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Key Reasons Why Your Small Business Needs a Chartered Accountant

If you’re looking for an accountant for your business, you’ve probably thought about hiring a chartered accountant. What makes them different from a regular accountant is that they possess certain knowledge and skills that make them an asset to your business. They can find ways to help you boost your profit margin and even help your company grow.

Key Reasons Why Your Small Business Needs a Chartered Accountant

There are chartered accountants in Toronto that you can hire and they can use their knowledge in business management, financing, risk management and taxation to help your business succeed. There are other good reasons to invest in their services:

  1. They can restructure corporate procedures. They are trained to analyze a company’s methods and find out if there are areas that can be improved to enhance financial processes tailored to the needs of the business.
  1. They know how to formulate business plans. If you’re a startup, a chartered accountant can provide advice and guidance on how you should go about creating your business plan.
  1. They can help your company go through auditing processes and save you the hassle of doing it yourself.
  1. Chartered accountants are well-versed in performing complex tax strategies so during acquisition and mergers, they can help with the planning process. They can also give sound advice on the financial aspect of the merger.
  1. As you expand your business, your tax requirements will also change. A chartered accountant ensures you reduce your tax payments and still remain in compliant with the law.
  1. They have the training and knowledge in helping you decide whether you should register your business as a corporation, partnership or a sole proprietorship.
  1. With their guidance, you can manage your business taxes better, protect your interests and prevent your business from going under through sound planning and proper structure management.

Choosing a Chartered Accountant

In Toronto, there are many chartered accountants you can choose from but it’s important to do it right the first time. You need to decide what kind of services you need from your accountant and how much you’re willing to pay for their services.

While you may be tempted to just hire an accountant based on the lowest rate, remember that they are an investment and you get a much higher return than the cost of using their services.

They have had to undergo a 3-year training after graduating from an accounting degree and had to pass demanding exams to be allowed to practice. The examinations are also conducted each year and many candidates fail in such tests. Through the years, chartered accountants have built a reputation for integrity and competence, which is why many large corporations use their services. But even if you are a small or startup company, you have more to gain by hiring a chartered accountant. Choose wisely and you can benefit greatly from their services.

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