There are a lot of reasons why tax payers do not file their taxes on time. In respect to business filings it is often due to not having the proper bookkeeping systems in place.
Running a business no matter how big or small is time consuming, and every business generates a fair amount of paperwork. Now in the age of computers it has certainly made record keeping of all sorts much easier. It still demands the need for inputting this data and making sure it is put into the proper formats.
When it comes to financial records it is critically important to not only enter all of the data but to get it into its proper categories. This is where it begins to create problems for the business person who does not have good bookkeeping resources in place.
While there is a lot of software available to assist with bookkeeping it also creates a learning curve for many. It simply comes down to having to at least know the basics of financial recording and a lot of people running a business do not have the time to learn this.
Finally it comes down to having to hire someone that knows the accounting needs of the business. This too can be a difficult task. You need to be able to make an informed choice of who is the best to choose to perform this service for you.
What often ends up happening is all of the financial records end up getting stuffed into files and unaccounted for. Then the Company year end roles around and the taxes cannot be completed because the bookkeeping records are not in order. The end result is it stops a person from filing their return, and all of a sudden now the business tax filing is delinquent. Now this spills over to the personal tax filing as well.
All of this can be avoided by making use of the bookkeeping services we offer here at Toronto Accountant. One added advantage of using these types of services through an accountant is because the two services go hand in hand. What this means is that the accountant is able to guide the bookkeeping expert through his responsibilities according to what will make the tax return totally accurate and glean the best tax return results for the client.
Call us now at 416-398-1700 and let’s get your bookkeeping needs attended to so we can get the tax people satisfied and give you back your peace of mind once again.
