The team at White Kennedy offers assistance to small business owners including essential tax and business advice.

The team at White Kennedy offers assistance to small business owners including essential tax and business advice.

Small Business Week: The importance of an accountant

A small business accountant can help you figure out the best way to use your assets for the most beneficial financial advantage.

A small business accountant can help you figure out the best way to use your assets for the most beneficial financial advantage.

There are many benefits you can receive from engaging the expertise of an accountant for your small business. Accountants don’t just crunch numbers; they can provide worthwhile and essential tax and business advice that is vital to your company and its future success.

While small business owners are often usually experts in their own field or industry, rarely are they accounting or tax experts. An accountant can provide information that will shed valuable light on how to save and manage money for the best chance of success for your small business. Below are some reasons to hire a small business accountant.

Reason #1 – Business Assets

An accountant will become familiar with and handle the business assets, including the total ledger balance and its detailed credits, debits, profits and losses. Accountants are in a position to provide advice on how to keep monetary resources up or better them, since they have the specific insight into the financial position of your small business.

Reason #2 – Tax Assessments

Accountants are up to date on and have the appropriate Canadian tax knowledge for small businesses. They can also help to verify compliance for you, which will ward off taxation troubles. Accountants also know about various taxation breaks as they occur so that you can get the best value claim reward available.

Reason #3 – Technical Financial Systems

Many accountants are extremely skillful and updated on how to apply the latest technical aspects for accounting, such as software that enables quick statements and reports, as well as access to financial information. This can also help a business owner in other areas of their business, with access to some of the most organized accounting systems.

Reason #4 – Business Planning

An accounting firm can act as advisor and perform business reviews to provide information that will be important for key financial reports that your company will rely upon to make other important business decisions.

Accountants can assist with appraising the viability of future projects with net income and cash flow forecasts. The expertise of a professional accountant can be instrumental in preparing business proposals and plans that will grow your company.

Accountants often have experience in similar business organizations to yours, which will provide worthwhile business experience advice for your company. An example is that the accountant could provide useful suggestions from evaluation calculations and by setting income targets grounded upon your particular fiscal situation and business organization targets.

Reason #5 – Networking and Referrals

Because of the respect that they receive in the business community, accountants can also provide valuable networking contacts that can help to easily grow your business organically.

Professional accountants have similar customers that can be utilized as relevant contacts that may be referred to other clients. This also helps with networking for selling, buying and with potential business partnerships as well as other ventures.

White Kennedy LLP is the South Okanagan’s largest independently owned Chartered Professional Accounting firm with offices in Penticton, Osoyoos and West Kelowna to serve you.