Professional accountants are required to complete a mandatory number of hours of professional development every year to ensure that we stay up-to-date with the large number of changes in the accounting industry. We adhere to a strict code of principles and ethics or risk losing the trust of the clients we serve, and eventually the public. Anyone can use the term “accountant” to refer to themselves, but only a professional accountant will have access to the skill base and current knowledge that is valuable to the public.
If you run a business, whether incorporated or self-employed, your time should be utilized where it is most valuable and for what you do best; running your business. Your free time for friends and family is just as valuable and should not be sacrificed to attempt to learn and keep on top of the numerous accounting changes. A professional accountant is available to provide you with this service. We have seen it time again, clients who show up to their consultation calls who were used to doing it themselves.
The do-it-yourself method has historically shown that it will cost you more in taxes than the fee you would pay to have a professional accountant apply their knowledge for you.
In today’s accounting and tax world the standards and rules are complicated. It is reality that the do-it-yourself method likely will cost you more in taxes than the fee you would pay to have a professional accountant apply their knowledge for you. A claim of too much or too little can cause headaches with the Canada Revenue Agency and potentially trigger an audit. If the Canada Revenue Agency does come into the picture, your professional accountant will also work with them to ensure that everything complies with the required standards audited by the CRA.
Whether starting a business, running a business, investing, tax planning, estate planning and everything in between, it is important to find an accountant that you can connect and feel confident with. The ones who truly find a good accountant, always refer to them as one of the best investments they’ve made in their financial success.