“A genius is one who can work without any supervision”
—– They say
Really ??? Not everybody is a genius! We all need assistance. “A genius is one who takes calculated risks with good vision”
—– We say
Business owners often question, do I really need an accountant? In order to stay on top of their business, yes they do. An accountant can give business owners the time they need to concentrate on the important stuff that keeps their business afloat. Preparing their product or service for the public, marketing it, and selling it, is the important stuff.
When to Opt for an accountant?
Can you do the books yourself? Yes, but why? Delegate, and leave your finances and bookkeeping to an accountant to relieve your stress. The accountant can assist you with budgeting ideas and help you tax plan to grow your profits. Accountants are trained to help you keep your finances on track.
How it helps? / Is it Cost effective?
Accountants add value to your business. They can assist you with ensuring there are accounting controls in place, setting up procedures to follow to ensure all income and expenses are captured, planning and budgeting for growth or expansion, as well as numerous other activities to help your business succeed and grow. An accountant can also help you decide on the best accounting or bookkeeping program for your business. There are many bookkeeping programs in the marketplace, but which is best suited to your needs? Let an accountant help you.
Communication: The first key for any successful relationship to work out is communication. The Client- Accountant Relationship is no different. Feeling comfortable with the accountant you choose allows you the freedom to ask questions that will help the accountant guide you and provide you with the knowledge to succeed. A great accountant will help you understand your finances and allow you to discuss any concerns you might have about them.
Services: The role of the accountant is to provide business owners with the knowledge they need to properly manage the financial side of their business. Most business owners do not have the time to research tax saving opportunities or for the day to day posting of sales and expenses of their business. That is where the accountant comes in. Accountants are trained to provide you with the expertise you need. They can answer your questions about tax savings and deductions specific to your needs. Your year end and the subsequent tax bill will be less stressful when you avail yourself of the services of an accountant.
Business expansion: With the right groundwork, you can grow your small startup business into an empire. Planning is essential. An accountant can provide you with budgets and forecasts to help grow your business. When planning an expansion, the knowledge provided from budgets and forecasts can show you common pitfalls and further your knowledge of what is required to grow your empire.
It’s been a busy year as a small business owner, now it’s time to turn your attention towards your small business’s income tax filing requirements. Small business owners in Canada are required to file an annual income tax returns with Canada Revenue every year whether they are profitable or not. Here are some tips on how to avoid making costly errors and falling under the CRA radar.
Take advantage of tax deductions available to your business
Determine non-taxable benefits from employee wages and benefits
Ensure you don’t miss your income tax return deadlines
Stay on top of your record-keeping
The above article is for reference only. Every taxpayer’s situation is unique and offers various opportunities for tax savings and strategies. Feel free to Contact us for no-obligation evaluation and no-charge initial 30 minute consultation.
Are you thinking about hiring a professional accountant in Edmonton? You have probably figured out that you need an accountant for handling your payroll and tax filling needs. Here are the five most important tips for finding an Accountant in Edmonton to help grow your small business.
1. First, decide if you want an
internal or external accountant. Many small businesses find
the cost of an internal accountant does not reflect their needs. It is more beneficial to hire external accountants on
a consulting basis as they are needed.
2. If your accountant is not from a location near you – it can be tough to communicate regularly. So find someone near your place of business, and you can meet them personally when needed. You and your accountant can also use online software that lets you collaborate on your financials in real-time.
3. After you’ve decided what you want in your accountant and where that professional should be located, you can ask for recommendations from your friends and colleagues. You can also search websites to check qualifications and recommendations on-line.
4. After you have found a few
selected candidates, you can start preparing for the interview process. Yes,
you really do need to conduct a professional interview or a professional
5. Once you have reviewed all the background information, you can ensure that you ask the right questions of the final candidates.
In order for them to assist you to meet your business
requirements, you should provide them with your business details so they can better assess your needs.
Don’t worry !! you’ll find one it’s better to take the time to find the right fit for you and your business. When you find the right fit to meet your needs, you and your accountant will have a long term relationship.
Most small business do not have the work required to hire a full-time in-house bookkeeper. But that does not make the work go away. Small business owners still need to keep records of their income and expenses and must pay their taxes. Outsourcing your bookkeeping is a way to keep your financial information up to date. A Bookkeeping Edmonton firm can help by providing you with the resources to do so.
Outsourcing your bookkeeping can offer a lot of benefits to your business. It can be an efficient way to pool your resources and engage a skilled bookkeeper to keep your financials up to date. Advantages include:
Expertise – You get the expertise of a professional by hiring someone who is an expert in the field of bookkeeping. The firm you hire will provide the skilled worker for you. You do not have to put the time into training someone to do the job.
Cost Saving – You can save your money because you don’t have to have the space for additional staff or take the time to train them.
Efficiency – You can increase efficiency within your office. You can cut payroll when you are able to cut down on delegating a lot of duties to one individual as they may need to work additional hours to complete all the work delegated to them. Outsourcing allows them to cut their work load and be more efficient at their main job.
Staffing – You can control staffing needs. Your business may have a few months during the year, where you are extremely busy and other months where you have little work. Constant hiring and subsequent layoffs cost you money and time better used elsewhere in your business. By outsourcing your bookkeeping needs, you no longer need to worry about hiring or laying off a bookkeeper.
Outsourcing your bookkeeping also has its disadvantages. Disadvantages include:
Privacy Issues – By hiring an outside bookkeeper, you are releasing confidential information into their care. You want to be sure that this information will not be used inappropriately. If you are electronically transferring information to them, you want to ensure the information transferred is encrypted so that it cannot be used by others.
Loss of Control – When you hire an outsourced bookkeeper, you lose a certain amount of control. The bookkeeper becomes more of a business partner rather than an employee that you can direct and control the work of. They will follow your directions but because they are an expert in what they do, they must follow tax laws as well as follow the rules of their designation.
Dependence – When you outsource your bookkeeping needs, you are place a lot of dependence and reliability on that firm to be there when you need them to be. You are also dependant on the firm’s integrity and solidity to be there in the future.
Loyalty – When you contract a firm to do your bookkeeping, they may have several clients. They may even be working for your competition. You are dependent on them to keep confidentiality and loyalty to your firm and ensure all deadlines are met.
A tax accountant is a professional who can prepare income tax returns for individuals and companies. All companies and individuals are required to complete their taxes every year, and a tax accountant can prepare them for you.If you are a resident of Edmonton and thinking “where will I get an Edmonton tax accountants near me” then the information below is for you.
Picking the Right Tax Accountant
The tax accountant you pick should be familiar with the tax laws as set by Canada Revenue. He or she should have adequate training to prepare an accurate tax return. To find a tax accountant, check your neighborhood business directory or ask friends and family for suggestions. You can also search the internet for an “Edmonton tax accountant near me”.
Take your time finding the correct tax accountant for your requirements. While picking a tax accountant, you will need to ask questions. Ask what credentials or designations he/she has and how long have they been in A Chartered Professional Accountant has the necessary education and skills to assist you. They are required to keep up-to-date and knowledgeable about changes to the income tax act and under professional rules of conduct must act in an ethical manner.
You want to make sure you are charged a fair price for the work being done. Ask for a quote up front so you know what the charge will be. Avoid someone who will not give you a quote on the cost.
Watch out for a tax accountant who promises you a large refund. Some less ethical tax accountants will make promises of larger refunds than you’re owed, or quote a larger refund without preparing a return from your documents.
Rose returned to school as an adult student in 1992 and pursued her dream of becoming an accountant. Rose started her accounting education at Grant MacEwan Community College. Taking classes part-time while working and raising a family, she completed her program and graduated with distinction in 1996. She went on to achieve her Certified General Accountant Designation (CGA) in 2002.
Rose has years of experience in public accounting. She worked as a senior manager in another public accounting firm prior to opening her own firm in 2013. Rose has also served as the accounting and audit advisor on various non-profit boards and worked in industry prior to going into public accounting. Over the years, Rose’s experience has given her the knowledge to be successful.
Rose loves problem solving and is dedicated to using her knowledge and experience to assist her clients in succeeding. Her patience and belief in educating others helps build positive relationships.
Rose is married and a mother of three grown boys and has four grandchildren. She enjoys spending time with her family camping and “chillaxing”. In her spare time, she is an avid reader and loves to golf and crochet.
Teresa started her bookkeeping career over 15 years ago in BC. She has since moved to the “right” side of the mountains. Teresa believes that her success on the job comes from being very thorough and detail-oriented. She is very dedicated, loves to work and learn new things.
Teresa is always up for a challenge and her favorite project is setting up a proper accounting system for a company. She contributes to the success of the firm by ensuring she meets deadlines in a speedy, efficient and accurate manner. She is successful because she gives 100% to her work.
Teresa is married and has two teenage daughters who keep her on her toes. Teresa has a love for languages and is currently learning and refreshing several of them including French, German and Ukrainian. Starting in the fall of 2015, she will return to school in order to pursue her Accounting Degree which was put on hold while her girls were younger. She looks forward to using her love of learning to assist in obtaining her degree.
Joan manages the day-to-day tasks of the company and is the friendly voice you hear on the phone when you call the office. Joan is a dedicated and detail oriented individual with over 9 years of experience in a public accounting office. Joan has been with Rose since opening the office in 2013 and has set up many of the policies and procedures in use. Joan takes pride in keeping the office organized and providing close personal attention to our clients.
Joan contributes to our success with her amazing outlook, big heart, friendly voice and outrageous personality.
Joan is married and has two grown sons. In her spare time, Joan enjoys gardening and baking. She loves to spend time in her garden in the spring and summer. Throughout the year she provides all kinds of goodies for the office.