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The reason why, is because just by incorporating. Does not mean that business owners are going to benefit from an effective tax strategy.
In fact, the second most common reason why small businesses in Canada fail. Is that they run out of money in their business according to a study done by industry Canada.
Therefore, if business owners are not implementing an effective tax strategy. And have a financial plan in their business. They are more likely paying more taxes than they should.
And when business owners are paying more in taxes than they should. Money that they should be able to keep and utilize in their business. They may end up running out of money in their business. Because they should not be paying that much money in taxes.
And while many business owners think that they will get around to creating a financial plan and tax strategy in their business. When they are seeking out CFO services, they should get one immediately. From the first year of business ownership.
And the reason why, is because the failure rate for small business owners in Canada is extremely high. With 15% of business owners failing in the very first year of opening the doors to their business.
30% of entrepreneurs will fail by their second year of business. And 50% of all small business owners will be out of business by the time five years comes around.
Because of this, they should ensure that they have a financial plan and tax strategy early on in their business. And according to the statistics. May not be around long enough to worry about a financial plan and tax strategy later.
Another reason why business owners are not asking their accountant for a financial plan and tax strategy. Is because they make the assumption that they need to be making hundreds of thousands or even millions of dollars in their business.
In order to make a financial plan and tax strategy worthwhile. However this is not the case. And very small businesses, as well as sole entrepreneurs. Can benefit from a tax strategy.
And it is less money to pay for a financial plan and tax strategy. Then it is to pay the taxes on an entrepreneur’s business profit.
The threshold at which it is cheaper to get a financial plan and tax strategy created. Is fifty thousand dollars per year. And if they are making more than this per year. They will be paying more in taxes than they should.
It is very important for business owners to save as much money as they can. And minimizing extends to taxes as well.
If business owners want to ensure that they are keeping as much money in their business as possible. The CFO services they should be looking for in addition to accounting. Is financial plans and tax strategies.
One of the most important things that a business owner can do is get the right CFO services for their business. Business owners often try to save as much money as they can early on in their business.
And while this is a great strategy for most things. One of the things that they should not try to save money on. Is a great accountant and the CFO services that they can offer a business owner.
The reason why, is because understanding the finances clearly. As well as having the right plans in place financially. Are going to be what makes a difference to entrepreneurs succeeding in business.
However, many business owners do not seek out getting a financial plan or tax plan created. Simply because they think it is too expensive.
And while it is going to be cheaper in the long run for businesses to have a financial plan and tax strategy created. Many business owners are worried about finances in the immediate future.
This is why the accountants and Associates at Spurrell and Associates. have decided not to charge additionally for these important financial plans says cfo services.
They know how important these plans are to the success of the business. And if entrepreneurs are not able to pay for them upfront. By offering them as and included part of their services.
Means that business owners can get the plans they need to succeed. Without worrying about the cost associated with it. However, there is many things that Spurrell and Associates do differently. That allow them to offer financial plans for no additional cost.
They have taken the time to create an effective template. That allows them to ensure that they can get all of the information required for an effective financial and tax plan quickly.
As well as allow them to spend more time working on the parts of the financial and tax plan that requires more attention. So that they can get an extremely high level financial plan done.
In a short amount of time. So that not only can they offer this important service to every single one of their clients. Without cost being a barrier.
But also, so that business owners can get this important planning done on a yearly basis. Because even the best financial plan and tax strategy. Can change from year to year.
Especially as the entrepreneurs business changes. As well as their personal circumstances change. Therefore, it is not just a matter of saving the money once when they go to Spurrell and Associates.
Business owners will save that cost on an annual basis. To ensure that they always have the best financial plan and tax strategy in their business. To continually minimize tax payments to the government. So that they always have the most amount of money that they can have in their business.
If business owners are wondering if they would be a good fit with this accounting team. They should contact Spurrell and Associates right away. Because their first consultation is free. And can give them the answers they need about their business.
