If you\’re running a business, you likely have a tax accountant. However, if you\’re just using your accountant to file your taxes, you\’re not managing your business as best you can. You should certainly have all your taxes filed promptly and all other tax reporting deadlines met. However, a more comprehensive use of tax accounting services can directly help you improve your bottom line in far more many ways, if you know which services to request.

A good tax accountant can assist your business on a daily basis by helping you manage your cash flow. You know cash flow is the lifeblood of your business. Consulting with your accountant regularly on how to best maximize your cash flow can leave you with more cash to run your business and achieve a higher fulfillment rate on your accounts receivable.

Including cash flow, you should be getting regular daily, weekly, and monthly reports on a variety of topics. These reports should also include your P&L, AP aging, and AR aging. If you can\’t review actual data, especially actuals against projected, you\’ll never really know how your business is doing. Once you start collecting and analyzing this data, you can start making better business decisions, based on actual information rather than mere assumptions.

You can also have your tax accountant assist you manage your payroll. Regardless of whether your outsource payroll or manage it internally, the accountant can help ensure various rules are applied correctly. This can apply to the how employees and independent contractors are paid, to when it might make better sense to use either designation with a worker.

Of particular value in terms of payroll, is having the accountant advise you on how you, as the business owner, should get paid. There are a few options, including a few that allow non-taxable withdrawals. Tax accounting services can also help ensure that any potentially commingling of personal use out of business funds is done legally and reportedly properly.

As your business grows, you want to make sure you\’re setting up the right legal structures that both support your business without exposing your business to high tax liability. A tax accountant can advise of what legal structure will best protect company assets. Understanding the tax consequences of company legal structures is also critical in case you want to dissolve one entity, in favor of another.

The accountant also plays a role as an auditor for your company, protecting you against fraud. In addition to advising on legal structure and insurance needs, the accountant can notice anomalies in how money is being spent. The reporting capabilities of the accountant can also identify if physical assets are managed properly.

You can also benefit from the guidance from tax accounting services when setting budgets. In addition to operating budgets, the accountant can help you set appropriate targets on ROI, revenue, profit, and other key economic metrics. You can also have this type of target setting and analysis done by line of business, not just for the business as a whole.

If you are overwhelmed with back taxes and in need of tax accounting help, then be sure to visit Tax Resolution Centre of Canada. With fully experienced tax accountants Toronto, they are more than willing to help you with your financial troubles.

If you are overwhelmed with back taxes and in need of tax accounting help, then be sure to visit Tax Resolution Centre of Canada. With fully experienced tax accountants Toronto, they are more than willing to help you with your financial troubles. http://www.taxresolutioncentre.ca/

Author Bio: If you are overwhelmed with back taxes and in need of tax accounting help, then be sure to visit Tax Resolution Centre of Canada. With fully experienced tax accountants Toronto, they are more than willing to help you with your financial troubles.

Category: Finances
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