When a new company is launched, its founders often handle most of the tasks involved in SME management, thinking they will save money. However, responsibilities such as corporate accounting can be fraught with pitfalls.
Indeed, since most entrepreneurs lack in-depth knowledge of taxation and accounting, they deprive themselves of expertise that is crucial to hitting profitability and growth targets when they handle their own business accounting.
In short, there are several benefits for small business owners that hire an accountant. Here are some examples.
An accountant can help optimize management systems
Strict monitoring of daily operations is particularly important for small businesses. In this regard, many accounting and tax software solutions have been developed with the goal of simplifying the monitoring of an SME's transactions and activities. This type of computerized system can be especially useful when filing the company's tax returns. However, since the many digital management systems available on the market all have unique features, choosing the one that best meets the company's needs is important.
At this critical stage, the support of a CPA, Chartered Professional Accountant, will be invaluable. The CPA will be able to help the entrepreneur clearly identify his or her needs for computerized management systems. This ensures that the company can rely on a bookkeeping solution that streamlines its operations and saves time and energy.
An accountant can provide valuable business tax advice
Filing tax returns in a timely and accurate manner is no easy task for an entrepreneur, especially since they have to manage their company's activities at the same time.
Small business owners that use the services of a tax accountant ensure that their tax returns are in compliance with various levels of government requirements and that any non-compliance will be corrected rapidly.
Moreover, an accountant will ensure that GST and QST have been applied correctly and that all expenses eligible for tax credits have been identified.
An accountant can help you make informed business decisions
An accountant can also serve as a personal advisor when an important decision has to be made. While always leaving a great deal of freedom to the company's managers, they can give their opinion on various issues related to investments, contracts, loans, etc.
An accountant can also assist in equipping small business owners to better analyze the financial health of their organization. They can help them understand the relevant data collected by their internal management system and use it to identify opportunities and avoid problems before they materialize.
Contact T2inc and enjoy all the benefits of having an accountant on hand
In conclusion, entrepreneurs who think they are getting a good deal by doing their own business accounting might save a certain amount of money in fees, but they are likely missing out on several benefits.
If you are a small business owner yourself and would like to take advantage of the benefits that can be provided by a corporate accountant, please don't hesitate to contact T2inc. Our team of accountants and tax specialists will help you grow your small business.