COBSC Small Business Info-Guides

Professional Designations

Content provided by Canada-Ontario Business Service Centre

Accounting Services

Bookkeepers

The main tasks of bookkeepers include recording amounts, dates and sources of all business revenue, gains, expenses and transactions. Bookkeeping is often considered the starting point of the accounting process. While bookkeeping is an unregulated field and is often done by individuals within the business itself, the Canadian Institute of Bookkeeping does provide bookkeeping certification.

Accountants

The term "accountant" is unregulated in Ontario so it is important to ensure that the accountant you wish to use is fully trained and able to assist you with your specific accounting needs.

It can be useful to look for a professional designation to ensure that specific training, education and certifications have been obtained by the accountant you are interested in using.

There are three types of accounting professionals in Canada - Certified General Accountants (CGA), Certified Management Accountants (CMA) and Chartered Accountants (CA). The differences between each of these designations is described below, but it is important to ask any potential professional accountant questions pertaining to the financial services your business needs.

Asking for references can also be important when hiring an accountant (or any professional service). In additional, obtain information about billing and scope of work, and also determine how comfortable you are with a perspective accountant, during an initial meeting with a perspective CA, CGA or CMA.

Chartered Accountants (CA)

A Chartered Accountant (CA) must be part of the Canadian Institute of Chartered Accountants and is required to have practical training with a public accounting firm. In Ontario, the  Chartered Accountants of Ontario regulates and provides qualification for Ontario CA's.

Certified General Accountant (CGA)

The  Certified General Accountants of Ontario provides the CGA Professional Designation and controls the standards for obtaining this certification. CGAs are often involved in public accounting, management accounting and financial management.

Certified Management Accountants (CMA)

The  Certified Management Accountants of Ontario awards this designation in Ontario. CMAs training varies but CMA’s are frequently involved in cost or management accounting, but can also include strategic planning, sales and marketing, information technology, human resources, finance, and operations.

Legal Services

Notary

A notary public is an officer who can administer oaths and statutory declarations and witness and authenticate documents. All barristers and solicitors in Ontario qualify as notaries public.

Lawyers

Lawyers are highly trained professionals who deal with a full range of personal and business legal matters. Lawyers tend to specialize in one or more areas of practice, including real-estate, international trade, labour, franchises, taxes and environmental concerns.

If your legal concerns are restricted to one specialty area, it may be best for you to deal with a lawyer who specializes directly in that area. Many business transactions have legal implications, so you should try to select a lawyer whom you can treat as a trusted business advisor.

When searching for a lawyer, ask your business associates, friends, and family for references of law firms they have used and received satisfactory services from in the past. Before your initial meeting with a lawyer, prepare yourself to be able to explain your particular legal requirements.

For further information:
Visit the web site:  Law Society of Upper Canada
See the document: Legal Issues in Starting a Business

Real-Estate Services

A real estate broker acts as an intermediary between sellers and buyers of real estate and locates sellers who wish to sell and buyers who wish to buy.

For further information:
see the documents:
Questions to Ask Before You Sign a Lease
Real Estate and Business Brokers Act - REBBA

Insurance Services

Insurance needs for businesses vary greatly. It is best to choose an insurance agent or broker familiar with your size of business and, in particular, an agent familiar with your type of operation. If you don't have an insurance agent, it could be a wise decision to ask other business owners in your area to recommend one.

The following list is included to remind you not to overlook the complex areas of business insurance. It is best, however, to discuss your specific requirements with your insurance agent.

• fire insurance (extended coverage on buildings and contents)
• liability insurance (depending on the type of business)
• burglary protection (theft coverage)
• dishonesty insurance (covers thefts by employees)

For more information:
visit the web site:  Insurance Bureau of Canada

Project Management

A project manager has the responsibility of planning and executing a project by minimizing risk throughout the lifetime of a specific project. This is done using a systematic management process.

The Project Management Institute (PMI) administers various project management professional designations and certification.

Related Reading

• Selecting Professional Services