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Success Tips

FROM THE SUCCESS PEOPLETM

Best Professional Accountants in Calgary

Oct. 14, 2020

Are you looking to find good accountants in Calgary?

The search for a good accountant is not an easy one.

However, once you find a suitable accountant, the difference in your business is always clear.

Why Should I Hire an Accountant?

Small Business accountants in Calgary

An accountant is a professional who helps to coordinate all financial activities of a business or organization.

Simply put, responsible for keeping and interpreting financial records.

Accounting is the analysis of the financial activity of a business or entity.

No business can survive without an accountant, otherwise, it would most likely suffer a certain degree of losses.

Regardless of the type of business or organization once financial records or money is involved, an accountant is needed.

Roles of An Accountant

Essentially, an accountant performs the following roles;

1. Bookkeeping

This is the process of recording and organizing the day to day financial transactions of a business.

The transaction document is stored and classified in a way that they can easily be retrieved.

Likewise, some of these documents include receivables, invoices, receipts, and tax information.

Bookkeeping is not the same as accounting, rather, it is a function of accounting.

This is the major reason why accountants can carry out bookkeeping functions but a bookkeeper cannot carry out accounting functions.

2. Payroll Processing

This is the act of managing the payment of wages through access to employee information and company policies.

It involves tracking the hour’s employees’ work, withholding deductions, and filing taxes.

The major reason behind outsourcing payroll is to ensure better service for your employees and avoid issues that come with taxes.

3. Tax Planning and Preparation

Tax filing and planning can be a hassle.

This happens especially when a business owner attempts to combine normal business activities with handling taxes.

An accountant handles all tax-related activities and ensures that you do not get in trouble with tax laws.

Finally, your accountant can also help you maximize your tax returns.

4. Auditing

This is an unbiased inspection and examination of accounts.

The reason for auditing is to give an opinion about financial statements.

Using an auditor within your business environment might not be the best decision.

Meanwhile, using an external auditor gives you a more honest opinion.

5. Offering Guidance on Cost Reduction

An accountant guides a business on the best financial step to take to enable profit maximization.

This is after thorough research is carried out by the accountant using the business financial records as well as other discoveries.

6. Account/Bank Reconciliation

Bank Reconciliation is carried out to ensure that the money leaving your business account matches the total money being spent.

The process of reconciling accounts involves reviewing the company balance sheet to see if the figures are accurate.

It is done by an accountant and requires a high degree of expertise and focus.

The purpose of reconciliation is to detect financial error or fraud in business and rectify it.

When every money which leaves the account is accounted for, growth becomes a lot more attainable.

7. Conducting Risk Analysis Assessments

This is the process of identifying internal and external hazards and threats capable of harming your business data and integrity.

Risk can come in different forms including; system error, hostile employees, data insecurity, and so on.

8. Preparation of Financial Statements

 A financial statement is a comprehensive report that represents the financial position of a business.

Also, it can be referred to as a balance sheet or statement of financial position.

Furthermore, a financial statement contains a written summary of the cash flow statement, the income statement, and the balance sheet of a business.

That being said, the purpose is to give a clear view of business performance and profitability.

9. Resolves Accounting Discrepancies

An accountant is saddled with the responsibility of resolving all financial related issues.

For example, fixing financial errors that come after reconciliation.

Financial advice

A good accountant gives pieces of advice to the business owner on the best step to take to help maximize profit and increase business finance.

How do I Find an Accountant in Calgary?

Professional Small Business Accountants in Calgary

There are so many professional accountants in Calgary.

Finding one would depend on the type of accounting service your business requires.

For businesses that already have a bookkeeper, you might not need full accounting service.

In addition, you can decide to hire an accountant to handle just your taxes, payroll services, or financial consultation.

If you have an in-house accounts department, you do not necessarily need to hire an accountant.

However, you can outsource specific needs and pay the cost of half the service.  

Furthermore, you can hire a specific service agency like tax accounting firms and auditing firms.

Bookkeeping and Tax Services in Calgary

You can either decide to hire a bookkeeper differently from a tax accountant or an accountant who can serve both purposes.

While a large business can decide to outsource differently, it is more affordable for a small business owner to hire an accounting agency.

The reason is to get your full financial activities sorted out to give room to focus on the other important business areas.

Small Business Accountants in Calgary

Business accountants are highly recommended, especially for small businesses.

This is because once you get a good grip on your finance from the start, it sets you on the right platform for growth.

If you are looking for reputable accountants in Calgary, KAFT CPA is the solution.

That said, the service we offer includes; Auditing, payroll service, bookkeeping, taxation, and other accounting services.

KAFT CPA has a team of professional certified public accountants with experience in small business accounting.

We pride ourselves on growing your business beyond your expectations.

Are There Professional Tax Accountants in Calgary?

Most full-service accounting firms located in Calgary help businesses handle their taxes.

KAFT CPA has Certified Public Accountants that help small businesses file and process their taxes.

If you plan on outsourcing your business taxes, you may decide to settle for an accounting agency with in-depth experience.

This is necessary to get you the best deduction deals for your company and file your taxes early.

Both full-service accounting agencies and tax accounting firms can serve this purpose.

Need an accountant who specializes in medical practices, oil and gas, small business and more?
Book your free 30-minute "Success Check" today.