Daily Archives: July 8, 2015

Why Should Entrepreneurs Hire an Accountant?

Successful entrepreneurs continue to work with professional income tax accountants for several reasons.

Hiring an Accountant is Less Expensive than Doing it Yourself
Every minute you spend on accounting is the time you could have otherwise spent on more productive tasks. You can save money and time by hiring an experienced accountant to deal with your accounting needs. This will also allow you to concentrate on what matters most to you.

Objective Analysis of Your Business’ Financial Health
A second reason is objectivity. It has been found many a times that entrepreneurs who take help of accounting services end up discovering that they are not doing as well as they thought they were. And reality checks are important when you are in business. You can hire a CPA (CGA, CA, CMA are now unified under CPA) to provide you with an overview of your company’s financial at regular intervals.

General Advice on Your Business
Though software is good, it still cannot replace accountants. An accountant does more than crunch numbers. He or she is your reliable advisor whose job goes beyond filing your taxes. He or she gives you regular advice on how best to manage your finances – and this is something neither you alone nor your software can do.

Although accounting technology has improved, it is still safer to hire accounting services for three big reasons: it is less expensive, it is good for your business health, and you get more than you pay for.

Speak to a Chartered Professional Accountant (CPA) to Avoid These Tax Return Mistakes

It is never too late to prepare to file your income tax. Although the safest method to pay your taxes is to work with a CPA, you can also decide to do it yourself—albeit, with some risk. Because when business owners decide to file taxes on their own, they often make these mistakes:

Calculation Errors

You can avoid calculation mistakes by consulting a professional. The mistakes are costly if you overpay your taxes, and can put your business in future tax liabilities if you underpay them when audited by CRA.

Deductions

Though there are some excellent software tools available, you cannot solely rely on them. Some software tools will claim to catch missing deductions. This is true to some extent, but not entirely. For an accurate estimate for deductions, you will need to consult a Chartered Professional Accountant (CPA).

Overlooked Income Sources

In your tax form, you need to add all your income from all sources—part-time jobs, interest from wealth, investment returns, and others. You can get penalized if you do not include every source of income in your tax return. It is here that the experience of a Chartered Professional Accountant (CPA) can help you. But be sure to inform them of all your income sources.

Claiming Dependents

When filing your own tax, you can make a mistake of not claiming all the dependents. But talking to a Chartered Professional Accountant (CPA), like CP Lehal & Company, can help you claim credits for children and elderly parents. This can result in an increased tax refund or reduced tax liability.

Benefits of Working with CP Lehal & Company – Chartered Professional Accountant (CPA) in Surrey, BC

Getting help from CP Lehal & Company, a certified professional accounting firm in Surrey can help you stay on course with your financial goals while minimizing financial risks. Serving all of Metro Vancouver, CP Lehal & Company strives to provide the highest quality of accounting services.

Running a small business means making multiple smart decisions everyday. Business owners are extremely talented when it comes to their business. An accountant can provide the financial expertise and deep knowledge of accounting to keep a business running smoothly. Keeping a professional income tax and accounting consulting services provider with you can help you a lot.

CP Lehal & Company, CPA can assist you with all aspects of business finance. For instance, it can give you useful advice on strategic planning and financial structures if you are starting out in business. It can also suggest techniques to achieve efficiency in everyday business procedures.

A professional accounting services provider can standardize your business payroll and organize your budget if your business employs several people. It can also suggest alternatives to replace current, expensive options.

Bookkeeping is essential for all businesses. It is a legal record of your sales and purchases. It contains details on your bank balance and regular expenses; besides other financial events. It is impossible to draft a sound and accurate budget if you are not getting true data on where your money is going and how much money you are making. To sum up, you can have more time to focus on expanding your business and still have more accurate bookkeeping if you hire an accounting services firm. It can give a boost to your business.