Our industry is the wild west as it is an unregulated industry. Anyone can open an “accounting” office and commence tax preparation and advisory services. They may look professional, seem smart, and you feel assured you are getting great value for the fees incurred. Some may have been in business for many years. They offer their services for far below industry standard rates. As the old saying goes: “You get what you pay for”. Here are some reasons why you should choose a CPA professional for your needs:
- Who’s watching the non-CPA firm?
I am a member of CPA Ontario and must adhere to the CPA Code of Professional Conduct which sets out general and specific duties for sound and fair financial and management reporting and business practices. I am held responsible for compliance with the Code in all services that are provided to clients. CPA members put their client’s interests above their own.
2. Tax laws and accounting standards are always changing
No one wants to pay attention to taxes. As a member in good standing, I’m required to constantly acquire knowledge through professional development courses on a yearly basis. We also subscribe to numerous professional publications and pay attention to tax court cases. We are always up-to-date on provincial, federal, and international tax matters that effect our clients. A CPA can provide planning strategies to help minimize taxes for you and your business.
3. CPA offer comprehensive services
Hiring a CPA rather than an accountant can be especially advantageous. Accountants provide bookkeeping functions and financial reports. CPAs can provide much more!
– “Big picture” tax planning for your business and family to minimize total taxes payable
– Providing full service accounting “rent a CFO or corporate controller”
– Mergers & acquisitions advisory services
– Strategic business and estate lplanning
When looking for a new accountant, don’t focus on the bottom line or the “how much is this going to cost?”. Look at their credentials. Is this someone you want to be engaged to for the long term? For your sake, please do not make a hasty decision!