Niagara Chartered Professional Accountants Benefit Your Small Business

Niagara Chartered Professional Accountants

The Niagara Region is home to more than 40,000 businesses, ranging from restaurants to manufacturing, from construction to wineries. Some of these enterprises are small and some employ thousands of local workers. But all of these businesses share certain needs. They need to create business plans based on sound financial analysis, to comply with tax regulations for each level of government, and to manage day-to-day operations efficiently. The advent of the COVID-19 closings means that your business may also be dealing with emergency government wage subsidies, the deferral of HST payments, and more. If you own a small business, an experienced Chartered Professional Accountant can help you to meet all of the many demands your company may be facing.

Working with a CPA

Many business owners find that working with a good accounting firm has a wide range of benefits for their company. There are a number of areas where the advice of a professional can be invaluable, such as financial planning, which can be made much easier when you work with someone who knows just how to assess all of the many variables that play into formulating a business plan. A Chartered Professional Accountant can also work with you to budget effectively, based on past performance and future plans. Along with budgeting, a CPA can help you to forecast future cash flows in order to decrease the likelihood of experiencing a cash flow "crunch” during slower months. Doing a tax shelter analysis can help you to understand the risks and benefits of different strategies. A Chartered Professional Accountant can also help you with the very important issue of business succession planning, something that needs to happen several years before you plan to retire or sell your company. A CPA will also work with you to prepare your personal tax returns, oversee your personal investment portfolio, and help you with estate planning. And of course, in recent months, Chartered Professional Accountants have been analyzing the government wage and rent subsidies.

Choosing an Accounting Firm

There are a number of considerations when you decide to work with an accounting firm. A CPA can be a powerful partner for you in the operation of your business, so it’s important to think about what you are seeking. It can be useful to have a CPA who is in your local area, for example, who understands the region and the issues facing your business. You’ll want to look for a firm that is compatible with your business, whether that means finding someone who has worked for other businesses in your sector, or an accountant who is familiar with the kind of software you use. Be sure to opt for a firm with experience and whose personnel has the right qualifications. 

If you are looking for a firm in St. Catharines, Niagara Region, Niagara Falls, Welland, Thorold, or Niagara-on-the-Lake to serve your small business, Jones & O’Connell LLP can help. Based in St. Catharines, the firm is known for its team of capable and experienced accountants. Working with a local CPA has many advantages and Jones & O’Connell LLP, serve a variety of types of businesses, including self-employed clients, small business owners, and family businesses; everything from unincorporated businesses to publicly traded companies. 

Contact Jones & O’Connell LLP Chartered Professional Accountants today and learn more about the services they provide!