Running a small business often means that in order to save money, you need to do a lot of the tasks that come with business ownership by yourself. However, certain tasks are always best left to the professionals, especially accounting. The right accountant will be able to give your business the financial support that it needs to ensure success, along with helping you avoid the risk of penalties and other problems when submitting tax returns and financial information.
Accountants can help out at various stages during the growth of your business. They can handle much more than just your payroll and tax returns. Why should you consider hiring Chartered Professional Accountant (CPA) for your small business in Surrey, BC?
Check out our top 10 reasons below.
- Reduce your expenses
At Richard Kosick and Co. in Surrey, we are familiar with your field, product, and demographic. We continually analyze business data and look for places to trim unnecessary expenses. We can help look at your expenses and offer more cost-effective options. Lower costs translate to higher profits.
- Boost your income
All businesses rely on a steady flow of cash. We can help you optimize and regularize the revenue stream by reviewing your accounts receivable, improving debt collection and advising on receivable turnover.
- Save time & reduce stress
Managers and business owners have enough to do without having to deal with the minutiae of taxes, compliance, payroll, insurance, leases, and expense tracking. You should be focusing on generating revenue, not preparing financial statements.
- Handle tax matters
When your business was small, you may have been able to handle your own quarterly payments and annual filings. As a company grows, corporate taxes and payroll become much more complex with the new variables and regulations. We will help you keep up with legislative changes and help you remain in compliance. With in-depth knowledge of how to maximize deductions and minimize tax bills, we help you save money!
- Navigate regulations
Taxes aren’t the only aspect of your business a governmental body oversees. Companies big and small face a growing need to be on top of regulations. We can help you understand the latest tax regulations in BC and make sure you are following all regulations.
- Plan for the future
During this busy tax season, most business owners are frantically thinking about how they can maximize their deductions. However, by the end of the year, it is too late to make an impact on that. An accountant can support you by easily identifying these potential deductions throughout the year and advising you on how to make strategic decisions for year-end deductions. Many business owners forget to track and account for items like depreciation, out-of-pocket expenses and home office space. Don’t leave money on the table!
A CPA is trained in analyzing large data sets and advising business owners on what they can expect in the future. We can help you build models and make data-backed projections & financial statements for the next quarter or fiscal year.
- Avoid an audit
Another really compelling reason to hire an accountant is to avoid the dreaded audit. Unfortunately, most people think of an accountant as someone who can fix these issues after they’ve occurred.
The important thing to remember is that an audit can easily be avoided if you get the guidance and counsel of an accountant year-round.
- Handling complex business software
Sometimes, you might be using sophisticated management software in your business. From the starting point of implementation, you need someone who can handle such systems. Your accountant will learn how the systems work and assist during implementation.
Accountants have advanced financial and technical skills vital in the business. They know how to apply the latest technologies in the market. If you are acquiring software for the preparation of reports or statements, the accountant will be the first person to consider.
The accountant helps you reap the advantages of new financial technology.
- Business Plan Support
If you are in the early stages of starting a brand-new business, Richard Kosick & Co can be an excellent source of support when it comes to putting together a business plan. You might know what you want to sell, who your competitors are and how you want to market your business, but if you’re not sure how much money you should be making over the next five years, this is where your accountant can come in handy. They will be able to draw on their past experiences of working with businesses like yours in order to give you informed advice when putting together the financial section of your business plan and setting realistic goals in terms of profits and cash flow.
- Help make real-time decisions
When I consult business owners, they often tell me that they wish they could easily calculate the potential consequences and implications of making a big office purchase or hiring more employees. Having an accountant as your financial advisor & business consultant to help you with budgeting and monitoring cash flow on a steady basis will allow you to navigate any hurdles that occur in real-time.
You should take a collaborative approach with your accountant, allowing you to make decisions together based on the latest data and also take advantage of a consultative relationship that will help you make business decisions when you need to make them.
Factors to consider before hiring an accountant
Hiring an accountant is essential, but hiring the right one is more important. Before hiring an accountant, there are some key considerations to make. Here are the things to check;
- Qualification and expertise
Is the person you are interviewing qualified to work for your business? Look for experts in the field, not just anyone. A competent professional will offer a lot to the progress of your business.
Your choice of accountant should be one from the Chartered Professional Accountants Association of BC.
Are you in a position to pay the accountant you are about to hire? Does your business have the financial muscles to sustain the accountant? Always consider what is available in the business before making a move.
- Level of service
How many accounting tasks can the accountant handle in the business? You need to hire an accountant who can handle all accounting tasks. The accountant should be qualified in taxation, financial reporting, and sales taxes.
When hiring, consider a whole package and an accountant who can handle all your tasks. This saves your business money as you don’t need to hire someone else for your business.
The bottom line
Hiring a Chartered Professional Accountant (CPA) can give you the peace of mind that can only be provided by a highly educated and trained professional – one who possesses both an admirable depth and breadth of financial expertise. By adding a Chartered Professional Accountant to your finance team you’ll have an invaluable resource at your organization’s disposal.
If you own a business or plan to start a new business in the Surrey and Lower Mainland area, contact us today to set up a phone consultation to discuss your business needs.