Why Hiring a Business Accountant Is Always a Business Win

Many entrepreneurs, professionals, and small to mid-sized companies in Canada have experienced the value of hiring a professional business accountant because of the complexity of bookkeeping, accounting and tax planning functions. Unfortunately, most business owners are setup to fail because the Tax Laws are so confusing, making it virtually impossible to be up-to-date to make effective business decisions.

Business owners are focused on working with their customers and clients and generating more income and generally don’t have the time or necessary skills to accurately keep their books properly. Hiring a tax advisor saves them from costly mistakes, for example, forgetting to claim provincial benefits or missing deductions, and ensures these errors are avoided.

Accounting is a specialized field and these professionals stay current of all the federal and provincial tax ules and regulations. It’s our business to know and fully understand these details, which is why hiring an accountant who understands business taxes leaves you free to concentrate on your business.

Accountants can also help you with your overall business plan, manage your assets, minimizing the taxation process, and maximize the business valuation.

Bookkeeping Services

We’ve all heard of business owners using the "shoebox method" of keeping business records. Such an approach wastes time and inevitably leads to missing deductions and other costly mistakes.

Hiring professional bookkeeping services and accounting services helps take your business to the next level. Having a professional business accountant by your side means your books are kept organized, provide valuable information and tax deductions won’t be missed and you keep more of your hard earned money.

Provides Business Plan Support

Reliable reporting on key financials is crucial for business development and making decisions. Additionally, you will need these business metrics for investor relations each time you look for financing or a loan.

Business owners greatly benefit from involving accountants in fine-tuning their business plans, creating a reliable map to secure funding, managing cash flow, and achieving their companies' goals.

Manages Your Business Assets

Running a successful business is impossible without effective management of your business assets. This includes physical and digital asset management, intellectual property management, and keeping a record of all your assets, including their price and their accumulated depreciation.

Entrusting the management of your business assets to experienced professionals will help cut downtime, boost your business value, reduce the cost of ownership and help you with compliance and succession planning.

Handles Taxation Process

Business accountants also fulfill the role of your tax advisor, helping with all business taxes that apply to your particular situation. Tax advisory services involve more than tax filing; they include tax planning and developing strategies suited to your company’s needs.

Professional tax advisors will keep you abreast of filing deadlines and changing compliance requirements. They will provide you with peace of mind and prevent potential penalties and late fees.

Business Valuation

Business valuation is essential not only for those who are looking to sell their companies but also for entrepreneurs who are assessing new opportunities. It provides a bird’s-eye view of the company's strengths and weaknesses and helps to plan for future growth.

An effective business valuation is both an art and science and employs a wide range of methods to ensure correct results are obtained. For this reason, business valuation should always be entrusted to experts, and your business accountant is in the best position to offer you just that.

Discover How You Could Benefit from Professional Accounting Services

Charles Ghadban Accounting in Ottawa has been providing clients with business accounting and tax advisory services since 1992. We have helped hundreds of companies with their strategic tax planning, business planning, business valuation, and effective management.

Our professional business accounting team fulfills day-to-day tasks, delivers complete bookkeeping and tax filing services, and provides effective record keeping and compliance. Call us at 613-234-7856 or email Charles Ghadban Accounting today to find out more about how we can help your business grow.