CGA Ontario Pays Tribute to Small Business Owners & Offers Valuable Resources

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 domestic markets".

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:

1)  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.
   
2)  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.
   
3)  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.
   
4)  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.
   
5)   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 business asset.

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
Email: amulhern@cga-ontario.org

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