Unless you are an accountant yourself, you are likely enlisting the assistance of one for your business. As a business owner, you know that general bookkeeping is just the beginning. Every business owner needs an accountant with Canadian Revenue Agency technical expertise. Navigating through tax time every year can be frustrating at best and can find some business owners throwing in the towel. Finding someone with CRA technical expertise can truly make or break your business.
The tax maze
With tax software and quick fill forms, almost anyone can successfully file a basic personal tax return. For the business owner, no matter how small the business, CRA technical expertise is a must. It is also something that the average business owner does not possess. Tax time can feel like a maze that you can quickly get lost in. This is where the professionals come in. A great accounting firm will not only know how to balance the numbers in a way that makes sense to you, but that makes sense to the CRA. The Canada revenue service have their own way of doing things and complying with these ways is not an option. It is up to the accounting professionals to understand the various forms, codes and formats available to each of their clients. This is CRA technical expertise.
Filling in the communication gap
A business owner can spend the better part his/her day trying to speak to a human while on the phone with the CRA. You may need something as simple as an industry code and finding such things is possible through their website, but again, CRA technical expertise is needed in order to source this information. Without it, a business owner can get lost in a sea of numbers and come out with more questions than answers. Time is money and when you’re paying someone who already has the answers you need, your resources can be better used and this makes good business sense.
Ever changing guidelines
Tax law and both provincial and federal regulations are ever changing. Keeping up can be next to impossible. When you enlist the services of an accounting firm that has CRA technical expertise, this often confusing phenomena is no longer your problem. The business owner is often notified of changes before they even happen. Having CRA technical expertise will ensure that an audit, whether random or not, will have you breathing easy knowing that everything is in order.
Tax services and bookkeeping aren’t what any business owner dreamed of doing when they decided to open up shop. It’s not glamorous and yet it’s an important part of any business. Finding an accountant that has both CRA technical expertise, along with experience will save your business time and resources. It will give you peace of mind and limit your exposure to the government. For anyone trying to provide a product or service, this is worth the cost of doing business.