Why Choose a CPA? | Robert CPA

Why Choose a CPA

Many are not aware of how a CPA is different from a bookkeeper, tax preparer, financial planner or other accountants. The CPA designation is one of the most widely recognized, respected and highly trusted professional designation in the business world. CPAs are distinguished from other finance and accountant professionals by strict qualification, experience and licensing requirements.

We have worked hard to obtain our CPA, CA designation, and we are committed to working even harder to deliver the value that it conveys.

It usually takes a minimum of 7 years from the first year of university until graduation, and successfully completing the exams considered some of the hardest in Canada to pass and accumulating the required hours eventually be granted permission to use the CPA, CA title.

Main reasons to choose a CPA

Regulation

As CPAs, we are regulated by the CPA's national and provincial professional bodies. Regulation by a professional body is usually one of the main reason's clients seek CPA advice - to ensure that they are dealing with true professionals that can be held accountable for their actions if ever the CPA code of ethics is not respected or for any other dispute between the client and the CPA.

We have a rule of professional conduct and code of ethics as CPA's, if we deviate or fail to respect the code we would have to face sanctions by the professional body of CPAs which can include monetary penalties or permanent expulsion from the order of CPAs in severe cases.

At a minimum, every 3 years we are required to go through a practice inspection by CPA Ontario. During that inspection, they make sure that the CPA firm is up-to-date with current accounting rules and practice.

Continuing Education

CPAs require yearly training related to our field of expertise. The minimum yearly hours required is 20, and a minimum of 120 hours of structured continuing education over a 3-year period. We, at the office, have been averaging over 100 hours of training a year by each of our CPAs. This means that you can trust that we will always be up-to-date with the most updated accounting and tax changes affecting you.

Liability Insurance

As CPAs, our firm is required to have a minimum of $1,500,000 in professional liability insurance. Non-CPA firms, or bookkeeper firms, do not have such requirements; therefore, if a non-CPA firm provides accounting or tax work and were negligent in their work, a client might not be able to recover their loss caused by improper advice, or to make a complaint to a professional body.

Review Engagement and Audits

Only CPAs who are licenced public accountants are allowed to perform audits or review engagement.

Banks, Investors and Other Third Parties

When banks require financial statements, such as a simple compilation report (formerly known as a notice to reader or “NTR”), they require, and expect, a CPA who is a licenced public accountant to have signed the compilation report. This is common when a business has a commercial loan or line of credit, and the bank needs yearly financials.

Banks are not the only ones who rely on CPA-prepared financial statements. Investors and business partners often want to see statements signed by a CPA before they commit their money, bonding companies and insurers may require them before issuing a bond or coverage, and a prospective buyer of your business will place far greater weight on financials that carry a CPA’s name.

In each case, having a CPA who is a licenced public accountant stand behind your numbers gives these third parties the confidence that the information is complete and reliable.

CRA Representation and Audit Support

If the Canada Revenue Agency ever reviews or audits your file, a CPA can deal with them directly on your behalf. We can respond to their questions, represent you through a review or audit, and file objections or appeals if we disagree with a reassessment. Because we stand behind the work we prepare, you are not left to face the CRA on your own – which is often one of the most valuable and reassuring reasons our clients choose to work with a CPA.

Proactive Tax Planning, Not Just Tax Filing

There is a big difference between simply filing your taxes and planning them. Beyond preparing your returns, we look ahead to help you keep more of what you earn – advising on salary versus dividends, when it makes sense to incorporate, income splitting with family members, planning for capital gains, and structuring your affairs for retirement or the eventual sale of your business. Our goal is not only to report the past, but to help you make better financial decisions going forward.

Confidentiality

As CPAs, we are bound by a strict professional duty to keep your information confidential. Anything you share with us stays between us, and we are held to that standard by our professional body. This gives you the confidence to speak openly about your finances, knowing that your personal and business affairs are treated with the utmost discretion.

Comprehensive Services

Most CPA's have a very broad knowledge base in addition to tax and accounting, which can greatly benefit clients. When you see a CPA at our firm, you can expect to not only receive expert advice in both accounting and tax, but also in financial planning, estate planning, trust planning, basic knowledge of laws that govern those areas and plenty more.

We have CPA’s that have CFP designation, TEP designation, Pl. Fin designation and even a master’s in tax. Therefore, when you meet with a CPA, you can expect an in-depth discussion about the overall picture of your situation.

A Long-Term Trusted Advisor

Perhaps the greatest value of a CPA is having one trusted professional who understands your complete financial picture and stays with you year after year. As your business and personal circumstances change, we are there to offer guidance you can rely on – not just at tax time, but whenever an important decision comes up.

When you choose a CPA at our firm, you are choosing a long-term partner who is committed to your success.

Let’s work together.

Accounting and tax advice you can trust.

Whether you’re a business owner, professional or individual, Robert CPA is here to help you navigate your financial journey with confidence.

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