Small Businesses Vital to Provincial Economy

TORONTO, Oct. 22, 2014 /CNW/ - The Chartered Professional Accountants of Ontario (CPA Ontario) pays tribute to small business owners this week, recognizing the hard work and dedication they bring to building and sustaining their businesses, which drives economic progress across the province. 

The small and medium-sized business sector makes up more than 95 per cent of all companies in Canada and employs approximately 50 per cent of Ontario's workforce. CPA Ontario understands that it is critical to support the small businesses sector as it fosters new opportunities and economic growth.

It's also important to note that the creation and management of a small business is no small feat, and with the right help, it can be very rewarding.

Why trust your small business to a Chartered Professional Accountant?

Chartered Professional Accountants are critical to the financial management of businesses. CPAs are globally recognized and respected accounting professionals who are highly valued for their financial expertise, strategic thinking, business insight, management skills and leadership.

Here are a few quick tips:

• A business plan is your road map to success - Every small business needs a plan to achieve steady growth. Think of a business plan as a road map to success.
• Business structures affect taxes and liabilities - The business structure you choose will determine the taxes that you pay as well as your legal liability. Most organizations have three forms of business structures from which to choose: proprietorship, partnership and corporation.
• Employees need attention - From the moment you hire your first employee, you must be prepared. You need to have a strong understanding of compensation plans, payroll and employment standards, as well as labour and tax law.
• Good record keeping makes good business sense - Not only is good record keeping the law, it also makes good business sense. The law requires businesses to maintain books of original entry, sufficient to determine that all taxes have been collected, paid and assessed. Keeping track of that information will also help you run the business better.
• Your banker is your ally - Help your banker to understand your business by providing detailed, timely and pertinent information. When your banker is your ally, your banker becomes a small business asset.

CPA Ontario offers a collection of editorial material addressing small businesses planning, including:

• Avoid common mismanagement steps when launching a new a business
• Obtaining a business loan
• Investing business profits
• How much is a business worth? It depends on what you're buying
• Must-have apps for your small business
• Cloud computing and your small business
• Work from a home office – safely and securely

CPA Ontario serves and supports its 80,000 members and 20,000 students in their professional development as public accountants, financial and business advisers. The organization protects the public interest by ensuring the highest standards of integrity and expertise. For information on the profession, visit cpaontario.ca. To become a CPA in Ontario, visit goCPAontario.ca.

Certified General Accountants (CGAs), Certified Management Accountants (CMAs) and Chartered Accountants (CAs) are now CPAs and members of the Chartered Professional Accountants of Ontario. 

SOURCE: The Chartered Professional Accountants of Ontario

Perry Jensen, Chartered Professional Accountants of Ontario, 416-969-4271 or 1-800-387-0735, ext. 4271, [email protected]; Amy Mulhern, Chartered Professional Accountants of Ontario, 416-322-6520 or 1-800-668-1454 ext. 8311, [email protected]