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3 Signs You Need a Tax Accountant

While some individuals are able to file their taxes without too much difficulty, others — particularly small business owners — need to look for a tax accountant in Montreal to ensure their taxes are filed properly. After all, as a business owner, your financial situation is much more complex and will often require professional help. Getting this help will allow you to save time and avoid stress. Even more importantly, enlisting a professional’s assistance can ensure you don’t make a costly financial mistake. The following are common signs you could benefit from an accountant.

1.    You Don’t Know All the Regulations

In Canada, businesses are subjected to strict tax and reporting requirements. To further complicate matters, many of these regulations change from year to year. If you don’t fully comply with these regulations and fail to pay the right type of taxes, you could easily find yourself subjected to fines, penalties, or even an audit. Tax accountants use their knowledge of these regulations to help you stay compliant. If an audit does occur, they will use their know-how to guide you through the process. Better yet, they can help you identify deductions and tax credits that will reduce your business’s payment obligations.

2. Expansion is Coming

Whether you’ve recently undergone a period of rapid growth or you’re hoping to expand, hiring additional employees and increasing the breadth of your operations will naturally result in additional accounting paperwork. From payroll to income reports, these items can add up quite quickly. You don’t want to be left fully responsible for managing these items, particularly if you wish to devote your efforts to growing your business. Letting a professional handle the accounting side of things will allow you to make a greater impact for your company’s other key growth metrics.

3. You Need to Create Professional Reports

Many startups rely on investors to provide the funding needed to get their business moving. However, these same investors who offer financial support also expect professional reports that detail how their money is being used. If you struggle creating reports or are confused by certain financial terms, hiring an accountant is an absolute must. An accountant will ensure that all vital financial information is included in your reports and plans so that you can better understand your current situation and keep investors happy.

Make Things Easier

Ultimately, enlisting the help of a professional accountant will make life easier as you try to manage your business. By entrusting these vital tasks to a professional, you can have peace of mind as you devote your efforts to your own area of expertise and grow your company.

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