When you own and operate a business, whether incorporated or a sole proprietor, it’s tempting to save money by filing your own taxes. Which is why we know we’ve got our work cut out for us to make the case for hiring an accountant.
Accountants are business finance rock stars. Not because they have pretty faces and epic management skills, but because they are the best at what they do. Accountants have completed several years of education in preparation for this career. They are dedicated to learning everything there is to know about bookkeeping best practices. They do all of this so that you can concentrate on running your business, rather than muddle through the CRA website and tax forms.
“But it’s still cheaper if I do it myself, and I can do it myself.” True! Mostly. Here are some more reasons to hire an accountant this tax season.
They already know what’s changed since last year’s tax filing.
Changes to taxes happen every year. While all of the information is readily available, you still have to take the time to learn about it and find out whether it applies. Your accountant already knows whether it applies to you, whether it’s advantageous, and how to plan ahead. That’s right, your accountant-filed taxes put you in touch with a savvy advisor for all of your business finances consultation needs!
They know about tax credits you didn’t know you qualified for
When you fill out your own tax file with software, while fairly accurate, the prompts are generalized. Your accountant, on the other hand, knows federal and provincial tax lines backward and forwards. They can find you savings that you didn’t realize were available because you were bogged down by accounting vocabulary.
Hiring an accountant will cost money, but save you time and stress.
Hiring an accountant costs money, but ultimately it will cost you way more if you file on your own. The deductions that your accountant knows about will reduce your taxes owed significantly more than the cost of the service. We’re talking hundreds if not thousands of dollar saved. All you have to do is pass the paperwork on to the accountant and let them sweat while you concentrate on billable work*. Even better, if you use cloud accounting grant your accountant online access and leave out the paper-pile-gathering.
*But they won’t sweat because this stuff is second nature to them!
Hiring an accountant provides you peace of mind.
Finally, your accountant acts as your legal representation and support should the CRA have cause to contact you. If the CRA calls you, you just tell them to call your accountant. Your accountant will talk to the CRA on your behalf and discuss the issue. This saves you from unnecessary stress and confusion. Then they will discuss the details with you and help you clear up the issue, or walk with you through an audit.
Upside Accounting’s specialty in cloud accounting allows us to serve SMBs and freelancers of all kinds from all over Canada. Contact us to find out how we can help make tax time stress free for you and your business by calling (226) 214-3233.