TORONTO, Oct. 24, 2013 /CNW/ - Certified General Accountants of Ontario
(CGA Ontario) applauds the hard work and dedication that entrepreneurs
put into building and sustaining their businesses every day, driving
economic progress and success across the province. Building and
managing a small business is no small feat as success demands skilled
entrepreneurs who rise to the challenge.
"The small and medium-sized enterprise (SME) sector make up 99.8 per
cent of all companies in Canada and employs approximately 50 per cent
of Ontario's workforce - this business community is the backbone of our
economy," said Doug Brooks, FCGA, CEO, CGA Ontario."
It's vital in today's market place to work collaboratively with the
government and academic leaders in supporting the SME community, such
as the research conducted at the Schulich School of Business at York
University, supporting small business studies and the creation of its
academic chair, to explore new opportunities and drive global
competitiveness for small- and medium-sized enterprises (SMEs).
"A strong percentage of CGAs in Ontario serve SMEs," adds Doug Brooks,
FCGA. "Work conducted by the CGA Ontario chair in international
entrepreneurship plays a role in supporting SMEs to become more competitive outside their
CGA Ontario offers a collection of information booklets and resources
developed in support of small businesses, ranging from: Personal Tax Planning Guide (of particular interest to entrepreneurs) to Selecting a Professional Accountant; Grassroots Governance to Keeping the Record Straight, introductory for not-for-profit
professionals. These resources, among others, can be found through CGA Ontario.
Running a small business can be a challenge, but with the right help
from a certified general accountant it can also be rewarding. Here are
some tips as to what every small business needs to know:
A Business Plan is Your Road Map to Success - Every small business needs a plan to embark on the right path and
achieve steady growth. Think of a business plan as a road map to
success and plan your trip accordingly.
Business Structures Affect Taxes and Liabilities - Most organizations have three forms of business structures from which to
choose: proprietorship, partnership and corporation. The business
structure you choose will determine the taxes that you pay as well as
your legal liability.
Employees Need Attention - From the moment you hire your first employee, you must: consider
compensation plans; maintain payroll information; meet employment
standards and understand labour and tax law.
Good Record Keeping Makes Good Business Sense - Not only is good record keeping the law — good record keeping 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.
Your Banker Is Your Ally - Your banker wants your business to succeed. Help your banker to
understand your business by providing detailed, timely and pertinent
information. When your banker is your ally, your ally is a small
CGAs are forward-thinking financial leaders who have broad business
experience equipped to handle the varying needs of Canadian businesses.
They assist entrepreneurs from developing business plans to achieving
steady business growth. They see more than numbers to drive
opportunity and success.
About the Certified General Accountants of Ontario
CGA Ontario is a self-governing body that grants the exclusive rights to
the CGA designation, and controls the professional standards, conduct
and discipline of its members and students in the province of Ontario.
Certified general accountants (CGAs) are committed to meeting the needs
of businesses and organizations with strategic insight, leadership and
demonstrated abilities. In Ontario, there are more than 22,500 CGAs and
9,000 students working toward their designation.
SOURCE: Certified General Accountants of Ontario
For further information:
Amy Mulhern, Manager of Public Relations, CGA Ontario
Telephone: 416-544-4781 / 1-800-668-1454 ext. 8311 / Mobile: 416-606-5860