When we sell our home, we hire a realtor. When we need our teeth cleaned, we visit the dentist. When we purchase a vehicle, we find an insurance agent. What about an accountant? When do we need them, and why? What do they actually do anyway?
Accountants make sure it all adds up.
The biggest misconception with accounting services is that you won’t require their assistance until you’ve reached a certain point in your life or your business: owning a corporation, having employees, or perhaps reaching a certain income level. This is completely untrue and just one of the myths surrounding accounting services.
Just this month, we were visited by a recent college graduate who was about to embark on a new career as a freelancer and discovered this fact for herself. She was (in her own words) “completely clueless” about how to register her business, set up GST, or file taxes. Yet she had never considered herself someone who would need her own accountant. She figured she could figure it out because… isn’t that what everyone just starting out does?
Most people will benefit immensely from hiring an accountant,
whichever stage of life they are in.
It was only upon the advice of a colleague that she booked an appointment to come see us for a free consultation. She was hesitant about the cost to benefit ratio and opened the meeting with one very direct question: “Okay, but do I actually need an accountant?” While our response may have been a bit biased, we reviewed her account and affirmed that yes, she did very much need an accountant.
Here are our Top 5 reasons why having an accountant will make sure it all adds up for you:
No. 5 To Taxes… and Beyond
Accountants do a heck of a lot more than just file tax returns (although we certainly are experts in that field). Our services cover all aspects of business and financial planning that will not only help keep you in the black and save you time, but also make your life simpler and easier. These services include:
Business account reviews and advice
Financial reporting (private and not-for-profit)
Mergers, Acquisitions, Business Valuations
Financial Controller Services
So yeah… we do a lot.
No. 4 Time is Money
Taxes, investments, and bookkeeping can all take an immense amount of time and energy. Especially when you need them done properly, on time, and without errors. We can all relate to the business of life and adding those extra tasks to the to-do list can feel overwhelming, or for some, just plain annoying.
By hiring an accountant to manage these tasks, you immediately have more time to focus on running your life, running your business, or both. Think of your accountant as a tactical advisor, working alongside you to help you reach your goals and make the most out of every dollar earned.
Who doesn’t love the idea of making more money?
No. 3 Hello Deductions!
Speaking of every dollar earned, there is no better way to make sure it all adds up than by putting your hard earned finances in the hands of an accounting expert. Even if you think are taking advantage of every deduction opportunity,
Chances are you’re either missing deductions
or not fully maximizing the ones you do use.
Your accountant will work with you to review expenses so you can plan ahead for the year, and apply every deduction possible. This is key to boosting returns, offsetting accounting costs, and some will argue, the most important reason to hire an accountant. You could pay a smaller cost to go to a generic tax preparation company, or file yourself; However, without proper knowledge and experience, things will ultimately get missed. Use an accountant and almost like magic, your return just tripled.
On the flip side, there are the deductions you are not allowed to use. It is extremely common to hear someone use a deduction due to word of mouth, only to accidentally commit fraud or face an audit. It may sound extreme, but it is incredibly common and completely avoidable.
We believe it is always better to be safe than sorry.
No. 2 Audits Are Not Fun
Anyone who has been through an audit will tell you… it ain’t a good time. But here’s the thing, accountants kind of know what they’re doing. As in we really, really know what we’re doing. So while we can’t control if or when an audit occurs, your chances of getting audited reduce significantly when you use the guidance of an accountant all year-round.
In the event that an unexpected audit does occur, you can be worry-free knowing you’re ultra prepared. You will also have additional support to get you through the process in the most efficient and painless manner.
*Insert joke about crying on accountant’s shoulder here*
No. 1 Knowledge and Support
Accountants aren’t just number crunchers or bean counters. We are your partner for financial success. Accountants are there to provide you with the knowledge you need to make decisions that are right for you. We’re kind of like walking encyclopedias in therapist form. As accountants, we have a vast array of information and tools stored within us, ready to consult, advise and support you with. We will use an objective point of view to help you see the whole of a situation, while leaving the decision making completely up to you.
We also get to know a lot about you personally and professionally. For some it can feel intimidating to let someone else in on your finances, especially if you are “completely clueless”, or haven’t always done a great job of taking care of them. This is what makes accountants so great. We will build a relationship with you that goes beyond just numbers (and we promise we’re not as boring as we sound). Getting to know you is a part of the accounting process and will help us develop an appropriate game plan for your life and for your business. A short conversation might spark a big strategy. A general comment might add up to a new deduction. A free consult might make you change your newly graduated and highly skeptical mind about accounting services.
Now that you’ve seen our top 5 reasons why you need an accountant, it’s time to ask yourself, “Do I need an accountant?”
Whether you already know the answer, or are still wondering how it all adds up, book an appointment to come chat with us. We’ll walk you through all of our services, review your situation, and who knows? You might even have a good time while you’re here.