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.
NOTE: Articles
are for general information only and do not constitute any advice whatsoever nor
can they be relied upon.
