Do I need to hire a CPA for my business?
You are under no obligation to hire a CPA. Business owners are allowed to manage their own accounts. However, handling all of the administrative needs of a company requires competency and a significant amount of time. You also have the option of adding a bookkeeper to your payroll, but it is unlawful to contract a third party to handle these needs if s/he is not properly certified.
What are the benefits of hiring a CPA?
Entrusting a CPA with the financial management of your business guarantees your security and peace of mind with regard to your business’ administrative and legal obligations (balance sheets, VAT returns, pay slips, and payroll taxes…) But the greatest benefit is having a competent professional in your corner, a fellow business owner, who understands the challenges you face and who will be there to advise you throughout each stage of the life of your business.
How much does it cost to hire a CPA?
As with any commercial contract, the cost of accounting services can be freely negotiated between the CPA and the business owner. ACCINOR offers an All-in package for Micro-enterprises/SME.
First, you must inform your current CPA that there is a problem. State the nature of the issue and engage in a dialogue with him/her. Too often problems arise from poor communication or ill-defined expectations. As your most trusted advisor, your relationship with him/her should not be interrupted without sufficient efforts to resolve these issues first.
If, ultimately, you determine that you can no longer continue the relationship, you must inform your CPA of your intent to terminate the contract. You must pay any remaining balance accrued in full, unless you wish to contest a fee, in which case it is highly recommended that you request mediation from the Board of Accountancy before pursuing legal action.
It is also recommended that you review the terms of your contract as some may provide for payment of an early termination fee if a period of notice is not respected.
At ACCINOR, there is no notice period. The contract can be terminated at any time. It ends on the last day of the same month in which the request for termination is made. In fact, we will assume full responsibility for the dissatisfaction of any client. And, in the case of the unforeseeable (company closure, sale of assets, change of management, etc.), we do not wish to penalize the company whose full right to choose its collaborators should rest intact.
A CPA must demonstrate real competencies that are guaranteed through the acquisition of the Masters degree in accounting (Diplôme d’Expertise Comptable).
Moreover, a CPA is required to carry professional liability insurance and to register as a member of the Board of Accountancy (L’Ordre des Experts-Comptables), a supervisory entity which regularly audits the quality of its members.
In order to keep a high level of skills the CPA must complete a certain number of hours of continuing education each year.
Because of the high degree of qualifications and ethical standards to which s/he is held, only a CPA can legally manage the accounts of a business in which s/he is not employed.