Mississauga business owners ask, “Do I need a chartered professional accountant?”

Many individuals start their business because they love the work. In many cases, these owners find items like accounting a “necessary evil” – a task that must be accomplished in order to be in compliance with government entities.

However, accounting is an essential tool for making business decisions about marketing, pricing, vendors, hiring a team, and future growth. There are three general activities that are required to set up and maintain an effective accounting system:

• Create the system: Determine which tools you will use to track your transactions and make projections
• Enter the transactions: You will need to keep track of sales, costs, employee payroll, hours worked, office supplies, and much more.
• Reporting: You may only need the reports required for compliance, or you may want to see specific reports about which customers have paid, how business compares to previous years, and tax information. Knowing which reports you will need before you set up your system ensures that you set it up accurately.

Do I need a chartered professional accountant?

When you open your business, one of the first decisions you will make is who should be responsible for the accounting activities. You may decide to do it yourself or assign it to someone on your team, or you may outsource to a chartered accountant. Many business owners decide that accounting is not a smart way to spend their time and instead hire a trained, skilled, and experienced professional to do the work. Chartered professional accountants have rigorous training and exams making them experts with knowledge and integrity. Some business owners decide to use a chartered professional accountant for big decisions, others will use them for day to day needs.

If you’re considering hiring help for your accounting needs, call the Miranda Professional Corporation in Mississauga to discuss our services and experience.

Chartered professional accountants from Miranda Professional Corporation are trained, experienced, and skilled at helping Mississauga owners with business financial needs.