Tax News & Articles

What Is a CPA & What Do They Do?

June 14th, 2021
When you run a business or organization, managing your finances and expenses to maintain profitability can be a tedious task, especially if you lack expertise in accounting. While you may be able to handle the day-to-day accounting yourself, a Chartered Professional Accountant (CPA) is a qualified financial advisor and accountant with specific skills and experience that can help your organization make more sound business decisions, avoid costly mistakes, and develop financial strategies that help you achieve their business goals. But what exactly is a CPA in British Columbia, and what do they do? Keep reading to find out! 

What is a Chartered Professional Accountant (CPA)?

Before 2013, there were three different accounting designations in British Columbia, each having its own set of educational and work experience requirements for certification: Certified Management Accountants Society of BC (CMA BC), Certified General Accountants Association of BC (CGA-BC), and Institute of Chartered Accountants of BC (ICABC). To provide more clarity in the accounting industry, the three self-regulated accounting professions agreed to unite and merge under the Chartered Professional Accountants (CPA) designation.

A Chartered Professional Accountant or CPA in British Columbia is not the same as an accountant. Typically, an accountant achieves a Bachelor’s Degree in accounting, whereas a CPA is a designation earned after completing specific education, training, and work requirements. In Canada, CPA candidates must typically have an undergraduate education to enter Canada's “CPA Certification Program” and are required to complete rigorous education, training, and examinations.

What does a CPA do?

CPA’s are on the front line of business in British Columbia, and are trusted advisors that are sought in every industry and level of business, including:

  • Corporations
  • Proprietorships
  • Partnerships
  • Joint Ventures
  • Individuals
  • Estates
  • Trusts
  • Societies
  • Not For Profit Organizations  

Through their skills and experience, CPAs help individuals, businesses, and organizations achieve their financial goals. Chartered Professional Accountants analyze and report on financial data to assist and consult on a wide variety of financial-related tasks. Services a CPA in Nanaimo, BC and Canada provide, but are not limited to, include:

  • Start-up Counselling
  • Business Accounting
  • Managing Accounts Payable and Accounts Receivable
  • Purchases and Sales of Businesses
  • Business Valuations
  • Business Planning and Financial Projections
  • Corporate and Personal Income Tax Planning
  • Audits and Reviews
  • Developing Financial  Management Controls
  • Preparing Financial Statements
  • Staying on top of changes affecting finance and investment, the economy and government regulation

Services our CPA Nanaimo Accountants Provide

When you hire our Nanaimo CPAs, you will receive help from a reliable professional with the financial proficiency and accounting skills and expertise your organization needs to succeed. Our Nanaimo CPAs can assist with tax planning and preparation, managing business assets, minimizing business costs, providing strategic insight to help you make informed business decisions, and much more. 

If you’d like to know more about our Nanaimo CPA services, contact Cross & Company today!

Newsletter Signup

Sign up today to receive our newsletter direct to your inbox!