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Ten Signs A Small Business Requires A Chartered Accountant

Author : Phillip Maguire

Submitted : 2010-05-20 15:10:18    Word Count : 552    Popularity:   13

Tags:   tax accountant toronto, chartered accountant toronto, small business accountant toronto, tax returns toronto, tax accounting service toronto, personal tax accountant toronto, tax accountant for

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Here are the Top Ten Signs that your business could benefit from the services of a Chartered Accountant.

1. You do not understand the company's financial statements. Financial statements should be accurate as these important documents help owners determine how profitable and financially strong their business has been. In the event that this statement seems flawed, one should hire a Chartered Accountant for further verification.

2. You are paying too much tax. Most of the Chartered Accountants in Toronto (and across Canada) are good at tax planning and can help you create money saving strategies.

3. The Company is facing losses and not earning as much as they expected. A Chartered Accountant can help find out how to reduce cost and find more ways to get higher profits.

4. The records are not well organized. Chartered Accountants can help collect all your unorganized receipts and documents and organize them to create valid and accurate reports.

5. The Business is growing too quickly and you feel out of control. When businesses grow faster than anticipated, owners often lose track and control of the financial and operational departments. Chartered Accountants can help fix the company's organizational structure and provide recommendations for better operation.

6. Your Company needs a bank loan or a credit line. Requirements by some banks state that a Chartered Accountant has to create or verify the company's financial statements in order to process the application. Chartered Accountants in Toronto (and across Canada) can provide this service to their clients.

7. You are in trouble with the CRA (Canada Revenue Agency). In the event taxes were never filed or were filed late, the CRA could impose substantial fines and interest to the company. Chartered Accountants could help you file the tax and even attempt to waive charges and fines imposed by filing under the Voluntary Disclosure Program.

8. Your Canadian business is potentially expanding into the US. Many tax considerations need to be made before a company in Canada expands into the United States. Note the following considerations.
- How to efficiently take the profits back to Canada, with taxes in consideration.
- How to transfer the price.
- Which state has the lower tax rates and would be a better place to set up the corporation.
- Should this US Corporation be a part of the Canadian Corporation or must it be owned as a separate entity?

There are many Chartered Accountants in Canada that will provide the tax advice needed to smoothly expand into United States market.

9. You do not have a way of getting out of the business. Some would need to hire a Chartered Accountant to help them leave the business without foregoing their assets.

10. Your accountant does not possess a professional title. If your accountant does not have the right title, you face the risk of not maximizing opportunities that can save you money or increase profit. For local businesses in the Greater Toronto Area of Ontario, many of the Chartered Accountants in Toronto are registered with the Institute of Chartered Accountants of Ontario. For elsewhere in Canada, a business can source from Toronto or look for registration with their provisional CA institutes.

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Madan Chartered Accountant Toronto offers accounting and tax return preparation services for corporations, small businesses, independent contractors, self employed, individuals and investors. Tax Accountant Toronto, is available to assist clients in the Greater Toronto Area and invites you to a FREE accounting consultation to review your financial situation to see if we are a right fit for you.

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