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Not only is it important for business owners to get these plans created. But it is also important for business owner to get them done right away. Since the failure rate for businesses in the first year is very high at 15%.
How a financial plan and tax plan can help entrepreneurs succeed in business. Is by allowing them to minimize tax payments to the government. So that they can save more of their hard earned cash in their business.
Whether that allows them to pay their staff, or pay bills more effectively. Or allow them to spend more money on marketing to attract more customers. There are three common reasons why entrepreneurs fail in business.
And they are not being able to keep staff, running out of money, and not being able to find customers. So by keeping more of their profit in their business. Instead of the government in an at tax payment.
Business owners can be more likely to overcome not just one but all three of these obstacles. In order to stay in business longer.
Not only are 15% of businesses failing in the first year according to an industry Canada survey. But 30% of business owners fail in their second year of entrepreneurship. And half will ultimately fail by the time they are in business for five years.
Therefore, it is very important that business owners get a financial and tax plan done for their business. But that they get it done right away as well, so that they do not end up succumbing to challenges early on.
And while many business owners think that they already have a financial or tax plan in their business. Because they have incorporated.
Business owners need to know that they need to talk to an accountant and get several CFO services. In order to benefit from incorporating their business.
Because while the benefits of incorporation means that there is a lower tax rate. To minimize taxes in always not just corporate but personally as well. Their accountant needs to come up with an effective tax strategy including their personal circumstances.
Therefore, if they have not sat down with an accountant in order to discuss their business finances. As well as personal circumstances such as how many streams of income do they have coming into their household.
Such as from investment property or a spouse for example. But also if they have any debt such as credit card or consumer debt says cfo services. And how much are they paying on mortgage and car payments.
Taking all of these things into consideration is important to developing a tax strategy. That can ensure business owners are paying minimal amounts of taxes in all areas of their life.
If they want an effective tax strategy. Business owners should contact Spurrell and Associates. Not only because they are experts in this field, but because their first consultation is free.
It is extremely important for business owners to have an effective financial plan and tax strategy in their business says CFO services. The reason why, is because this will help entrepreneurs keep as much money in their business where it belongs.
However, many entrepreneurs think that they are not large enough or successful enough to benefit from a financial plan or tax strategy. And this is far from being true.
In fact, the threshold for benefiting from a tax strategy is extremely low. Meaning that even small business owners, as well as solo-preneur’s are going to benefit from a tax strategy.
Business owners only need to be making fifty thousand dollars of profit in a single year. In order to make it worthwhile to pay for a financial plan and tax strategy in their business.
If business owners do not have a tax strategy when they are making fifty thousand dollars a year or more. They will absolutely be paying more in taxes than they should.
However, since many business owners are concerned with minimizing their costs early on in their business. They should consider seeing the experts and accountants at Spurrell and Associates.
The reason why is because they have in doing financial plans and tax plans for their clients for so many years. That they have developed a template to help them do this efficiently.
By ensuring their accountants do not have to start the financial and tax plan from scratch with every new client. The template helps them ask the right questions, and consider all of the most important things with every client says cfo services.
Not only does this ensure that all clients get an extremely high quality financial plan and tax strategy. But that it is going to be consistent for every single client that walks through their doors. Regardless of what business they are in.
But also, this is going to ensure that the accountants can do this very quickly. And that ability to do the financial plan and tax strategy quick. Means that they do not have to charge their clients extra for the service.
Therefore, clients can end up with these important plans to help them succeed in business. Without worrying about how much it is going to cost them initially. Because it is included in their price.
Not only is this very important for businesses so that they can have the right financial plans and tax strategies when they first start their business.
But this will allow business owners to go back to their accountant every single year. And get a new plan created. Because what might be an effective tax strategy previously. Is not always going to be an effective tax strategy in the next year.
Therefore, when business owners are able to get this financial plan and tax strategy created every single year. They know that they are always paying the minimal amount of taxes that they have to.
So that they can always keep the money that they earned where it belongs says cfo services. In their business, so that they can continue to grow their company.
