CFO Services | Financial Plans That Should Not Cost Extra
It is very important for entrepreneurs to have a financial plan and tax strategy, so when they are hiring CFO services. They need to ensure that those are included in what they will be receiving.
And while many business owners make the assumption that financial and tax plans are already in their business plan. This is not necessarily the case.
Some business plans include this information. But not all business plans are created equally. And if they have not sat down with an accountant.
In order to discuss their finances both for business. As well as personally, then they will not necessarily have a financial plan or tax strategy in their business.
In fact, many business owners do not even have a business plan. Despite studies showing how beneficial business plans can be to their operation.
However, if business owners think that they might have a financial plan or tax strategy in their business. One quick test that they can apply. To make a reasonable estimate on whether they have an efficient strategy or not.
Is to see if they are getting paid in 100% salary or hundred percent dividends. The reason why they should look at this information. Is because an effective tax strategy typically has the business owner taking a combination of each.
However, what that combination is. Will depend on the circumstances of the business as well as their personal circumstances as well. Therefore, if they are getting paid in one way only.
They can make a reasonable estimation. On whether they are utilizing an effective tax strategy or not in their business. If however they are getting 100% salary or hundred percent dividends.
They may want to ask their accountant if there is a reason why they are getting paid the way that they are getting paid.
And if they have no reason. They may want to seek out a new accountant. Who will offer them an effective tax strategy and financial plan.
In order for a business owner to work with an accountant. Who offers the CFO services that will allow them to have a financial plan and a tax plan. They should ensure that they are looking at the business owners personal circumstances as well as their business ones.
This includes if they have any other income that is coming into their household. Such as from properties, or investments that they own says CFO services.
As well as information about what their debt servicing is. And what their monthly bill payments are like. And how many dependence they have living at home.
This will ensure that their personal circumstances will be taken into consideration. So that they salary and dividends they draw from the company. Will allow them to live off of what they earn. But also, so that they can minimize the tax that they pay personally as well.
Since the personal tax rate in Alberta tops out at 48%. And the corporate tax rate is 11%. The best tax strategy. Will ensure that an entrepreneur is minimizing their personal taxes as well.
If You Are Looking For The CFO Services You Are Hearing?
With how important many different CFO services are to businesses. Entrepreneurs should ensure that they have a financial plan as well as a tax strategy in their business.
The reason why, is because this can help entrepreneurs minimize the taxes that they pay the government. So that they end up with being able to keep more of the money that they make in their business.
Since the second most common reason why small businesses in Canada fail. Is because they run out of money in their business. When they are able to keep more of that money in their business. And not pay it in taxes to the government.
They can increase their chances of success. And often avoid this obstacle. So that they can become more likely to succeed in their business.
However, many business owners avoid getting a financial and tax plan created. Because they think that it is going to cost them so much money.
And this is why the accountants at Spurrell and Associates do not charge any extra for their financial plan and tax strategies. They are able to do this by creating a high quality template.
And then by using the template. Can ensure that they are able to do a financial and tax plan efficiently but also effectively as well. So that they can deliver a high quality plan very quickly.
Not only that, but when is is owners find an accountant who offers these CFO services. They can update their tax and financial plans every single year.
And this is extremely important for business owners to do. Because if entrepreneurs do not change their financial plan and tax strategy every year. They may be utilizing an ineffective tax strategy.
Which will result in a business owner paying more in taxes than they should. Even though they have done a tax planning process in the past.
By going to Spurrell and Associates. Business owners can ensure that not only are they going through the financial plan and tax strategy exercise ones. That they are doing it on an ongoing basis.
So that they can end up with the most effective strategy possible. However, even if business owners are not able to get these CFO services for no additional charges.
Business owners still need to know that it is most beneficial to get these services done. Because they will save more money on taxes. Then they will on the financial and tax plans themselves.
As long as business owners are making fifty thousand dollars every single year in their business. They will spend more on taxes. Then they will on a tax strategy for their business.
So that means even small businesses. And solo-preneur’s can benefit from this strategy. And that they do not need to be making hundreds of thousands or millions of dollars every year in order to make this beneficial.
With how important financial and tax plans are in a business. All business owners need to ensure that they are creating one on a regular basis.