Why Hire a CPA
Why is it important to hire a Chartered Professional Accountant (CPA)?
CPAs are indispensable in making organizations successful and in delivering benefits to businesses across the country. As one of the most recognized and respected accounting designations in the world, a CPA provides you with the confidence that you’re hiring a professional with a commitment to the highest standards and a desire to make a real difference.
You can be confident that a CPA has the necessary skills to meet your accounting needs, as they must adhere to the highest level of standards of professionalism and these standards are monitored and regulated by the Institute of Chartered Professional Accountants. CPAs are required to maintain annual professional development, so they stay on top of the constant changes in the industry, for example; income tax changes, federally and provincially.
Hiring a CPA can ease the stress of the accounting side of your business so that you are able to focus on running your business. Handing off critical tasks, like accounting to a professional, gives you more time to focus on managing your business. It can also help free up your time for other tasks. You need to find a balance between life and work, and a CPA helps you find that balance.
CPAs have a professional reputation that can help make your company look good to both banks and stakeholders. A good accountant is one of the top five most critical elements in the success of a business. Many businesses are coming to recognize CPAs for their unique and innovative contributions to an organization’s success. A CPA can help build a business plan that will help you succeed. They should be one of the first people you talk to when starting a new business. For example, whether its best to incorporate or not, what software to use, and tax planning so you pay the least of amount of tax.
A CPA can bring a new perspective. They have a fresh set of eyes and can offer insight that you might not have thought of.
Tax laws are always changing and can be tricky to figure out. Having a professional accountant can help you stay on top of these ever-changing laws and regulations to keep you from overpaying your taxes.
5 Common Misconceptions of Hiring a CPA
- It is more expensive to hire a CPA. Actually, as a small accounting firm, we do not have the same expenses as a large firm and as such are able to offer competitive lower rates. You will likely save money over the long term working with a CPA, since they will help you 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.
- Accounting is only math and accounting software. Actually, CPAs are equipped to manage the pressures and pace of the global economy, with a deep understanding of financial data, its impact on organizational performance, and how it can be used to deliver exceptional results. When you hire a CPA you also get a trained team player with hands-on experience to tackle critical business challenges.
- Only large complex businesses need a CPA: Actually, any size business must manage money, create budgets, and pay taxes, and a CPA can help with all of that. Its better to bring in a CPA early on in your business, as they can help you build a solid business plan and set your business up properly from the onset.
- Accountants mainly just balance your books: Actually, although a CPA will balance your books, they also must keep you compliant with business regulations and laws, they will help you create a business growth plan, and can help you network with other people in your industry.
- It’s easy to do your own accounting thanks to technology: Actually, although there is some software and technology out there that is extremely useful, no technology has been invented that can replace the guidance and expertise of a CPA. The technology out there serves to enhance your CPA’s ability to aid your company, not replace them. There will always be complications and immeasurable circumstances when analyzing data and figuring out financial strategies for which technology can not account for.