Top 8 Benefits of Good Accounting: Accounting Advantage
A certified professional accountant is more than an expert in his field: he is a trusted person committed to improving your financial situation. This situation can evolve in different ways, for example by optimizing the profitability of your business or by ensuring the growth of your wealth. Whether you’re running a small business or a home, there are benefits to hiring a Chartered Professional Accountant (CPA). Here are 8 benefits that may apply to your situation.
Advantages of professional accounting services for small businesses
- Increase the credibility of your business
In the first half of the 2000s, financial scandals such as Enron and WorldCom shook investor confidence. While ethics is becoming a hot topic, it can be rewarding to entrust bookkeeping to Denver small business accounting firm, especially in the case of companies. By having access to your accounting, an authorized professional accountant can prevent any infringement, be it cost overruns, falsification or the use of inaccurate accounts. Doing business with an APA increases your credibility, strengthening the trust your clients place in you.
- Provide new information
Whether your business is located in the Borough of Beauport or in Charlesbourg, you want to stay at the top of your industry. To get ahead of your competition, you need to know your business in every detail. How? By hiring a certified professional accountant, the latter can find the weak points of your company. A simple example is the comparison of your cost of production with that of the market. By reducing the cost of creating your product or service, your business becomes more resilient to changing market conditions.
- Help plan your future
Entrepreneur or individual, it is important to think about your future, both in good times and in bad times. The help of a certified professional accountant allows companies to refine their financial forecasts. This is important because the entrepreneur must support informed decision-making, for example by maintaining high working capital. This planning also applies to individuals. In fact, a CPA can help you plan your retirement based on your assets and sources of income. He can also help you with a matrimonial agreement or an estate.
- Free time
Using the services of Denver small business accounting firm means spending your time doing other tasks. For a small or medium business, this may mean less time to produce tax reports (DAS, GST / QST, CSST …). For an independent worker, this can be the perfect opportunity to contact a new clientele instead of trying to reduce taxes. For an individual, this helps to facilitate a work-life balance. A job allows you to specialize in a field … Do not waste too much time trying to enter all variables; accountants are the specialists in the field. Find a good one you trust and have a great release. In addition, not only do you save time,
- Perform the same work as an employee
For a small or medium business, doing business with an accounting firm has several advantages. Since your management does not require the presence of a full-time accountant, you save in terms of salary and training. In addition, when you hire a certified professional accountant in contract form, you do not need to provide paid vacation, sick leave, or retirement benefits. Finally, it is the responsibility of the certified professional accountant to avoid errors, which reduces the risk of penalties.
- Do better than tax software
Filing your income tax return with tax software costing $ 30 to $ 40 can be handy if you are an employee. However, if you are self-employed, you have several clients and need to calculate different deductions (e.g., purchasing of tools), it would be better to invest more money with a professional certified professional accountant than to be limited to give your own service. A CPA is not only more comfortable using tax software, but also knows the complex tax rules. On its own, Revenue income tax return guide is over 90 pages long! He can even advise you on things you did not know and make you pay less tax.
- Avoid delays
By sending in your tax return by the deadline, your Chartered Professional Accountant saves you money. For example, if your return is filed after April 30, 2014, you can get a 5% up to 17% penalty on the outstanding balance as at April 30, 2014, a penalty of 5% plus an additional penalty of 1% per month of delay, up to one year late. In the case of businesses and merchants collecting taxes, the penalties can range from 7% to 15% of the amount to be paid.
- Adapt to your personal situation
The events of life can upset us in different ways: buying a house, personal bankruptcy, returning to school, death of a loved one … A professional accountant can help you better see your situation from a financial point of view and direct you to the tax deductions and tax credits that apply to you. For example, if your medical expenses exceed 3% of your net income, you can claim a non-refundable tax credit.