Accountants can assist you with their expertise at various stages where the growth of your small business is concerned. You have been asking, when should one hire a BFC accountant?
Hire an accountant to deal with Canada Revenue Agency, CRA or the government
It can be a little scary and nail-biting dealing with CRA tax filings and paperwork when you trying to make your business stay in ship shape. It makes sense that a good number of small business owners would much prefer hiring an accountant, especially during the first tax filing season.
Our accountants can assist you to run your business not just tax returns. They are knowledgeable and experienced in guiding your company in dealing with the government in so many other ways.
Our professional accountants will help you to:
- complete and file all legal and compliance documents required for your business to operate
- make sure your company is up to date with current tax laws
- prepare annual statements of accounts
- keep your company’s status updated with the government’s registration
- maintain all records of all directors and other administrative staff
- organize and record shares and stock allocation – during the business formation, when partners resign and when new partners are brought on board
- handle your employee payroll whilst ensuring all employees tax codes and payments are properly recorded
Preparing your tax documents the right way is a money-saver – and could even be more money saved than what your accountant charges you. Any good accountant will apply their experience and knowledge of Canada tax laws to recommend options to help you free up cash flow, save money and raise capital for business and other project expansions.
Challenges in growing a small business in Canada
There are several important reasons to hire an accountant from Baffilk Financial Consulting during the various stages of the growth of your company. Starting from the business plan, formation of the company, loan application and even government audit, a BFC accountant can make the process easier for you and your company at every step of the way.
The good thing about this is, you do not need to employ a BFC accountant full-time. You don’t even need to hire us on a retainer basis. There are times you may only need our services for a couple of hours and that’s it. You may also subscribe to any of our services which best suits your companies needs.
Just like any small business owner, you are always trying to save money. This might make you think you can’t afford an accountant from BFC. Please consider how long it takes to learn, understand and undertake certain tax tasks even on automated tools like Turbo Tax. Do you think it is worth the use of your entire week or two trying to save a couple of hundreds of dollars by filing your company’s taxes and keeping your books all cleaned up?
Let’s dig a little deeper. Let’s say 10 hours is how long it takes you to file your company’s taxes. Since you’re trying to build a multi-million dollar company, let’s round off your worth experience and time investment $100 per hour’s worth. That’s still $1000 of input just to file your company’s taxes all by yourself. What’s more, you will make mistakes – most business owners are doing several things at a time hence mistakes are inevitable.
On the other hand, if you secure the services of a BFC accountant, all those time-consuming tasks like taxes will be taken care of. And it will not cost $100 per hour in most cases. This leaves you with extra time to come up with new revenue generation ideas, the peace of mind of knowing an expert is handling your books hence all details will be covered without any errors.
Let’s look at other scenarios for any growing small business and how our expert accountants at BFC may be able to assist.
When creating a business plan, you need a BFC accountant
It’s important to secure the services of a BFC accountant during the writing of your business plan. With our expansive knowledge in accounting, we utilize the right accounting software which will enable us to create financial projections and relevant reports needed. That is how a formidable, sound, realistic and professional business plan is created for success. Our business plan packages have been created to get you started right away.