#1-You are not an accountant
Unless you are a CPA, you are probably not an expert at accounting. And even if balancing your books is a secret passion of yours, you have other areas of your business that need your attention more. You may be perfectly capable of logging into your accounting software and categorizing expenses, sending invoices and viewing your profits and loss statement. But just because you can doesn’t mean you should.
Consider how much time these tasks take you each month. Even if it’s only an hour of your time, that’s an hour you could be working on building your business. We do provide Book Keeping services so you won”t even have to waste time on this yourself. Not only this but who better to do your years end, then the very people who do your monthly book keeping.
#2-You’ll start off on the right foot
It can be helpful to hire an accountant like me to to get you started properly right out of the gates. When you’re first launching your business, an accountant can advise you on the best business structure, help you set up a business bank account, and set up your accounting software. Then when it comes time to hire employees, he or she can also help get them set up on your payroll, whether your account manages the task or you take it on yourself.
#3-Tax laws/ rules are tricky
Unless you enjoy reading about tax codes for fun, you probably aren’t up to date on the latest tax laws. However, an accountant is. Tax laws can work in your favor, or against you, depending on your situation. An accountant can help you strategically throughout the year so that you make the most of your deductions and expenses when tax season rolls around.
#4-DIY ups your chance of being audited
The last thing you want to do is get a visit or audit from CRA. However, for example, simply being unaware of the fact that checking work email on your couch once a week does not qualify you for a “home office deduction”, might put you at risk of an audit. DIY tax software is great sometimes, my 25 plus years as an accountant gives me an expert eye that will catch mis-categorized expenses before the CRA raises an eyebrow at them. Which brings us to….
#5-You could owe less in taxes come April
The biggest reason you should hire me in as your accountant is that I will look at the health of your finances during the year and make suggestions that will minimize how much you pay in taxes when we file in April. My team might suggest that you take more out through your payroll taxes throughout the year, so you might be paying a little each month rather than thousands during tax season. This reduces the strain of your finances in April, which most clients appreciate!
#6-An accountant can help handle financial-related tasks
With so much else to take care of in starting and growing your business, you really don’t have time to chase after clients who haven’t paid you. If you retain an accountant for specific services each month, we can take on that daunting task for you. We can also take over paying bills, managing payroll and helping you keep tabs on sales reports and forecasts. Contact me to see if this is something we can do for you, or help you with.
#7-Your financial health will improve
If you’re not laser-focused on your finances, they may get away from you.
Working with us at Catherine Barrie Accounting will help you become aware of unnecessary expenses (you can probably get a better deal on that mobile plan, for example), figure out where you’re losing money and be strategic for growth. Our accounting team can help you with financial forecasts that aid you in determining whether or not you can afford to expand your office space or hire more help. Catherine can also advise you on whether taking out a business loan is a good idea or not.
Whether you hire an us to be your accountant on a regular monthly basis, or check in with us a few times a year, or just during tax season. Believe me, you’ll be glad you did. The investment will more than pay for itself and will help you build your business faster. Catherine Barrie Accounting, CPA, MBA, With over 25 years of corporate, business and personal accounting experience, Her results orientated team is here to help.
Call us Today 705-719-7778