Accounting Services: 3 That Every Business Owner Will One Day Need
Accounting services are no longer reserved for large corporations or the extremely rich, but for anyone who wants to ensure comprehensive compliance with government regulations. In fact, small businesses make up a large portion of many accounting services' clientele lists. Whether you need help with estate planning, financial assurance, or the purchase or sale of a business, accounting services can help.
Estate Planning & Trust
While many believe that estate planning is something reserved for the elderly or the wealthy, the truth of the matter is that it's something that anyone with even moderate assets should consider. As a business owner, that means you.
In Canada, there are particularly complex issues regarding estate planning that you certainly don't want to traverse on your own. Clerical errors in the estate planning process can completely negate instructions for asset distribution therein, so it is important to work with an experienced accountant when drafting such documents.
Help With Financial Assurance
As a business owner, you may one day need to prepare various documents of assurance for shareholders, personal records, or even the Canada Revenue Agency. Whatever the reason, these documents need to be prepared with precision, and sometimes quickly if you're dealing with an audit or other tax matter.
A reputable accounting service can provide a number of assurance services, including review engagements and audit engagements, both of which require a certain degree of professional expertise. Perhaps the most important reason you want to have these reports compiled by an accounting agency is to minimize the possibility of having them completed incorrectly, which may lead to fines and prolong an already complicated situation.
Selling Or Purchasing A Business
Comprehensive accounting services are invaluable if you're contemplating selling your business, or if you're considering buying an existing one. In addition to providing business valuation services, many accounting firms can assist in the negotiation process if haggling over price isn't something you much enjoy.
Accounting services can also provide reports on your's or the buyer's (or seller's) net worth, if credit issues or uncertainty regarding either party's credibility come into play. Whether you're buying or selling, it is likely that you will need to provide, or that you will want to see, future projections regarding the business's cash flows and debt levels.
In the end, there are a wide variety of services that accounting agencies can provide to business owners. However, their assistance regarding estate planning, financial assurance, and the purchase or sale of business entities is truly an invaluable resource that all business owners can benefit from. If you're looking for a reliable accounting agency to handle your business's needs, get in contact with Hurren Sinclair MacIntyre CPA's LLP.