How Zak Accounting Professional Corporation Helps Clients With Accounting & Tax Troubles
As a small and medium business accountant, we can help you figure out the best way to use your assets for the most beneficial financial advantage. However, we often have to deal with small businesses who have hired bookkeepers who have not done a professional job, resulting in faulty tax returns and being flagged by the Canada Revenue Agency (CRA).
We believe that the financial health of your small business is best left to a true professional who can help guide the process and offer valuable counsel on what information is vital for any business to be successful.
At Zak Accounting Professional Corporation, our focus is providing information that will shed valuable light on how to save and manage money for the best chance of success for your small or medium-sized business.
Keep reading to learn about how we help clients who have had a run-in with the CRA.
The Challenge: Inaccurate bookkeeping and problems with the CRA.
While small and medium business owners are often usually experts in their own field or industry, rarely are they either accounting, tax or legal experts. Some owners tend to run their businesses without having enough information about tax rules in Canada. They neglect bookkeeping or consulting a professional on how to deal with accounting and CRA.
Over the last couple of years, we have seen that most of our clients before coming to us, faced serious issues with the maintenance of their books. The books were either not kept in order by staff, or were left in a mess by the previous bookkeeper or accountant. There were also delays in filing tax returns with the CRA. This has resulted in the Canada Revenue Agency flagging these business owners and levying financial penalties on them, amounting to thousands of dollars.
The Solution: Using the services of a professional accountant.
As professional accountants, we have been providing the necessary advice to clients during consulting sessions. We stress the importance of excellent bookkeeping to avoid any curve balls thrown at us or our client’s business. Once we are hired and get the mandate from the client, we go ahead and analyze all the client’s financial books. Then we make all the necessary adjustments to fulfill the accounting compliance policy in Canada. We also go ahead and file our client’s returns with the government. All this is done only in complete agreement with the client.
From time to time, we also update our knowledge on tax issues and offer our help if the client wants specific advice.
As an accounting firm dealing with small and medium-sized businesses, we also represent our clients at a time of dispute with the CRA. After studying the matter, we raise our objections to the Canada Revenue Agency’s (CRA) decision regarding tax or other matters of dispute.
The most significant challenge in dealing with these kinds of cases is time constraints. No time frame can be attached to resolving any bookkeeping or CRA-related issues as some files require more time than others. In the end, it all boils down to how complicated the file is. Depending on its complexity, the issue can be resolved either in a few hours or a few weeks.
We recommend that all businesses ensure they are using credible bookkeeping and accounting services to avoid audits or disputes with the Canada Revenue Agency. If you're unsure how to get started, Zak Accounting can help.
The Bottom Line
At Zak Accounting Professional Corporation, we provide practical accounting and bookkeeping support services to small and middle-sized businesses. In most cases, our customers are not looking for traditional accounting help, as they’re seeking total accounting support and advice that will help them take their business to the next level. To get started with better bookkeeping and accounting, get in touch with us by clicking here. To learn more about how we can help you, please click here.