5 Reasons Why You Need an Accountant for Your Small Business

Do you know what the Alberta Corporate Tax Act is and how it pertains to your business? If not, you should consider hiring a professional accountant in Calgary. It will save valuable time needed to focus on your clients and services.

Finance and accounting can be confusing, even if you have some experience in these fields. Not only do you need to know about the tax act, but regulatory laws, tax consequences, and recordkeeping.

Small business owners have a lot to deal with, but the hassle of keeping up with financial records shouldn't be one of them. The simple solution is to leave it all to the experts.

If you're one of Calgary's many small business owners, chances are you're looking for efficiency and cost savings. One of the best ways to achieve these is to hire an accountant.

We've got five reasons why hiring an accountant for your small business is a savvy move.

1. An Accountant in Calgary Does Your Taxes

Often, business owners are unaware of the many tax advantages available to them. A small business accountant like Masone and Company can help you with:

• Tax deductions and credits

• Organize your financial records

• Prepare tax returns

• Payroll

• Accounts payables and receivables

Depending on the size of your business and the level of risk you're exposed to, you may have complex taxes, investment propositions, and more.

2. Keep Your Business Compliant

It's easy to think of financial auditing and record-keeping as standard business compliance responsibilities. In reality, there's a lot more to accounting.

A financial advisor will help create a culture of openness and responsibility. A business owner must prevent financial risks. A business accountant helps by getting rid of discrepancies and inconsistencies.

3. Assist With Accounts Receivables

There are different types of accounts. A small business accountant can handle your invoices, payments, and collections. It'll give you more time to focus on things like winning over new clients.

Plus, they can help protect your business from employee fraud and theft.

4. Process Payroll

You must keep an eye on many things, from managing employee schedules to keeping track of your inventory. One of the most important tasks you can never forget about is payroll.

Hiring an accountant ensures your employees are paid on time, and taxes and deductions get withheld. Plus, an accountant can track employee's PTO, holiday pay, and sick days.

5. Professional Financial Advice

As a business owner, you know the risks associated with cash liquidity. Some financial risks require expert advice, such as the BIA tax levy.

A business doing well may have surplus accumulated cash reserves. An accountant can provide expert advice on investments.

Your business's financial strategy is a critical decision, so make sure it's made with the assistance of a business accountant in Calgary.

It's Time to Hire a Business Accountant

A small business accountant in Calvary can help business owners save money, comply with regulations, and much more. If you've ever considered hiring an accountant, you've come to the right place.

Masone and Company has a team of highly qualified accountants ready to help you with your small business. Get in touch with us today to learn more.