The primary difference between a CPA and a regular accountant is that CPAs are province-regulated professionals. This means that they hold a license to perform the duties and responsibilities of public accountants. Accounting professionals need to submit meet extensive requirements to obtain this license and then they have to subsequently pass the CPA licensure examination process.
Future Balance CPAs: Industry-Leading Toronto CPAs
While businesses in Toronto can benefit a lot by hiring accountants to handle their financial records, hiring a CPA is ultimately more beneficial. Some of the reasons why businesses can gain more by hiring CPAs include:
- Toronto CPAs are mandated to remain current with tax laws. They are required to be knowledgeable about the different tax documents that need to be filed within a certain tax period. They are also better qualified to represent the business in matters concerning taxes, audits and the like.
- CPAs can provide assistance with financial analysis and management. This often exceeds the tasks that regular accountants or bookkeepers are able to perform. For instance, CPAs are qualified to prepare and issue detailed financial statements. These statements can then be used as credible sources by outside third parties or the business’ management for the business’ budget planning and other financial forecasting processes.
- CPAs are also qualified to assist in the complicated process of preparing taxes. Whenever necessary, the Toronto CPA may also assist the client in making decisions that pertain to outsourcing the client’s systems, including payroll and tax reporting systems.
CPAs can easily help, this is especially true for small businesses that need to boost their financial systems. Small businesses that are serious about growth in their business need to hire a professional to get the job done right. Whether your business is just down the street in Toronto or across the country in Vancouver, look no further than Future Balance CPAs. Our expert cloud accountants work seamlessly with small and medium sized businesses across the country. Give us a call today!