The accountant that you choose for your business plays a vital role in bringing in success. Apart from ensuring that all financial transaction of the company is in place, they also serve many different services that help promote the success of the business. They take care of the systematic recording of the books, the computation of the taxes and the identification of the different ways the company can reduce its taxes. However, when the simple procedures are not taken care of, it might be time to think of hiring a new accountant for your business.
Outsourcing your accounting work from an established accounting firm in Edmonton is always the best way to go. Not only will a lousy accountant ruin the books, but it could cause multiple problems for the company. But how do you know that it is time to hire a new accountant? Here are some tell-tale signs:
- They file the returns late. Tardiness in filing for tax returns is not a good sign. Not only do such actions attract penalties that could cost the company more, but it could be a precedent of something worse. A professional accountant knows the importance and high value that comes with the work that they do. When they hand in their work late, they are not doing the job they are supposed to do. If talking to your accountant isn’t working, then it is time to hire a new one who can do the situation with the utmost professionalism.
- How well does he know the craft? Accounting is not for everyone, and only those who know the terms, processes and the laws should be doing the job. Whether it is about tax-free benefits or tax deductions, it is essential that you work with an accountant who can explain these ideas to you with confidence and ease. Inadequate knowledge of all these accounting terms should be a clear sign that you need to hire a new one right away.
- Most small businesses and start-up owners need a thorough explanation of their financial statements. If the accountant you are working with is not equipped with the skills to help you understand such, then making the business grow financially may become more challenging than it already is. When your accountant could not answer queries that you might have concerning your financial statements, then it is best to look for an accountant who can.
Not all accountants are the same. When your accountant is hiding information from you, could not explain the books or is seemingly manipulating business accounts, it is time to consider hiring a new one. Make sure when you hire a new one, outsource it from reputable accounting firms in Edmonton to ensure the quality of work that you will get.
If you are running your own business, you should assign somebody else to maintain your finances for you Doing both can be a bit overwhelming. You have to make sure you have certified accountants in Edmonton to look after your business finances. Although some business owners may think that it is best to do their accounting, not to mention that they believe it would be so much cheaper, it comes with its own set of disadvantages as well. When juggling too many responsibilities, there’s no doubt that mistakes will happen.
Sadly, such mistakes in the financial books of could create much more significant problems during the audit of your company’s financial statement. Whether it is an annual audit or a random audit of your firm within the fiscal year, it is essential that you know what to prepare. Not only will this make the review easier and faster, but it will prove it more efficient. Before the accounting firm in Edmonton comes in to do the audit, here are the things you must get prepared:
- Keep the Books Updated, Daily if Possible
If you want to save yourself from doing all the tallying days before the accountant arrives to do the audit, make sure you got all the books updated to date. In businesses when monetary transactions are formed on a day to day basis, it is suggested that you keep the books updated every day. Maintaining the books updated will help you not to forget essential transactions later. After all, the tally of the books will be the first thing that the auditor will look for. It is best that it is ready.
- Keep the Receipts Organized
Whether the audit will happen today or tomorrow, you have to make sure that the receipts are ready and are piled up accordingly. Whether it is incomes or expenses, everything must be arranged according to date. The chronological arrangements of the receipts will help keep the time spent double-checking book entries to a minimum. When the revenues are readily accessible to the accountant, it will make the auditing so much easier.
- Keep yourself Ready and Open to Questions
It is certain that the auditors will have their questions to ask. Ost of them to clarify the details of the expenses. Significant changes, whether it is the rise of fall in expenditures, will bring them to ask you some questions to help clarify and justify the changes. The other problems may concern the accuracy of the entries in the books. And then there are issues about tax compliance of the company. Be prepared to answer all the questions. After all, they are there to help you clear the books and get the balance that you need.
With so many things that need to be done to keep the business running, it is best to ask the experts to prepare all the necessary documents, including the books, for the audit. The audit is aimed at ensuring that you know the flow of cash in the business.
As you welcome the New Year, it is essential to engage in projects that can help shape a good year for your business. There is no better time to start with new projects that will not only increase business revenues but will assist in the promotion of its products and services too. What kind of projects should you engage in? Here are some ideas you can try:
· Go back to School
When was the last time you learned a new skill you can turn into a business opportunity? If you can no longer remember what it was or when it was, it’s a reminder that it may be the perfect time to go to school. The start of the years brings new opportunities for growth, and there is no better way to improve your business than to offer your clients something new. You can only do this when you submit yourself to new learning and training as well. Read a good book or attend a workshop on something you may be interested in. Who knows you might find a new business venture you’d find success in.
· It’s Time for a Sale!
You end each fiscal year with an inventory. You make a list of what you have and what you have spent in the last year. This is to make sure that you find balance in what needs to be purchased in the coming year. Now that the new year has started, it may be time to say goodbye to old goods to have space to welcome new ones. A garage sale would be a perfect avenue to liquidate the assets that you have. The money that you get out of it can be used for the other needs of the business. The slower moving items in your inventory should help you figure out the many ways you can improve your services to your clients.
· Find out What Brings in More Money
If you are in the business of handling more than a handful of goods and services, it may be time to distinguish the ones that bring in the profit. Breaking the numbers to find out the margins of the products that bring in money to the company against those that are in stock but are rather slow-moving should help you manage the company more. Knowing all these will help you make better decisions for the business to ensure that everything you are holding on to bring in profit.
Is the new year going to bring in more success? It is really up to you. Refresh your finances with these three activities and see the difference that these can make.
Your employees would be eagerly waiting for some celebration during the holiday season. For small or medium businesses, parties can indeed be a costly affair. So even if you plan an office party, you might cut down on certain things and minimize the cost. However, this may not be a good idea if your party lacks certain elements (the ones that cost more than others like some fine delicacy or drinks, live DJ). Such parties tend to be boring and it would’ve been much better if you didn’t have one instead. In fact, having a good party has many benefits for the organization. Since Christmas is near, you can have a Christmas party for your employees. Here are some of the benefits why you should celebrate Christmas at the office.
Enhances Employee Engagement
One of the reasons to have a Christmas celebration at the office is because it enhances the employee engagement. Parties act as an ice-breaker and employees socialize with each other. Moreover, as people begin to talk to each other it helps to develop a good rapport among the employees. This leads to increasing the morale of the employees. So having a Christmas party has some long-term benefits for your organization.
Wondering what benefits your business will have from giving parties? Well, you are allowed to get some tax free benefits for offering Christmas parties. In fact, the bigger the party the better it is instead of having a small celebration. If you have a Christmas party that is costing more than $100 per employee, then you can claim the taxable benefits for your organization. Such parties are considered to be beyond the privilege point and hence, you get taxable benefits for the same.
Christmas parties are indeed a great way to have fun and break away from the busy work schedule. However, if your business is experiencing cash-flow problems, it is not easy to throw a party. So what do you when you have a limited amount of cash for an office party? You can follow the tips mentioned below.
Have Party at Workplace
Instead of having the Christmas party at an expensive hotel or restaurant, you can have it at your workplace. You can organize a party at the game rooms, the foyers or in the office canteen. This way you do not have to spend on the place of the party.
Have Pot Meals
Christmas is also known for sharing with each other. So, you can ask your employees to get a specific dish for the party and share with among the co-workers. This way your main headache of spending money for the meals can be reduced. You can instead provide your employees with soft drinks and starters and the main course can be managed by your employees.
Assign an Inhouse DJ
In your organization, there should be at least one person who has a good collection of songs and a sound system. Instead of hiring a DJ, find out who that one person is and assign him as your in-house DJ for the Christmas party.
These are some tips that will help you on saving cost when you celebrate Christmas at the office. So the next time when you plan an office party, make note of the above-mentioned points. Increasing employee morale and getting tax free benefits for your organization are some of the advantages when you celebrate Christmas at the office. To know how you can get tax benefits for the same, consult a professional accountant.