NAICS CANADA CODE:
541212 Offices of accountants
541213 Tax preparation services
541215 Bookkeeping, payroll and related services
Description of Operations:
Accountants handle the financial compilation, auditing, bookkeeping, and preparation of financial statements and taxes. This service is provided to either the general public or to a specific firm or group of client firms. The accounting operation may provide general or all-encompassing services, or specialize in a specific area such as taxes, real estate, or investments.
An accounting firm may or may not carry the Certified Public Accountant (CPA) certification. The need for the CPA certification depends on the type of work the accountant will provide and the purpose or type of financial statements the accountant will prepare for the client. In those cases where a CPA is specifically needed, the accountant must have knowledge and experience in working with generally accepted accounting principles (GAAP). Often, the financial work done for the client needs verification that the research, review and content of the statements meet specific acceptable accounting procedures — this verification can come only from a CPA.
Some accountants may also act as financial planners and offer investment advice. Due to the varied areas of knowledge or expertise needed by an accountant, the background, education, certification, experience and professionalism of the accountant are items to consider.