I posted a blog on the 4 people every business owner needs a few days ago. As I was munching on my toast this morning, I thought I needed to add to the article by recommending two more “experts”, who any small business owner absolutely wants to have, and needs to pay for if your circle of free experts does not yet include them: an accountant, and a lawyer. These people will help you start on the right foot and keep you out of trouble. In this posting, let’s first talk about the wonderful benefits of having an accountant on your team:
Someone to Track & Make Sense of Your Book for You
Not every business owner has the time to learn about bookkeeping, or more so, understand the different financial statements. But it is absolutely critical that one keeps an organized and up to date book. An accountant will not only be able to help you organize and record all the business transactions, he or she can most importantly analyze the figures and translate them into useful financial statements and hence understandable business information.
Help Grow Your Business
Some people may prefer keeping the books themselves. But by hiring an accountant, you’ve just freed up your time to worry about other business growing activities. As much as keeping a good record being important, you’re dealing with the past. The numbers have happened. They are history. With an accountant helping you analyze the historical figures and learn the successes or the mistakes, you can now be forward looking and spending your time on business planning and growth.
Experience in Dealing with the CRA and any Tax Situations
The tax men are tough. Not that we want to cheat, but there are tax saving tips that only accountants would know about. Many small business owners are reluctant to pay money for an accountant, but unless you’re a studious student of tax laws, you’re better off getting an accountant up front. Your accountant will also be able to provide invaluable advice on how to structure your company for any tax benefit up front. In the case that you’ve fallen into trouble with the CRA (which is another reason for hiring an accountant right from the beginning, as one would’ve prevented you from being in this situation), your accountant would have the experience of dealing with the CRA on your behalf.
Having a knowledgeable and reasonable priced (yet very available) accountant on your team is invaluable. My wonderful accountant, Irene, has been one of my best resources in the duration of my business operation. I have since recommended her to some of my clients, who also fell in love with her and highly recommended her. Please find yourself an Irene if you don’t yet have one.