Canada Accounting Practice without CPA?

[HLee]

Greetings,

Firstly, I would like to thank everyone who are reading this post, for your kindness and time!

I am an accounting assistant, and looking for a side job to earn more money in my free time. I recently came up with an idea that I could open a small accounting practice with one of my friends. I have many connections with small business owners in nearby area that, I thought I could offer them a cheaper pricing than other CPA firm to provide accounting services.

My question is, how difficult would it be to open and operate an accounting practice without CPA or professional designation? Also, how much profit would small accounting practices make a month?

As long as, I do not make any losses, I think it would be a great experience and something to put on my resume at least.

Any inputs and opinions are welcome! Thank you guys very much for your time and inputs.

 

[pjfrench]

I hope someone from Canada answers your questions. I am from Australia and the only licenses we need are for taxation work and corporate auditing. Professional memberships are completely optional. I started one from scratch on the side then one day went full time and earned $85 the first week - that was 1975. Check what licenses you need to practice and call yourself an accountant. I found that people were really only concerned about the quality and value of my work, nothing else.

Good luck

PETER FRENCH MAcc MEd CTA
Australia

 

[HLee]

I hope someone from Canada answers your questions. I am from Australia and the only licenses we need are for taxation work and corporate auditing. Professional memberships are completely optional. I started one from scratch on the side then one day went full time and earned $85 the first week - that was 1975. Check what licenses you need to practice and call yourself an accountant. I found that people were really only concerned about the quality and value of my work, nothing else.

Good luck

PETER FRENCH MAcc MEd CTA
Australia

Thank you Peter! I think its quite similar here as well. I've been having a discussion with my supervisor for this concerns and idea, and he told me that I could practice without any credential or designation. Now I am little more confident that I could perhaps start in next year or so on the side. (Of course, I better plan thoroughly and build strong clientele)
Thank you once again for your help!

 

[pjfrench]

I wish you well. I was an Industrial Engineer and couldn't understand how accountants thought so became one. It looked after me well, and a practice started form scratch in 8 years was earning my $850K a year before taxes and was valued by PWC the PW at $980K. When I wanted a change I took my knowledge and skills into teaching and academic an. or strokes d earned in a year what I previously earned in a month! It can get the better of you though and you work 30 hour days and 8 day weeks. Between 38 and 45 many CPAs suffer heart attacks or strokes or become alcoholics ... most opt for the latter

 

[Tristan]

I wish you well. I was an Industrial Engineer and couldn't understand how accountants thought so became one. It looked after me well, and a practice started form scratch in 8 years was earning my $850K a year before taxes and was valued by PWC the PW at $980K. When I wanted a change I took my knowledge and skills into teaching and academic an. or strokes d earned in a year what I previously earned in a month! It can get the better of you though and you work 30 hour days and 8 day weeks. Between 38 and 45 many CPAs suffer heart attacks or strokes or become alcoholics ... most opt for the latter

Lol. 30 hour days? What am I getting myself into? I'm trying to become an accountant myself. I hope my heart can handle it.