We’re more than just number crunchers!
As a small business owner you may have thought you weren’t big enough to justify the use of an accountant. Whether your business is in the initial planning stages or it is up and running, it is likely that you will need professional accounting advice sooner rather than later. There are lots of reasons to seek the advice of a professional accountant.
Today’s accountants aren’t simply boring number crunchers! An experienced accountant can provide your business with not only bookkeeping and financial services but also offer a wider overall package of consultancy and business advice.
Here are a few examples of services a trusted accountant can provide:
- Help you decide what type of entity (Incorporated Company, Sole Proprietorship, etc………..) and ownership structure to set up when you first start your business; your accountant may work with your lawyer on this.
- Design and set up your accounting system so that your year-end financial reporting will be easier.
- Compile your financial records for your year end.
- Ensure that you pay the correct types of taxes in the right amounts at the right time.
- Ensure that you send out T4’s and T5 forms to the proper people at the appropriate time of year.
- Advise you on how to separate your personal and business expenses and any look for deductions you may qualify for.
- Guide you through a CRA audit if you ever have one.
- Advise you on specific transactions, such as whether it’s better to lease or buy, have employees or contractors, etc.
- Help you understand your financial statements.
A seasoned accountant will not only take care of your accounts but will also offer advice on how to free up cash flow, how to make savings and raise capital for expanding your business. They know tax laws and legislation inside out and will be able to suggest ways that you can operate more efficiently and be more tax savvy. A clever accountant can always find new ways to save you money!
Employing the services of an accountant will save you time, money and frustration. Most entrepreneurs that grow their business will probably want to use an accountant to relieve the time consuming burden of administrating their accounts. Using an accountant will free up your time so you can do what you are good at–run your business!
Working with an accountant might at first seem like an extravagance but it makes perfect business sense if it allows you to spend more time pursuing new customers, exploring new directions for your business or training staff.
Accountants needn’t be that expensive. It’s unlikely you’ll need to employ one full time. You can instead pay a flat fee for regular consultancy or pay-as-you-go. Most accountancy firms offer a range of packages for businesses of differing sizes and stages.
If you need help, just let us know!