With such advanced software available to us these days, it’s easy to think that we can forgo professional services like web designers and bookkeepers. However, some expertise cannot be replaced by a program on your computer or an app on your phone. One of these areas is accounting, specifically business accounting.
Though bookkeeping is something you might task one of your employees with or handle on your own, accounting advice is more than just the day to day invoicing. Here are some things that your accountant can help you with that a simple Google search will not be able to satisfy.
When still in the start up phase of your business, having an accountant on board for consultation can really shape the game plan for your growth. From shedding some light on how to register your business for the best tax breaks, how to set up a home office, or explaining what can be considered a “business expense”, there is a lot of money to be saved by capitalizing on the knowledge and experience of a seasoned accountant. Even if you can’t afford a lot of time with an expensive professional, a few one-on-one tutorials on how to get your books set up and operate day to day could we a worthwhile investment.
Adding on Employees
While you might not have the funds to have a professional accountant on-staff full time, you can easily contract the services of an accountant in Montreal to help with adding on more members to your team. There are many payroll tips, government deductions, and other tidbits of knowledge that you should be informed of before making such decisions and when going forward, doing it well and by the book.
Filing Your Taxes
Taxes are always a pain. But when you run a business, it’s a whole new level of torture. Having an accountant that you can trust to file your taxes for you properly, with all the right expenses, amortization, and more, means a smaller chance of audit and clearly fewer issues if it does come down to it. Getting your taxes done right means a better financial situation for you, in addition to a lowered risk of paying fines, etc., for improper filing.
While a lawyer might be the first to come to mind after hearing these terms, there’s a lot to gain when you have an accountant on your team. He or she will be able to advise you on how to split expenses, profits, and more, as well as how to mitigate some of the financial risks associated with such steps. Once it comes to documenting these processes, your accountant will also know how to organize it so that everything is well laid out and ready for any audits by investors or government bodies.
Once you start growing and looking for more capital, having an accountant guide you through the investor process is priceless. From pricing the value of your business based on sales, revenue, and more, to summarizing the books for interested potential investors, and structuring the deal, having an accountant who knows your business inside out gives your business validity. Once you have these investors, you are going to need an outsider’s perspective on your finances to create unbiased reports that tell the whole story and make recommendations on next steps.
In the start up phase, every business owner should have a “shopping list” of essential vendors, from web designers, subcontractors, lawyers, through marketing consultants. Though bookkeeping software is definitely something you should invest in, make sure that a quality accountant that specializes in business accounting is on that list and you’re good to go!