As the world / global economy has sputtered and struggled during the opening moments of the 21st century, Ontario’s economy has fought diligently to keep up. From the emergence of the Internet and global communication, to the new and exciting technologies of the modern world, the economy still holds many exhilarating challenges for the business world to conquer. Unfortunately for most local businesses, as a way to solve and address several shortfalls, the federal government has raised both the Employment Insurance and the Canada Pension Plan tax rates for the fiscal year 2014. These changes, along with the constant promise of a new form of Employment Insurance Savings Account, require a trained, proficient eye with a specific set of capabilities and competencies to properly handle and manage these challenges. To the inexperienced and underqualified professional, these financial challenges can pose a serious threat to the stability of the enterprise. However, there exists a group of well-trained and proven fiscal specialists ready to answer the call of the contemporary industry and business world, to help solve their crisis, skillfully and with a steady hand.
Modern businesses engage in all manner of professional and economic responsibilities, and as such proper fiscal discipline dictates the use of highly trained financial specialists in the day-to-day operation of the enterprise. Such specialists, known as Chartered Accountants, can provide these valuable services on a wide range of varied subjects. In Canada, most Chartered Accountants have adopted the “Chartered Professional Accountant” title or Chartered Accountant Ontario, while previously belonging to one of three major but splintered groups. Membership in this pre-eminent, internationally recognized group requires constant professional development on a continuing education level, in order to stay professionally viable in the modern world. Members are duly trained to facilitate daily (or “routine”) operational financial needs, but are flexible enough to assist special interest groups and manage very specialized cases. Significant components of the guiding principles of the Chartered Professional Accountants of Ontario are to promote professional excellence among their members and to encourage those such inclined to continually enhance their competencies in all disciplines in the accounting profession. As such, the group enforces the absolute highest standards of education, practice, experience and professional qualification to all of their long-standing affiliates and promotes the vocation to students, guaranteeing a constant and steady stream of fresh talent and new ideas to the association’s community. As a footnote, it is interesting to observe and recognize that in the United States, an equivalent designation would be the Certified Public Accountant.
One may believe that the operational use and utilization of specialized financial personnel would be a drain on human resources and increase the overhead expenses of the business. However, when proper consideration is made for the increased cost savings and process flow streamlining which fiscal experts can provide, a more thorough and complete analysis can be made. Chartered Accountants can most certainly assist with those challenges, providing comprehensive examination and detailed scopes of work to all routines of the company, from an overhaul to basic accounts receivable and overdue collection practices, and a refurbishment of a company’s detailed and measured financial reporting. Most companies who enlist in the assistance of Chartered Accountants bask in the glow of a successful and profitable business partnership, as these highly trained professionals help “guide the ship” of the firm toward triumph, regardless of the challenge, task, or vocational hurdle that the business experiences. In Ontario, isn’t that the most important point to be made?