Most accountants bill by the hour, and if you want to save money and reduce accounting fees, you should have your financial records well-organized before you meet with your accountant. The following tips can help.
- If using paper invoices and receipts, organize everything into categories and tally up the totals. For example, put all receipts related to vehicle expenses together and add them up.
- Alternatively, track expenses electronically so you don’t have to pay an accountant to comb through paper receipts for hours.
- If working with a new accountant at tax time, remember to bring your notice of assessment and prior year’s tax return so he or she can easily access your information with the Canada Revenue Agency.
- Use accounting software to generate financial statements so your accountant can see a snapshot of your business and advise you accordingly.