Working with a company that offers accounting services in Calgary to support your business can make it easier to refocus your energy on daily work requirements rather than running the numbers continually. However, these services provide the most value to your business when you engage with your accountants regularly to gain important insights and better understand how to make their work more valuable to you. Doing so starts with a conversation and asking the right questions can make a difference. What should you ask?
A key to filing accurate taxes and executing smart business planning is keeping the correct documentation on your finances. Ask your accounting firm to help you review what paperwork you should retain. A comprehensive list of these documents should be easy to obtain. Then you can set about creating the appropriate document retention procedures.
Having a sense of what kind of tax burden your business will face in the coming year can be an essential element in planning, both for how you will operate and what you will need to pay. Your accounting firm should have the ability to give you a reliable estimate based on your past payments and current numbers.
Everyone wants to know if it’s possible to pay less when tax time comes, and businesses are no different. Depending on the structure of your business and the type of revenue it generates, there may be opportunities for deferring taxes, reducing overall payment requirements, and more. Ask your accountant to perform an in-depth review of your books to discover potential savings.
Alongside paying less tax, there are also questions you should explore about how to structure your business for the most tax advantages possible. This step is especially important as you enter a growth stage or plan a major move, such as acquiring new real estate or equipment. Ask about how you can re-structure your business to be as cost-effective as possible.
Here’s a question that many business owners have but often don’t explore too deeply: what can you really claim as an expense for your business when itemising deductions? The line is not always as clear as we might think. Working with an accounting company can help you ensure that you aren’t mistakenly claiming deductions you did not earn while also highlighting opportunities for potential missed expenses.
In-depth answers to your questions are essential for illuminating the right path to take with your business and its finances. At Reion Accounting, we use our decades of experience and a deep understanding of the tax code to help our clients achieve better outcomes with their businesses. Equipped with the modern technology necessary to deliver a virtualised service, we ensure convenience and clear communication at every step. Connect with us today to learn more.