Small businesses are among the most significant contributors to the Canadian economy today. In recent years, they made up 98.1 percent of all employer businesses in the country. Because of that, there were 10.3 million individuals employed all over Canada in the past year.
Unfortunately, while small businesses continue to thrive in major Canadian cities like Toronto, they still face many challenges. These include keeping up with the latest tax laws and dealing with aggressive auditors that are unforgiving for even the slightest mistake. Today, tax auditors utilize the latest technologies to detect business irregularities and tax cheats.
Some business owners take it upon themselves to file their taxes. However, it could be risky. One mistake could significantly cost them their ventures.
That’s why partnering with the right accountant is vital to help small business owners comply with the latest tax law regulations and other accounting requirements. Keep reading below for helpful tips on choosing the right accountant for your business.
Do Extensive Research
When looking for an accountant, collecting referrals or recommendations is ideal. Once you gather a pool of desired professionals, do an extensive background check on each. Find out their credentials and tenure in the field. It’s also helpful to know their previous clients in the past, and the accounting they’ve provided.
Apart from asking around, the best places to start are online review sites. You might even come across the best tax accountant in Toronto or any major Canadian city when doing so.
Make It An Investment
Never skimp on good accountants. The best ones can help you file taxes while offering expert advice on specific areas that can help your business, finance-wise. That’s why you should never look for an accountant based on price but on expertise. If you find an accountant expensive, consider it a long-term investment for your business.
Must Be Tech-Savvy
Expert accountants should know the latest practices in their field. They should also utilize the latest tools to make their work more accessible and efficient. They must use workflow automation systems, cloud-based accounting technologies, and collaboration tools. Before hiring an accountant or partnering with an agency, it’s best to know what modern tools and techniques they are implementing to help their clients.
Must Be Comfortable To Work With
Of course, expertise won’t matter if you find the service provider uncomfortable to work with. If you dislike your desired accountant personally, it’s best to look for a new one.
Remember that you must partner with someone you can work with for a long time. Changing accountants will be challenging over time. That’s why before hiring or partnering with someone, it’s best to find out if that person is collaborative and has excellent people skills.
Let the Professionals Take Care of Your Taxes
Taking care of your accounting needs is risky, even if you know how. Don’t let your hard work go to waste by making an accounting mistake. Entrust crucial financial areas like taxes to the professionals so you can focus better on growing your business.
