Choosing a competent accountant can save you a substantial amount of money every year on taxes. They help you comply with Canada Revenue Agency (CRA) guidelines and save you a lot of hassle when dealing with CRA audits. However, the accounting expertise provided will vary depending on the services you need. Similarly, based on the services desired, accounting fees can approximately range from $200 to $25000. While extensive accounting assistance can be expensive, the benefits it brings to a business are numerous and cannot be measured in cash alone.
The maintenance of business records, preparation of financial statements, decision making, and taxation matters depend on accounting. Moreover, accounting offers evidence in legal issues, provides information to related parties, and plays a significant part in the business’s evaluation.
If you run a small business, you may not be flush with funds for investing in expensive accounting tools or personnel. So if you want to manage your company books on a budget, we suggest you keep reading. GSP Chartered Professional Accountant Professional Corporation has outlined a few tips and tricks to help you keep your accounting and tax preparation expenses to a minimum.
Analyze your business needs
Each business is different from the next as they involve industry-specific processes for maintaining their books and tax filing, and their goals also tend to be personalized. For this reason, it is an excellent idea to analyze your business accounting, and tax preparation needs so that you can gauge the approximate cost of the corresponding service. Remember, if you do your own tax preparation, filing, and business accounting, you can write this off as a business expense. But, hiring a professional saves you a lot of time, money, and undue stress.
Research professionals around you
As mentioned before, accounting and tax preparation costs vary depending on your situation and other factors. Similarly, there are CPA firms that are new and lack the right experience to ensure complete compliance and effective accounting. Always research available options to find a firm that doesn’t just offer their professional services within your budget but to ensure their services are the best for your business.
Explain you situation
Once you have made your decision and contacted a professional accounting and taxation firm, the next step is to sit down with them so you can convey your concerns and explain your situation. Leveling with your accountant at an early stage will help them understand what needs to be done, your business goals, and where the most effort must be put in.
Settle on a price for their services and sign an agreement
After analyzing your business’s needs and choosing an appropriate tax planning, preparation, and accounting firm that meets your expectations, it is time to settle on a price for their services and sign an agreement. Once this is done, you can be assured that your business will be in compliance with the CRA, your books will be up-to-date, you will know in which direction to go to save on tax expenses, and how to achieve ultimate success.
Review every six months, give feedback, and analyze the results
Every six months or so, review your accounting data so you can see where your profits originate, where your most significant expenses are coming from, and how to reduce business expenses. It is also essential to give your accountant feedback and analyze your financial results so together you can come up with effective strategies for the future.
For more tips on availing of the best accounting, tax preparation, and planning solutions for your business on a budget, reach out to GSP Chartered Professional Accountant Professional Corporation. We provide high-quality accounting and taxation services in the Toronto and Hamilton region and are dedicated to delivering discounted and tailored services according to our client’s requests. Our services include personal taxes, corporate taxes, payroll management, general accounting, cloud accounting, and business accounting.
To learn more about all that we do, please click here. If you have any questions about accounting or taxation, please get in touch with us here.