Frequently Asked Questions
about Accounting and CPAs
Investopedia, a popular online resource, defines accounting this way:
Accounting is the systematic and comprehensive recording of financial transactions pertaining to a business, and it also refers to the process of summarizing, analyzing and reporting these transactions to oversight agencies and tax collection entities.
In plain language, accounting firms like KAFT CPA “look after the money” so you can concentrate on growing your business.
Accounting information helps you strategically manage your company (or your personal finances). And the ability to think strategically about where your money is going will help you more productively use your resources. With accounting services provided by a good CPA, you’ll be able to make better decisions, take corrective actions when you’re off-course, and make sure you’re getting maximum value from every dollar you spend.
By taking care of the “down in the weeds” financials, your accountant can provide you with high-level information that’s easier to understand and act on. With the right reports, you’ll know not only how to keep your business running, but also whether or not you’re doing a good job of running it.
Here are just a few examples of how KAFT CPA can help you achieve success:
- Analyze the relevant costs of, for example, producing different products, so you can truly know which one is most profitable.
- Determine which of your customer segments costs the most money to serve, in an effort to analyze the profitability of your services.
- Help you decide whether to make or buy a component necessary to your production process, purchase or lease office space, hire or outsource workers, and so on.
Most growing businesses first think of hiring an accountant when payroll or taxes become too complicated. But accountants can actually help with many different kinds of challenges—business planning, incorporating, communicating with the Canada Revenue Agency during an audit, and more.
A CPA is a chartered professional accountant. The designation is awarded by Chartered Professional Accountants Canada after an accountant undergoes a supervised two-and-a-half-year training program or demonstrates relevant industry experience, then passes a certification exam.
This is from CPA Canada:
CPAs offer a strong set of accounting and managerial skills required for today’s complex and evolving environment. CPAs are broad-minded, forward-thinking professionals who undertake appropriate analysis, exercise good judgment, communicate effectively and act to protect the public interest.
At KAFT CPA, both Femi Ajayi and Taiwo Kasali have earned the CPA designation.
Here’s some free financial advice—don’t ask how much your Chartered Professional Accountant costs… Ask how much he or she can save you.
For example, if CPA #1 charges $150 per hour and saves you $10,000… But CPA #2 charges you $200 an hour and saves you $20,000, which is the better deal?
Fortunately, at KAFT CPA you don’t have to choose—you’ll find we’re among the most affordable accounting firms in Cold Lake or CPAs in Bonnyville… AND we’ll go out of our way to save you as much money as possible.
Business growth in the face of shrinking tax bills—the best of both worlds.