Although most people think of accounting firms as being most useful during tax season, we pride ourselves on helping our clients all year long as well as helping to demystify the process of running a business.
One of the most frequent pieces of feedback we get from new clients is:
“Until discussing this with you, I didn’t know how this worked.” This applies to tax brackets, the benefit of having income to declare and paying taxes, why some things are a legitimate deduction and others are not, why you should or should not incorporate and many other aspects of running a business.
This is less about giving ourselves a pat on the back (although we did a great job this tax season!) but more an illustration of how we help business owners.
We often get people calling to find out how much it costs for us to prepare their tax return. Comparison shopping is certainly valuable, but there are a number of questions that have to be answered before we can give you a price.
When we bring clients on board for the first time, we’ll set aside 60 to 90 minutes to discuss common issues and find out if they apply. We want to learn what stage the business is at and where the owner hopes the business will go.
Our goal is to help people get a better understanding of their situation. They don’t want to be tax experts, but they want to know why things are the way there are. For instance, incorporation comes up frequently. That discussion is different for each business and each stage of business. Getting it wrong can be expensive.
We also help people think about what their next steps will be and let them know what sort of events should trigger our next discussion. When should you register for HST? When you need additional staff, it is better to have a contractor or an employee? Is it time to incorporate?
We don’t want to bombard people with information, but roll it out as time goes by so it doesn’t become overwhelming.
The bottom line is that we don’t expect people to know the answers – or even know which questions to ask. The people you’re working with should know the things you should be asking about.
If things in your business have changed or you only speak with your accountant once a year, please don’t hesitate to get in touch.
Testimonial: For the first time in all my years of business I feel comfortable with my taxes. You taking your time yesterday made all the difference in the world. I look forward to building on this relationship as my business grows. 🙂