4 Worthy Reasons For Small Businesses To Hire Chartered Accountants

Ever-changing business requirements and changing economy have altered and enhanced the importance and vitality of chartered accountants. Starting off with a business on your own is one thing and managing every nook and corner of your business is another part of it. Most entrepreneurs love to be their own boss and work single-handedly but this is not always possible as you might miss out some vital parts of your business which requires professional assistance. A business included different tasks call for professionals and experts in monetary matters. This is why most small businesses hire chartered accountants to reduce costs and increase profits. Maintaining financial statements, tax filings, auditing and managing other business liabilities are some other tasks or responsibilities of a chartered account. Take a look at the valid reasons for hiring one for your company.

  1. Knowing the formats of setting up a new business: It is a responsible chartered accountant who will inform you about the different business formats that are there and the different risks that are involved with each. He will advice you on whether or not you should work as a partnership or a sole proprietor or a limited company. Do you require registering for VAT in sole proprietorship or what will be the way of sharing legal liabilities in a partnership? All these will be informed by the CA. If you wish to set up a limited company, he will also tell you about the strict rules that you need to follow.
  2. Maintaining financial records: When a business is registered for VAT, then the entrepreneur has to maintain a proper record of the finances to compute the tax. Due to the strict requirements of the custom and excise duty, it is mandatory to maintain records in the correct manner and also keep checking it from time to time. The CA will prepare all such management figures for you and also suggest the results of his efforts in board meetings. He speaks on your behalf.
  3. Controlling business costs: The chartered accountant will assist you in drawing a realistic budget and also analyze the performance of the company on that particular budget. He will advise you about balancing and controlling the variable and the fixed costs for best performance and results. In short, he will ensure that the regular business activities are tailored in such a manner that they prevent mistakes and offer checks for them.
  4. Handles taxation issues: Who doesn’t want some loopholes to save tax here and there? Ultimately, we all want increased profits and fewer taxes. It is a CA who will tell about the ways in which you can legally save tax. Seek his help before going in for any financial transaction. You can even ask for his help while paying your employees and look for some other cost-effective ways of diminishing the overall costs.

Hence, if you’re residing in Toronto, look for chartered accountants Toronto who can provide you the above mentioned services and ease off the process of operating a business amidst the tough competition.