Accounting – Bookkeeping Services, CFO, Tax Accountant Toronto
There are three levels of accounting services that a business needs. This article will introduce them in a functional manner. Faris CPA can provide either one, two, or all three services to your business.
Bookkeepers that offer bookkeeping services can be contractors or employees. Bookkeeping services ensure the accurate recording of financial transactions of a business including sales, purchases, disbursements, and receipts. They ensure the accuracy of journals and ledgers, calculate and remit amounts to government, and prepare financial statements for internal use.
Although all businesses need bookkeeping services from the beginning, a controller isn’t needed until the number of financial transactions and the complexity of the business increases. A controller both manages and oversees the accounting and reporting for a business. The controller oversees two or more accounting clerks (including the Tax Accountant Toronto), optimizes their work, implements internal controls, and uses financial information for decision making.
Increased complexity requires a Chief Financial Officer – the CFO. The CFO is a senior manager and part of the strategic team that works with owners and directors to effect change in the company. A CFO looks at past information and future goals to steer a path that ensures adequate risk mitigation, takes advantage of growth opportunities, and provide continuous analysis of the business’s financial environment. A CFO will oversee not just bookkeeping services, but also that of a Tax Accountant Toronto and others responsible for government reporting and filing.
Depending on the current state and future goals of your business you will need either one or all three of these roles filed by competent individuals. Faris CPA can both help you decide what roles your business must fill and also fill the roles of bookkeeper (including tax accountant Toronto), controller, and CFO.
Disclaimer: Articles are general info only and do not constitute tax advice & cannot be relied upon.
Sam Faris is a Toronto-based Chartered Professional Accountant who practices as an independent consultant on high-level Canadian tax matters and handling disputes with CRA.He also published an article recently in the business magazine: HERE.