Today’s complex business world means an even more complex system. Individuals and businesses alike are constantly battling to understand what new regulatory and reporting requirements mean for them and how to comply. This is where the skills of a highly-qualified Accountant are irreplaceable.
Whether you are an individual, business owner or operating a not-for-profit organization, everyone must report to some type of authority. Financial reporting can involve providing information to stakeholders such as shareholders, owners, creditors, financial institutions and the government. Financial statements are useful as they show the current financial status of the operating entity. Monitoring these statements is one of the keys to financial health and can be the difference between failure and success in reaching your financial goals.
Proper reporting is critical when dealing with tax authorities. A professional in this field keeps current on tax requirements and how changes may affect clients. Translating complex legal language into ‘real life’ solutions is his forte. As Dion deals with the ever-changing requirements of the Canada Revenue Agency on a daily basis, he is well-versed in their systems and terminology. It is his business to know how each change translates in the real world. He can then suggest ways to work more effectively and avoid pitfalls. Nothing beats proper preparation in the first place.
This important attribute makes him an excellent partner should the CRA disagree with the information that has been reported. As an educated 3rd party, Pomponio & Company can work with the CRA without heavy emotional investment. They have a problem to solve and they will work to do just that. They will also recognize if there is a problem that needs to be elevated to a higher level for resolution and are always working for you, their client.
The skills of an Accountant can also help you wade through complicated accounting issues such as when sales tax legislations that affected both provincial and federal remittances were changed when the HST was overturned here in BC. Pomponio & Company was there to help their clients wade through the mess to determine who should receive what amount and when. This was no easy feat.
Regardless of the complexity of the issue, you can be sure that both the provincial and federal governments wanted their share of the pie and would pursue business owners that did not follow seemingly convoluted legislation. During times like these, professional guidance proves its worth many times over.
Some clients find that they are simply struggling with a particular component of their business. They may not have the skills or the time to prepare monthly or annual reports or may not want to invest in the training, personnel or software needed to do so. There may be some tasks that you just don’t like to do. An independent accounting firm is an excellent resource to use in any of these cases.
In the past, companies needed specialized staff to handle all of their financial duties in-house. Today one can easily outsource almost any task and at a fraction of the cost. Technological advances have made it easy for a third-party with highly-skilled staff to handle some, or all, of your financial responsibilities. Not only are these services often less expensive than having an employee on board, but you can also rest assured that the work will be done properly when handled by the professionals at Pomponio & Company. Some of the bookkeeping services we offer are accounts payable and accounts receivable, bank reconciliation, GST, PST, WCB filing, payroll, and invoicing. We will also prepare your annual reports for tax filing.
Pomponio & Company also utilizes technology to offer clients a unique screen sharing support program that can assist you in real time when you are working on your own computer. This special software connects the Pomponio office with your own so you can resolve problems on the fly. This can save endless frustrations, lost time and ensures that what you were trying to do will be done correctly. Outsourcing provides small business with the flexibility to handle all of their accounting needs properly, on time and within budget.