Are you in the habit of not keeping up with important financial information for your business? You can get audited by the Canada Revenue Agency (CRA) if you file taxes with the wrong calculations, so you may want to get assistance from an accountant to avoid the trouble. Find out in this article how an accountant can be beneficial for keeping business finances on track, as well as what kind of fees you may be charged for the help.
Why Hire a Business Accountant?
The most important offered by a business accountant is keeping accurate records of how much money your business is making. If you file takes with the CRA and put an amount of profits that is less than you are actually receiving, you can find yourself in legal trouble. An accountant will take the time to make a note and file away each receipt that shows you made a profit.
A business accountant is also handy for getting a tax break if your business lost profits rather than making them. For instance, it you purchased a large amount of inventory but failed to sell it, an accountant will put it on file as loss profits. Showing the CRA that you suffered a financial burden can prevent you from overpaying your taxes.
An accountant will also provide the service of payroll tracking for your business. If you have a lot of employees, it is easy to lose count of how much you are paying them if you are unorganized. Payroll tracking is not only important when it comes to keeping your business finances in order, but also because the CRA will need the calculation when you file taxes. Keeping track of what each employee is paid can also give you evidence in case one of them decides to file a fraudulent lawsuit for lost wages.
How Much is a Business Accountant Estimated to Charge?
The fees charged by a business accountant will depend on the extent of services that you need help with. You are looking to spend a minimum of $100 per hour, but the price can be as much as $275 per hour on the highest end of the scale. Keep in mind that it is possible that you will have to pay a retainer fee that allows the accountant to deduct the hourly rate out of an upfront lump sum of money. Speak to a company like Padgett Business Services Accountant to get assistance as soon as possible.