and set your business up correctly right from the start.
Myth 3: Accounting requires only math and accounting software.
Besides managing accounting software and calculations, CPAs are equipped to handle the pressures and pace of the global economy. They have a deep understanding of financial data, its impact on organizational performance, and how it can be used to deliver exceptional results. That means when you hire a CPA, you also get a trained team player with hands-on experience to tackle critical business challenges.
If you’re looking to steer clear of these and other myths, reach out to Tamara Nichol Professional Corporation. As a leading chartered professional accountant in Spruce Grove, Stony Plain and across the Greater Edmonton Area, I aim to help every business achieve success. I have over ten years of experience in full-service accounting and an extensive background in small accounting firms. My experience has helped me gain an understanding of different businesses, including construction, retail, hospitality, professional services, and manufacturing, among others. At the same time, my small enterprise and vast knowledge of accounting and taxation enable me to provide quality services at affordable prices.