Do you need an accountant

mars 2 , 2015
Does My Business Really Need An Accountant It’s been said time and time again, “My small business can’t really afford an accountant”, and yes, while the right accountant may not be inexpensive, we’d argue your small business should and must afford an accountant. Taking it a step further, the right accountant plays a key role in the growth of your small business. Yes, while accountants do fill out forms (to keep the CRA happy), it’s just a fraction of the value they add to your business. The right accountant will save you and your business time, money and stress. Save time You’re in business (and doing well) because you’re good at what you do. Whether you bake bread or prescribe eye-glasses, your time is money and sticking to what you’re good at is key to success. Technically, you can change the oil in your car too, but you don’t. Not only is it time consuming, but you’re not necessarily good at it because you don’t do it day in and day out. That’s why you pay an accountant to do what he/she is good at. Avoid penalties Being tax efficient is a lot harder than most small business owners think. There are multiple CRA forms required, each with specific deadlines and requirements. Substantially all business owners miss a deadline here and a deadline there. And typically the CRA is harsh on those who file or remit late. The result… onerous and expensive penalties are imposed, far outweighing the costs an accountant would have charged to have remitted and paid on time on your behalf. Minimize your taxes In addition to ensuring adherence to deadlines, your accountant understands taxes – minimizing the taxes you pay. A good accountant ensures that while you comply with the many complex tax rules, you’ll pay as little as possible. Tax planning is a lot more than mere tax preparation. An accountant will work with you throughout the year to offer advice that allows you to operate the business in a way which gives you the biggest tax advantages. Rather than just looking at numbers and ratios at the end of the year and saying “Ah well, if you had done it like this ...” a good accountant gives you financial advice throughout the year. Helping grow your business As well as managing the paperwork and ensuring you legally minimize the taxes you pay, an accountant can also be an excellent source of advice to help develop your business. To be successful, it's vital to make the right financial decisions as well as the right managerial ones. A few wrong moves early on can put you out of business surprisingly fast. Accountants are particularly adept at dispensing solid business counsel. The bottom line – statistics clearly support that having an accountant is best for your business. If you’re working with an accountant – great. If not, considering hiring one – now!