Outsourced Accounting Services | Scare Of Incorporating Myths?
Outsourced accounting services | busting incorporation myths
Many entrepreneurs think that incorporating their business will be too much work says outsourced accounting services. They are afraid of having to change the way they run their business, donít want to complicate their year ends, they do ít want to have to buy accounting software, or change their internal bookkeeping, so they choose not to incorporate and miss out on all the benefits of incorporation. The benefits of incorporating a business can be extremely vast, and it makes no sense that several business owners are choosing not to based on fear and not fact. By helping business owners understand the myths they believe behind incorporation, they can make the choice about whether they should incorporate and will be able to reap the benefits of incorporation much sooner. Since only 11% of business owners seek professional help when they need it says Intuit, the makers of QuickBooks. Most business owners who have these misconceptions about corporation, donít find out there untrue until much later. Incorporating the business early on, is a way to help business owners reap the benefits within their own company.
One of the biggest myths that business owners believe about incorporating says outsourced accounting services is that they think it is a long process to incorporate. They believe that they wíll have to do hours of paperwork before they can incorporate their business, and that it is a long drawn out process. But, fortunately the opposite is actually true.
It can take 24 hours, one business day to complete, and sometimes can even be completed the same business day. All thatís required is an appointment with their accountant, where all they have to bring is there trade name. For doctors, lawyers or similar business professionals, it may take a little longer because the accountant needs a stamp of approval from their governing body, but for the average small business it is a day process. By understanding how quick and easy it is to incorporate their business, business owners may choose to proceed with the process.
Another myth that many business owners believe about incorporating, is that they will be forced to use accounting software. They may believe that they have to switch accounting software, or not even use accounting software in the first place, and believe that just because they incorporated they know need to start using those tools says outsourced accounting services. Again, fortunately that is also not true. Entrepreneurs will not have to change any of their internal systems once incorporate, whatever they were doing before incorporating, is what they should continue to do after incorporating. Contrary to what entrepreneurs believe, incorporating does not affect how they operate their business.
Third myth that business owners believe about incorporating your business is that it makes paying taxes far more complicated. Outsourced accounting services while itís true that they will have more tax accounts, going from one personal tax account to a GST account, provincial tax account, federal tax account, just to name a few, this doesnít need to make paying taxes any more complicated.
Outsourced accounting services | busting incorporation myths
Many business owners mistakenly believe that incorporating their business is complicated says outsourced accounting services. They are either unaware of the massive benefits that incorporating can provide for a company, or they are aware of those benefits, but are afraid of the process, or what they assume they will have to change in their business in order to see those benefits. This article aims to bust those myths business owners may have about incorporating, in order to help them see the truths behind it, so they can start seeing the benefits of incorporating in their business right away.
One of the biggest myths that business owners believe when it comes to incorporating the business, is that paying taxes will be considerably more complicated. Outsourced accounting services says it is true that they will go from one personal tax account to more, for example a GST account, provincial tax account, as well as a federal tax account, this doesnít mean that paying taxes will be more difficult. In fact once they have incorporated, their accountant can schedule all those different payments into the different tax accounts through postdated checks once a year. The business owner can continue operating their business while paying taxes, like nothing has actually changed. Just because they have incorporated, does not mean that they have to drastically change the way they operate.
Business owners also decided to become business owners in order to do things their way. They are afraid that if they incorporate, they will be forced to change their internal accounting systems, or be expected to use different accounting software, or even have to use accounting software if they werenít before. Outsourced accounting services says this is happily not true, that once a business incorporates, nothing needs to change internally in their business. Whatever they were doing prior to incorporation is what they should continue to do once they are incorporated. It wonít change how they run their business.
The third myth that most business owners believe when it comes to incorporating their business, is that it is a long and complicated process. Outsourced accounting services business owners believe they have to do tons of paperwork, and they donít have the time or the headspace to do the paperwork. They also think that it takes a long time, and time is something that most business owners are short of.
Therefore they avoid incorporating order to avoid spending all that time on paperwork and incorporating. But the fact of the matter is, incorporating the business takes one business day. All business owners need to prepare when they make an appointment with their accountant, is to bring their trade name. Which should be fairly easy if business owners are already operating their business. So within 24 hours with absolutely no prep work required, business owners can go from unincorporated, to incorporated and seeing all of the benefits that incorporation brings them.