It’s plain and simple: No business can run smoothly and efficiently without a reliable and responsible professional accountant.
Even though you may be good with numbers or think you know “accounting,” do not attempt this yourself. Your business needs you to run it and not be consumed by accounting paperwork: let the professionals focus on what they’re good at.
Also, refrain from hiring your spouse or family member(s) for this task. You need to create accountability. Hire someone who comes highly recommended.
Furthermore, with today’s technology, adopting a proper POS system will allow you to create detailed reports specific to your accountant’s needs. This way, a face-to-face meeting will rarely be required.
Our pizzeria, Maurizio’s Inc., employs the excellent skillsets of Jamal Marji from Real Accounting Inc., in Mississauga, Ont. When the pizzeria was getting off the ground, our accountant assisted with incorporation of the business, registering for HST, setting up our payroll system and getting filed with WSIB and the Canada Revenue Agency (CRA). He was able to provide critical information regarding every aspect of the process so that I remained involved and was able to make good decisions for the business. These accounting tasks were well beyond my capabilities. Having them dealt with in a speedy and professional manner gave me peace of mind and let me focus on other aspects of launching the business.
The topic of accounting is sometimes overlooked and it should be discussed, especially with those wanting to take that step of becoming an entrepreneur. I collaborated with my accountant in writing this article, and we firmly feel the following points are essential for a successful business and great reasons to hire a professional accountant.
- To help you start with proper systems in place – A good foundation will result in a strong business model going forward. Professional accountants can assist with business registration, incorporation and business bank account registrations.
- To help you meet government deadlines – Not keeping up to date on filing deadlines could result in serious fines and penalties charged against the business.
- To act as a mediator between your business and the Canada Revenue Agency (CRA) – It can be daunting to receive a call from the CRA and have to answer questions about your business account(s), sometimes at a time when you are busy dealing with a client situation or feeling stressed out. A professional accountant, with a clear mind and an understanding of your business, will make sense of it all, then relay the message to you in a way that’s easier to understand.
- To help during confusing tax-filing times – Accountants can file complex business taxes for your business, as it grows. They regularly manage this near deadlines, using the appropriate tax forms and correct paperwork.
- To understand accounting rules and tax rules – Tax rules and regulations change frequently, and it’s tough for a business owner to stay on top of all these changes. A professional will ensure your business always stays compliant.
You will soon realize that running a business is not a solitary endeavour: it requires highly skilled people from many walks of life, working together and building your inner circle of professionals for one common goal… success.
Chef Maurizio Mascioli is owner and operator of Maurizio’s Pizzeria Inc. in Parry Sound, Ont. He is a volunteer firefighter, two-time International Pizza Championship gold medal recipient and 2018 Master Chef recipient. He has received awards for outstanding customer service, entrepreneur of the year and business of the year from the Parry Sound Chamber of Commerce, and is an instructor for the School of Italian Pizza in Toronto.
This article was written in collaboration with Jamal Marji from Real Accounting Inc., in Mississauga, Ont.