What are accountants?

Accountants are professionals who help individuals and businesses keep track of their monetary transactions. They provide invaluable information about the financial health of a company, as well as valuable advice on taxation and other financial matters.

Currently, there is a large demand for accountants all over the world – both in developed countries and developing ones – so it can be difficult to find good people to fill open positions. This has resulted in many qualified professionals working beyond their area of expertise and accepting jobs that do not utilize their full potential. Sometimes this may even mean that they work part-time or at multiple different companies just to make ends meet. The situation is similar with those looking for accounting jobs: too many applicants trying to fight for too few vacancies means low chances of finding a job.
High unemployment and low salaries in some countries also contribute to the problem as many talented accountants, especially those just starting their careers, prefer to work abroad where they can be more productive and rewarded better for their efforts.

What do accountants do?

Accountants mainly assist individuals and organizations with bookkeeping – an essential function that enables businesses and other entities to keep track of all financial transactions. This includes recording incoming and outgoing cash flow, as well as inventory costs and expenses incurred during the course of running a business. For this reason, accounting professionals are known for having excellent money management skills.
In terms of responsibilities, accountants ensure that financial statements are accurate and up-to-date. These include income statements (also called profit & loss reports), balance sheets, various types of cash flow statements, as well as tax returns. Accountants also provide guidance on business financing options, including loans and interest rates; they can act as intermediaries between businesses seeking capital investments and investors looking to finance worthy ventures.

Tax Accounting Firm Toronto

Contact Us for hassel free service

TY Tax Accounting is the leading tax accounting company in Toronto. We take care of your taxes so you can focus on what matters most to you. TY Tax Accounting has over 20 years of experience advising businesses and individuals on how to maximize their financial potential, starting with a strategic analysis of their finances. This includes customizing budgets and setting financial goals that will lead them towards success now and into the future.

When should I hire an accountant for my business?

This is not an easy question to answer, however, if you are looking for ways to save money and optimize your business’ financial management, hiring an accountant is the best option. Here’s why:

1) Save time with routine tasks

Since accountants are trained in accounting and auditing techniques, they can help you better manage your books, saving you time that could be spent doing other things for your business. This includes inventory management, banking transactions, invoicing customers and recording payments made by customers.

2) Provide expertise in tax laws and ensure legal compliance

Most countries have their own income tax rules and regulations which change every now and then depending on current policies. An accountant will provide guidance on how to comply with these tax laws so you don't have to worry about any issues involving tax.

3) Review financial performance

Accountants are trained to review the past, present and future of a company's financial performance. They can provide you information on what aspects of your business may need improvement, which could possibly lead to generating more revenue or increasing your profit margin.

4) Offer advice on investments

If you are planning on starting up a new project for your business or investing in something that will generate income now or later down the road, an accountant can give you valuable information as far as whether it is worth it financially for your business. They can tell you if such an investment would mean having less money for other things such as research and development (R&D) projects that could lead to new methods and inventions that could help your business grow.

5) Anticipate future changes in the industry

Accountants have a good understanding of trends in various industries since they are trained to keep up with developments concerning taxes and regulations. They will advise you on any upcoming industry changes so your business is prepared for these adjustments. If an accountant sees a potential future change that could affect your business, they would be able to warn you about it as early as possible so you can come up with solutions to lessen its impact. This way, your business can continue operating successfully even if something negative happens due to a change in the market or economy.

Hire an expert

When you engage the services of an accountant, you should feel confident in the knowledge that you’ve chosen someone who is a professional with the financial knowledge, strategic vision, and passion to help your business compete and flourish in your industry. However, it’s not as easy as just going to the nearest accounting agency.

What distinguishes outstanding businesses from the competition is their talent and reputation. You’ll also find that some companies are more reputable than others. When looking for an accounting company, it’s imperative that you do some research on them before hiring their services. It is highly recommended that you attend at least one consultation to get a feel for their team dynamics and to see if it would work with your business.
If you choose TY TAX, you’ll get a team of professional and friendly experts at your disposal as well as the business and accounting skills your Toronto business needs. TY TAX is one of the most recognized and respected accounting designations in Toronto, and it offers you the assurance that you’re hiring someone with a solid background and a drive to make a meaningful impact. Come talk to us today!