When you mention of corporate accountants, who doesn’t think of power suits, horn-rimmed glasses, and leather briefcases streaming into the business district in the morning? This image is often what scares many small business owners from approaching and enlisting the help of a corporate accountant. The intimidating thought of opening up your financials in front of a fast-talking professional with sky-high hourly rates is enough to make most hands sweat.
However, in most circumstances, it’s important to find a trustworthy corporate accountant to help us navigate through our business’s finances, and here’s why:
- You’ll Learn More Quicker
Instead of spending hours online looking for answers to your bookkeeping and accounting questions, you’ll be able to get answers tailored to your situation right away! Bring a list of your questions to your meeting and be ready to make notes with the answers, because they are coming right away. Even if you decided to do your own accounting in the future, it’s a good idea to have a professional do it at least once so that you know what the final product looks like. Your accountant will most likely also have recommendations for future filing and tracking so that the subsequent year will be easier to deal with when getting ready for tax season. Take the advice to heart and be disciplined when it comes to implementing these suggestions. He or she has seen hundreds, or even thousands, of cases like yours and has more experience regarding what works and what doesn’t.
- You’ll Make the Most of Tax Breaks
Small business owners, especially those starting out, often have little knowledge or information about what and how to claim when it comes to taxes. Accountants will know how to use amortization for bigger purchases and present your expenses so that your tax dues are minimized. Talk to him or her about claiming travel expenses, business outings, seminars, and more. You’ll be surprised by how much money you can save by making the most of the system and working it in your favor.
- You’ll be Saved from Mistakes
And as much as you want to get the system on your side, you want to make sure that you are playing within the lines. A good corporate accountant will ensure your fiscal conformity for the production of your federal and provincial corporate taxes. Making a mistake on your tax forms can lead to serious repercussions down the road, from significant fines to possible jail time. That’s why having a professional on board is invaluable, both in terms of your reputation and your peace of mind.
- You’ll Save Time
How much time is it taking you to get your finances in order? Are you spending copious amounts of time researching regulations and playing around with your numbers to get them right? It’s important for you to remember that your time has a price tag on it too. All the time you are spending on accounting is time during which you could have been making more products, selling, or providing a service, therefore making money. Remember that an accountant has lots of experience and knowledge of bookkeeping and taxes, meaning that navigating your finances will certainly take him less time than it would you.
And if it’s footing the bill you’re worried about, ask around in your small business community for referrals to a corporate accountant specializing in small businesses. This way you’ll know that he or she is used to seeing your level of sales and expenses, as well as have rates adjusted to what small business owners can pay. Remember to ask lots of questions during your first visit so that the next time you visit you are more prepared and your accountant will have an easier time, therefore shrinking your bill.
All in all, stop stressing about tax season and start researching a trusted corporate accountant. You and your business will both benefit from it.