Five reasons for businesses to hire a tax accountant
If you operate a business in Canada, you might’ve already asked yourself if you need a tax accountant. While all accountants know a lot about business accounting, having one that specializes in tax issues is of utmost importance. Businesses are expected to know the laws and rules of tax accounting and follow them to the letter, but because they change almost yearly, having an expert to help you is a huge perk. Below are some of the many reasons why hiring an accountant who specializes in tax law is so beneficial.
1. It can save you a lot of time
There are a lot of things to remember when it comes to tax law, but with the right accountant, you don’t have to spend tons of time learning those laws and rules, because you’ll have someone to do that for you. While you can always look up the answers to your tax-related questions online, this often takes a lot of time. With an accountant who specializes in everything related to taxes, you can simply pick up the phone and get your questions answered quickly. In business, time is money, so the more time you save, the more money your business will make.
2. They provide assistance during a tax audit
Businesses can be audited at any time throughout the year, and if it happens to you, you’re going to want a specialist to see you through it. A good tax accountant does this, and considers their assistance to be extremely important. They’ll be right by your side regardless of how long the audit takes, so when you discover you’re being audited and you’ll soon be visited by the auditors, you don’t have to panic. All you have to do is contact your accountant and they’ll take it from there, which provides you with the peace of mind you need and deserve.
3. They can save you money
Accountants save you lots of money, and they do it in different ways. They can help you learn exactly what to do to pay less taxes every year, which means a better cash flow, and they have suggestions that can help you save money in the future. They aren’t financial planners or retirement specialists, but they can certainly suggest ways for you to save a lot of money on your taxes, and that always means an improved bottom line and therefore more money in your pocket.
4. They make the complicated much simpler
Tax codes and laws can be extremely complicated, especially for non-accounting specialists. As a business owner, you don’t have time to figure out what these laws and codes mean because you have a business to run. Tax specialists are able to answer your questions in a way that is super-easy for you to understand, and they’ll make sure you understand it before they hang up the phone or leave your office. With the right accountant, you don’t have to be a tax expert yourself because you can always get the information you need without it being complex.
5. They do the paperwork for you
When it comes to taxes, there is always tons of paperwork involved, and a lot of paperwork usually equals a lot of headaches. That being said, an experienced tax accountant will do all of that paperwork for you so that you can concentrate on other things. They also keep copies of the documents and paperwork that belong to your business in their office, which means if you misplace a document, all you have to do is give them a call. If you hate paperwork, you’ll love your accountant even more because they take care of this for you.