A Chartered Professional Accountant (CPA) is an expert when it comes to the accounting needs of a business. The individual should also be certified by CPA Canada, which is a national organization with educational programs, exams, as well as career and professional development initiatives.
As a business owner, it is crucial to have a certified CPA to deal with taxes, provide advice, as well as share their insights on business transactions and forecasts. A CPA does not only benefit the business in terms of the bottom line, but can also help in achieving long-term goals.
Below is a rundown on the benefits of investing in a CPA.
1. A CPA is a trained tax expert
A CPA can help business owners prepare their tax documents quickly and efficiently. This is in addition to being able to provide strategic advice and decrease business tax liability. With their training and expertise in taxes, a CPA can deal with complex cases such as companies that conduct businesses at the international level, too. Ensuring that tax documents are prepared and filed correctly results in not only the compliance to Canadian laws, but also the mitigation of costs associated with errors.
2. A CPA can reduce business expenses
Since a CPA is a certified expert within their field, they are able to analyze information from either a spreadsheet or a database and identify unnecessary liabilities. With a reduction of either the products or services that are not required for a business, one can both cut down on inefficiencies, increase productivity, and ultimately improve on the bottom line.
3. A CPA is helpful for self-employed individuals
If one is a self-employed individual or of a sole proprietorship, then a CPA can provide their in-depth knowledge to ensure that the validity of tax write-offs and one’s business rights. The self-employed individual can be then assured that they are abiding by the latest income tax laws and take full advantage of small business incentives.
4. A CPA can help with acquiring, merging, or closing a business
Given their experience and knowledge, a CPA can help a business owner acquire new assets or companies, merge businesses in a cost-effective way, and close a business correctly. When a business structure is subject to change, a CPA’s advice and aid in tax implications and laws are integral for a smooth transition.
5. A CPA can generate accurate business forecasts
A CPA’s expertise and analytical skills are critical when it comes to understanding the trajectory of a business. This is because a certified CPA is trained to look over large sets of data and understand what it would mean to a business over time. Accurately planning for the future ensures the survival of a business in addition to the growth of it.
6. A CPA helps business owners make informed decisions
With the help of a CPA, a business owner can delegate tasks and make executive decisions that are backed up by thorough research and data analysis. Getting a deeper understanding of the financial aspects of one’s business can benefit the bottom line, as well as ensure that the long-term goals of a business can be reached using the most effective strategies.
There are many benefits of having a certified CPA for one’s business. The question now pertains to where to find the best CPAs available for hire. As a proudly Canadian accounting firm for over 30 years, Prasad & Company LLP is ready to work with business owners and take their companies to the next level. To begin taking on challenges and achieving long-term business goals, interested parties should contact Prasad & Company LLP via either email or phone call. The firm may be reached at firstname.lastname@example.org and 416-226-9840.