CPAs are indispensable part of any organizations to make it running financially sound and successful. CPA being one of the most recognized and respected designation in the accounting field, it delivers lot more benefits to the organizations across the nation. When you hire any CPA to take care of the finances of your company, they work with highest level of dedication and standard to bring out real difference. Chartered Professional Accountant (CPA) are the experts certified by CPA Canada are the experts in the field of Tax planning, accounting activities, preparation of books of accounts, financing, budget forecasting, or any financial activities of any field. Post implementation of GST, need of a CPA has increased even more for any business firm.
There are some practical yet important roles played by the chartered professional accountants are as follows:
- Financial Accounting
- Social Accounting
- Capital Formation
- Economic Planning
Hiring Professional CPAs will be beneficial for any business organization and some of the core benefits you get are:
Possess the necessary accounting skills – CPA are the trained accounting experts and hold all the necessary accounting skills to fulfill the accounting needs of any organization. They stay adhered to highest level of professionalism and standards monitored by the Institutes of Chartered Professional Accountants. The CPAs are required to work in compliance with the guidelines of the tax authority and must maintain professionalism, must stay updated with the changes in the accounting industry, income tax changes, etc.
Ease the accounting stress – Hiring a CPA can relieve you from the stress of accounting and let you focus or invest you time more into running the business while CPA handle the financial activities of the firm. From handling day to day accounting activities to critical tasks, CPAs handle it very professionally and advice you on making financial decisions that could be fruitful for the growth of business.
Help you plan, spend and save strategically – In order to minimize tax liability, they also provide strategic advices to invest or spend accordingly. CPA bring a new perspective to your business with a fresh set of eyes and come up with the financial ideas that you might not think of. CPAs are the certified experts in their field and hence they are highly capable to analyze information of bulk of figures or data to find unnecessary liabilities. They help you in minimizing the cost by reducing the products or services or activities that are not required for your business which will help in cutting down cost, increasing productivity and help in achieving financial goal.
Work in compliance with the tax authorities – CPA, being the trained tax experts helps to understand the tricky and ever-changing tax guidelines. They protect you from overpaying taxes. They deal with the all-tax work on your behalf and prepare the tax documents quickly. As these CPAs hold expertise in taxes, they are able to deal even with the complex case for the companies working at international level. It is their duty to prepare the tax documents correctly that are not only in compliance to Canadian law but also mitigate the error that might results in huge penalties.
Much helpful for the sole proprietor and self-employed individuals – If you’re the self-employed individual or a sole proprietor, then hiring a CPA will not only help in filing the taxes abiding income tax laws but also let you take full advantage of provisions made for small businesses under taxation policy. CPAs are well aware of the taxes and the complexities associated with it. Let them handle it all, and you can focus on the core business activities.
Helps business owners make informed decisions – CPAs are highly trained financial experts who can help you make sound decisions backed by thorough analysis of data and business information. They help you to get the deep business insights that helps your organization achieving long term goals by formulating the plans and execute them strategically and effectively.
Make your business credible for banks and stakeholders – Having a Certified, professional accountant can make your business look credible in the eye of bankers and stakeholders. A good accountant is one of the five most critical elements of a business and hence they can contribute a lot to benefit an organization. Timely availability of financial data, accurate business information would help you bring more credibility to your business.
It is crucial for any business owner to hire a certified CPA to handle the taxes, accounting activities, to provide sound financial advice and share their genuine insights on business transactions and forecasts. N.S Kehal Inc., is the Certified Public Accountant in B.C Surrey and Vancouver, led by Nick Kehal who hold decades of experience in accounting and taxation. With an array of services from accounting activities to taxation services, the entire team is committed to provide services with highest standard of professionalism and in compliance with the Canadian Tax standards. We are committed to assist you with the services that meets end to end business goals.