Why should you use a professional Accountant like Catherine Barrie Accounting ?
As business owner most times you are wearing a lot of hats. It is important now, if you want to ensure that your business operations run smoothly. This goes without saying that the “get it done” approach towards every problem or issue in your business can make you a successful entrepreneur. Still, there’s one fundamental area of your business that must be looked after by a person wearing a specialized hat. And that is doing your taxes, or bookkeeping. Even though you can do your taxes yourself as the business owner, it doesn’t mean that you should.
A professional skilled in accounting like Catherine Barrie Accounting can redefine the tax filing experience for you. Let’s consider some of the key reasons why managing your taxes yourself might not possibly be the best way to run your business.
Are you good with numbers?
Here’s the thing: not everyone enjoys crunching numbers. If you’re not a math whiz, doing your taxes yourself might not be the best idea. Everyone knows that efficient tax filing is not just a complicated numbers game. There are a lot of complications and laws involved and if you can’t do well with your numbers, the monstrosity of the math can be hard to digest.
Even worse, if you’re adamant about doing everything yourself rather than hiring an accountant, it can be a lot more likely that you’ll make a mistake. This can have detrimental consequences. Professionals like Catherine Barrie don’t go into the accounting profession if they aren’t skilled with numbers. So if the mere thought of numbers scares you, it’s best you leave this mind-boggling maze to us the professionals.
You’re Good With Numbers, But You Don’t Understand Taxes
Even if you are good at math, this should not motivate you to file your taxes yourself. Filing your taxes without the help of an accountant is a hard and time-consuming task. The time you spend doing your taxes is the time you’re not spending on your business. This means you’re not spending time billing your clients or bringing in valuable revenue – you’re just crunching numbers on a calculator.
When you’re working with a professional like us at Catherine Barrie Accounting, you have a lot more free time that you can devote to your business while we unravel your taxes for you. So if you don’t have the time to do your taxes yourself, you should consider hiring an accountant the next time you have to file your taxes!
Business Taxes Are A Lot More Complicated than Personal Taxes
Since your personal finances can be easy to sort (most times), filing your taxes yourself can be relatively simple too. That is exactly why so many people choose to do it themselves. However when it’s about business taxes, it can be hard to understand where you need to start. Depending on your business structure, you might have to consider filing payroll taxes, issue a T4 to your Staff, or understand how to do a profit and loss statement.
Realistically, even the most straightforward procedures of business taxation are a lot more complex than your personal finances. And unfortunately, the more complicated the taxation process is, the higher the chances of you making a mistake. A mistake triggers an audit. An audit can mean a company shutting its doors for good.
Accounting professionals like Catherine Barrie have extensive experience in handling these difficult situations. She and her team can navigate you along every step of the way of your business’s taxes, which means you won’t have to spend the extra time or the energy to do it yourself!
Taxation Laws Are Constantly Changing
Everyone knows that taxation regulations are always changing. Unless you’re an full time accounting professional, you’re not going to know about these changes until the time you sit down to file your taxes. This predicament of “not knowing” can increase the chances of you making a mistake. Once you make a mistake, you’ll get into trouble with the CRA, and that’s not where it stops.
You might also miss the important deductions and credits that you’re eligible for, which may cause detrimental problems in the bank account you have. For instance, if the CRA brought into effect a new deduction for business owners. The deduction is beneficial for business owners. However if you’re filing your taxes without knowing about this important deduction, you will miss out on a beneficial opportunity to save money!
Professionals like our firm in Barrie Ontario will always keep our hands on the pulse of the taxation world. Whether we’re staying in touch with any additional laws, deductions, or credits, we have everything down to a science. When you start working with us, you’ll see how your taxes are being filed with the latest taxation regulations. This also means that you’re putting into your pocket the highest amount of money possible.
Making Mistakes Can Be Costly
The CRA is not mistake-friendly. When you finally submit your taxation report to them, they are going to expect that everything is absolutely accurate. If this is not the case, you’re going to have to spend a lot of time dealing with them, which will require extra cash and an ample amount of time. Filing taxes that aren’t accurate can cause:
- Large fines
- An external audit which is incredibly time-consuming
To put it simply, making a mistake on your is a costly mistake. Whether you look at it from an energy perspective or the financial perspective, it’s bad news everywhere! Our Team knows the ins and outs of filing taxes for your business. Even though we are not immune to mistakes (we’re all human after all), the chances of us causing a blunder are significantly lower since we’ve done this a lot more times than you.
The Bottom Line.
To ensure mistakes don’t happen and you can save money at the end of the day, come see us.
Catherine Barrie Accounting for all your tax-related needs.
Call and Let us tell you how we can help today 705-719-7778