When to hire the services of an accounting professional?
The answer is simply this: at all phases of a business’s growth. An accounting professional can accompany you and collaborate in the company’s success, without the hiring of full-time in-house accounting staff.
What is an accountant good for ?
In addition to general accounting, an accounting professional can help you develop your business plan, fill out government grants, assist you in budgeting processes, execute the internal controls and procedures, maximize your tax structure while ensuring compliance, and analyze your financial data in order to promote informed and calculated decision-making. Let’s not forget that s/he will advise you regarding complex financial matters.
Do I need an accountant?
Small businesses or start-ups may hesitate to hire an accounting professional as they think they might not need one (everyone can count, right?) or else think that they can’t afford one. So, they are inclined to do their own accounting, GST/QST, tax returns and all other compliance. Here’s why you need an accountant:
Time saving: because it’s their field of expertise, the accounting expert will process accounting data more rapidly, but will also make sure that all the right documents are completed and that deadlines are met, thus helping you dedicate more time to developing your business.
Compliance and maximization of tax structure: your accountant can help you save time and money by helping you to correctly complete the forms, but also by advising you on tax laws and regulations and the tax
benefits you can take advantage of.
Growth: your numbers are your accountant’s playground. S/he must be as familiar with them as you, but with a professional and strategic angle, which can be useful in your decision-making. By having your numbers explained to you (ratios, performance, financial statements, labour costs, etc.) and the possible impact of a strategic business decision, you can then make informed decisions for your business’s growth.
Peace of mind: the heaviness of tax and accounting responsibility can be a real nightmare. Even the accounting of documents can seem huge. What expenses am I allowed to claim? What do I account for and how? What are the tax restrictions? What goes in which the statement ? With the access to information on the web, you can look for the
possible solutions yourself, but…
1) Each business is unique, and thus must be treated as such;
2) Accounting jargon and the logic of accounting principles or tax regulations aren’t necessarily easy to master. By delegating this part of the responsibility to your accountant, you can ensure your peace of mind.
Launching a business is a big challenge in itself. Managing and controlling all aspects of your business can sometimes be very difficult to ensure the growth of your business. At VirtuaCompta, we understand this reality. We are present and ready to collaborate with you in supporting you in the accounting and tax aspects: Therefore, we offer a free one-hour consultation to first evaluate your needs and then, work with you to make your business another tale of success!