Does a small business really need help from an accountant to file their tax return?

By Jenny Okonkwo

Last Updated: March 10, 2015

Arguments against (“Waste of Money”)

•User-friendly software packages widely available
•Cost-saving self-sufficiency imperative in a small business
•Little perceived added value
•Ultimate responsibility remains with the business owner
•.. AND OTHERS

Arguments for (“Keep out of jail”, “Saving time”)

•Compliance assurance
•Collating business records is time-consuming, especially isolating charges from utility bills in the context of current regulations
•Full cost recognition minimizes tax liability
•Technical advice and guidance on which software package product (web or desktop?), organization of electronic business record retention
•Interfacing with the CRA
•Inconvenience of time away from core business activity
•Cross-over with other personal taxation submissions (pensions, other businesses and sources of income)
•.. AND OTHERS

The simple answer lies in another set of questions:

•Could you reduce your tax liability by more than the accounting charge?
•What is the opportunity cost of your time out of the business – can you afford it?
•What are the financial consequences of late/incorrect submission or incomplete records?

We hope these general pointers will be of use to you in making what is of course a highly personal decision.

About Jenny Okonkwo

A MESSAGE TO VICE PRESIDENTS IN FINANCE You know how you are continuously frustrated with trying to balance external compliance requirements with supporting the business internally? I solve this. I do this by using my natural talent for detecting and eliminating waste, duplication, inefficiencies. Documenting procedures, streamlining business processes to help define and clarify roles and responsibilities. Automating manual outdated systems, designing and implementing new ways of working, analysing business data to improve decision making. I help companies develop and improve the internal controls over their financial reporting by assisting in the delivery of Sarbanes Oxley (SOX 404) readiness programs. This allows focus to be placed on compliance and knowing that internal business is taken care of, helping to minimize financial risk to maximize commercial opportunity. Even though I am an accountant by trade, I’ll always be a problem solver at heart, which is shown here. I’m always looking for a new problem to solve, so if you’ve got a doozy you need a hand with, feel free to contact me directly at 647 838 9606 or drop me a line at jenny@transform-consulting.ca I have also helped local business entrepreneurs and sole proprietors prepare their voluntary disclosure applications, computerize their manual accounting systems, remove their record-keeping backlogs, automate their processes using both cloud based and desktop accounting solutions, prepare their personal and corporate tax returns. Join my LinkedIn Group now to brainstorm and collaborate from any of these perspectives. Connect with me on Twitter and Linkedin.
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