Unless you’re an experienced accountant yourself, it’s always best to have an expert overseeing your financial business affairs. As a business owner, you’ll probably be juggling several roles, but it’s not wise to spread yourself too thin when money is concerned. Even though accounting software can do a lot of the hard work, accounting software doesn’t actually think. This is where the expert comes in.
Preparing end-of-year reports and filing taxes can be complicated. If you’re not doing it right, you could be liable for penalties, or miss out on financial opportunities. An accountant can not only make sure your business remains compliant (and pay as little tax as possible) but also help you analyze your business performance and work with you to achieve your goals.
Aside from records and taxes, your accountant can – and should – become one of your most trusted advisors. They haven’t spent all that time learning about financial systems for nothing, so let them become a valuable mentor. If your business gets into trouble, they’ll be the one to guide you.
For obvious reasons, choosing wisely is important. So, when you’re doing your research on accountant options, keep the following in mind:
Taxes are complicated, but there are financial benefits to be had for business owners, so you’re looking for an accountant who has a focus on tax strategies and can help you get the most out of them for your business.
A good accountant will do all they can to help minimize the amount of tax you have to pay and will pinpoint any opportunities.
So, not only are you looking for someone who’ll prepare your taxes for you but will also make suggestions and recommendations, so you can take full advantage of any tax benefits. This advisory role is essential for all accountants.
What you’re looking for is someone who is experienced, capable and understanding. You should feel that they’ll be a good advisor and are interested in developing a long-term professional relationship with you.
Having the right accountant for your business leaves you free to focus on why you started the business in the first place – to see it grow and become profitable. An accountant is an important part of this because they’ll keep your finances on track. Which, in the end, is the whole point.
If you are, or know a small business looking for an accountant with all the qualities listed above, reach out to Simplify Accounting today!
Incorporating your business, income splitting, and taking advantage of tax deferral and insurance benefits are key strategies to simplify and reduce your taxes.
Failing to file your taxes in Canada can result in penalties, interest, and loss of government benefits. The CRA may take action such as garnishing wages or placing liens on property. Filing as soon as possible and seeking professional help can help.