Why You Need a Professional AccountantBrian Jang ON October 18, 2017
Do you enjoy doing your taxes?
Many people would respond to that question with a rather emphatic “no.” For them, taxes are complicated, confusing, and frustrating. Imagine then, what it might be like to do taxes for your small business, with so much more to account for, and you might have at least one idea as to why having an accountant is a good idea.
While some may prefer to have complete control over every aspect of their business, hiring an accountant to oversee your financial affairs will offer you multiple benefits, starting with, but not limited to, your taxes. Having the assistance of a professional accountant will extend to many other aspects of your business, saving you not only money, but also time and potential headaches.
It’s Not All About the Taxes…
The first thing that comes to mind when thinking of an accountant is usually taxes, and that is fair enough. An accountant can review your previous year’s filings and help you prepare for the current year. By carefully planning out your taxes for the year, an accountant can help you reduce your overall tax liability. By working with you throughout the year and gaining familiarity with you and your business, your accountant will have an easier time preparing and submitting your taxes, ensuring that you pay the correct type and amount.
Taxes are far from the only area in which an accountant can help you, however. Right from the earliest days of your business, they can offer advice and support that will allow you to start off on the right foot, as well as lay the foundation for future growth and development. When contemplating the ownership structure of your business, for example, your accountant can give advice and insight into all of your options, presenting you with information that you may not have been aware of on your own.
Your accountant can also help you set up an accounting system that, once in place, will make your end-of-year financial reporting much easier. Generally speaking, it is easier to prevent problems than to try to fix them, so having a solid financial plan in place will be beneficial to you in a number of ways.
If you happen to be new to running your own business, an experienced accountant will be able to offer perspective on your financial transactions and any decisions that affect your money flow. A second pair of eyes or a different opinion can help you decide on the right course of action to take in virtually any given situation. Your accountant may have already worked with other companies and helped them grow into successful enterprises, giving them valuable experience that you can make use of in order to build your own business.
Another easily-overlooked advantage to having an accountant is that they may have worked for a number of different people, gaining insight into and connections within, various industries. If you ever find yourself needing to know something about industries completely outside of your usual frame of reference, your accountant may be able to help you, or point you to someone who can.
Far from being merely a number-cruncher or taxes-only specialist, you will find that having an accountant will provide you with a great ally in the development and growth of your business.
To help grow your business, contact BCJ Group, Chartered Professional Accountants today!
- Easing Your Financial Worries During These Trying Times
- How to Protect Yourself from a CRA Scam
- The COVID-19 Outbreak Will Change Your Tax Return Filing Deadline
- What You Need to Know About the Canada Emergency Response Benefit
- How Selling Your Home Will Affect Your Taxes