Many Canadian business owners complain about the amount of taxes they pay each year, which is understandable. After all, businesses get taxed tougher than most taxpayers. They may try to figure things out for themselves, but they either get minimal results, or they make matters worse.
However, there is a solution that could help you pay fewer taxes and keep more of your money. Have you ever considered hiring a qualified accountant (CPA)? Many small businesses have benefited from their expertise, and so can yours.
Naturally, many small businesses, especially newer ones, make a concerted effort to keep expenses to a bare minimum. However, hiring a qualified accountant should be thought of as an investment, rather than an unnecessary expense.
In this article, we will highlight three (3) benefits why hiring a qualified accountant is a good investment that will benefit your business in the long run.
3 Advantages of Hiring a CPA
1 – Streamline Your Accounting Process
Accounting companies are not just a collection of math whizzes. The nature of their work dictates that they are organized. Having a process or a checklist of how they approach their work keeps things streamlined. What business doesn’t need this?
A qualified accountant will help you categorize both incoming and outgoing items to minimize confusion and keep things in order. One way they do this is through accounting systems. The role of the qualified accountant, in this case, is to help you purchase or acquire a system that will be best for your particular business.
For example, some businesses have had a system using nothing but ledgers for the entire life of their business – and it works. A qualified accountant will be able to tell you in a short time if your current accounting system will work or not. Also, if you do not have a real system in place, they will help you implement one.
2 – Compliance Assistance & Tax Planning
Here is a hard, cold fact: Many business owners, especially if they’re start-ups, know little or nothing about the ins and outs of tax planning or compliance. Versatile accounting qualified accountant can be invaluable at this time in getting things right.
A qualified accountant must keep update with tax laws every year. So anything you encounter in the way of tax implications will prompt wise advice from your qualified accountant
A qualified accountant can also help you with tax planning which involves more than just preparing for the current tax year. A qualified accountant can help you plan for how future tax years will turn out. They can even guide you to create a plan for retirement.
3 – Overall Business Advisor OR CFO role
You could face any number of business decisions over time. Maybe you need a bigger facility, or wondering if you should own or lease and equipment or a company vehicle. It may not be that you can go wrong either way. But your qualified accountant can help you determine the best option for your business.
Or if you are considering hiring a writer for your web content, do you put him as an employee on the payroll or pay him as an independent contractor? Here again, your qualified accountant will discuss with you what the best possible business decision would be in this case.
Your qualified accountant can play of CFO for managing company’s finances, including financial planning, record keeping and financial reporting.
Ultimately, hiring a CPA is not an arbitrary expense; it’s a wise business investment that will pay off exponentially in the years to come Versatile Accounting, your qualified accountant can help you with all your accounting, tax and CFO package services so that you can focus on growing your business with the expertise from your qualified accountant. Contact us, for more details about our CFO, accounting and tax packages.