What Does An Accountant in Guelph, Ontario Do?
Have you ever walked past a firm of Guelph accountants and wondered what they do all day?
One thing is for sure, your accountant in Guelph is certainly very busy.
More and more business and private individuals are hiring accountants than ever before. Many of us have realised that accountants can help us to save both time and money.
Let’s take a look at some of the things that probably goes on in your local Guelph accountant’s office every day.
Tax and Financial Planning
One of the top reasons both business owners and private Guelph residents contact an up-to-par Guelph accountant is that they need help with their taxes.
Understanding tax laws in Canada is not easy. Still, many of us still carry on struggling with our tax return. As a result, a surprising number of Canadians end up paying too much tax.
The same goes for businesses. Yes, there are smart accounting software that you can invest in. At the same time, it has to be said that you simply can’t beat the services of a professional accountant.
It is great to have a software program or an app helping you to do your accounts. But, at the end of the day, it is still a good idea to pass your accounts onto an ambitious Guelph accountant for a quick once over.
You may be missing out on personal allowances and other ways you can save money when it comes to tax.
Financial Planning Together with Your Accountant in Guelph
We seldom sit down and plan our finances.
With rising food, energy and other living costs, planning ahead is more important than ever before. Perhaps you would like to start putting a bit more aside for your retirement.
If so, it is a good idea to talk to an awesome Guelph accountant. Of course, you can ask your financial adviser at your local bank. But, don’t lose sight of the fact that they are going to be more interested in selling you financial products that earn them commission.
Often it is better to speak to someone who can offer you genuine independent advice.
The same thing goes for companies. You may need advice when it is a good time to buy new equipment or add another product line to your company. In other words, you are making an investment to grow your business.
When you have surplus cash in your company, it is better to use it in a constructive way rather than to pay tax on it. Next time when you find yourself in that situation, ask your Guelph accountant what he thinks you should do.
Keeping Up With CRA Requirements
Trading or operating a company online has made keeping up with CRA guidelines more complicated.
It seems that many larger companies get away with flaunting the regulations. Most of the time, that is not what they do. They simply have a great team of accountants on board helping them to keep up with CRA guidelines.
As this is such a complex field, trying to go it alone is not a good idea. Instead, seek advice from an expert.
You will find that there are many ways in which you can limit your business tax liability.
Book-keeping and Payroll
Doing accounts and keeping on top of the payroll does take a lot of time.
When you are new to running a business, you will find this particularly challenging. Not only is it difficult to know what to do technically. You also need to allow time when you want to get it right.
That could mean that you need to move away from the main purpose of your business or stop performing tasks that generate business.
If you are a social media guru, processing invoices and money received is probably not for you. When you know that you could be doing other things, administrative tasks including doing the accounts only lead to frustration.
Before you hire an accountant in Guelph, make sure that the Guelph accounting firm can help you with both payroll and book-keeping. Your are not handing over control. You are now free to do the tasks that you are excel at as a business owner.
Auditing Your Business
Once your business reaches a certain size, you need to have regular audits.
To many, auditing sounds like a scary word. It implies that you are doing something wrong.
That is not what auditing is about.
Auditing is a fantastic business tool that you can use. For instance, if you need to seek an investor and like to offer them shares in your business, audited accounts can potentially help you achieve a higher level of investment.
It means that an outside firm of accountants have verified your accounts. Also, if you are thinking about selling your business, audited accounts will help you to achieve a better return on investment.
Can you audit your own accounts? No, you can’t. An outside accountant has to audit your accounts.
Audits follow certain rules and regulations. An accountant will identify a number of transactions and follow them through from order to billing and shipping.
If your accountant is already helping you with your day-to-day book-keeping, you don’t have anything to worry about when it comes to auditing your accounts.
Is it better to have a local accountant in Guelph? The answer to that question is yes. Having a locally based (Guelph) accountant is a must for many businesses. It does not matter if you operate online or own a physical business in town.
A local Guelph accountant is familiar with local and provincial regulations. When you are in business, you need to adhere to both provincial and national laws and guidelines.
When you would like to know more about many of the other services JTT Accounting Services (for all in Guelph) offers, please give us a call.
The best way is always to contact us by phone. However, you can also reach out to us by email or filling in the contact form on this website.
Having a local Guelph accountant that you can meet up with when you need advice, takes a lot of stress out of running a business in Guelph. Remember that JTT Accounting Services superstar accountants are only a phone call away.