Keep More Money

By Michelle Cornish

Are you leaving tax deductions on the table?

Has your search for an accountant left you unimpressed? Do you wish you could know for sure which accountant should be your top choice? Experienced CPA Michelle Cornish knows that the right accountant can increase your profits, save you money, and avoid any nasty surprises with the tax authorities. This book will teach you how to find an accountant who wants nothing more than your success. 

Keep More Money is a life-changing book that's perfect for supporting your small business and its bottom line. 

In this book, you'll discover: 

• Why DIY and software can sink your profit margins 
• Where to find professionals you can trust
• How to evaluate every potential accountant to figure out if she's "the one" 
• The important differences between accountants and bookkeepers
• And much, much more! 

Keep More Money is an essential guidebook for your small business. If you like savvy advice, lesser known tips to boost your bottom line, and time-tested methods from an industry expert, then you'll love this excellent resource from Michelle Cornish. 

Buy Keep More Money to change your financial future today! 

• Language: English
• Publisher: Michelle Cornish
• Release date: Feb 14, 2017
• ISBN: 9781775083610

Book preview

Acknowledgements

Special thanks to my editor, Sara Robinson, and all the wonderful beta readers that took the time to read this book and provide feedback. Without your help, this book would not be what it is today.

Thank you to Perry Elisabeth Design for the beautiful cover design and overall book formatting.

I’m also very grateful for the advice and words of encouragement I received from the administrators and members of the following Facebook communities:

#VacationingLife

Aspiring Authors

Bookthority

Create If Community

Create If Writing

Fearless Entrepreneurial Women

Forget Them. Be YOU.

Nonfiction Book Help

PB Kups

Self-Publishing School Mastermind Community

Thank you to my amazing launch team. Your support and reviews mean the world to me.

For my clients and my colleagues. I’ve learned so much from all of you. Thank you.

For Scott, who thinks I ask too many questions.

Contents

Acknowledgements

Contents

How to Use This Book

Introduction

Section 1: What You Need to Ask Yourself before Meeting with an Accountant

1 What Do You Hope to Achieve By Working with an Accountant?

2 Eligible Business Expenses

3 What’s Your Definition of a Good Accountant?

Section 2: Questions to Ask an Accountant

4 Pricing

5 Starting A Business from Scratch

6 Purchasing a Business

7 Day-to-Day Operations

8 Growing Your Business

9 Taxes

10 Tax Planning

11 Succession Planning & Selling Your Business

Section 3 Other Questions to Ask

12 Successful Saving Strategies

13 Checking Up on a Potential Advisor

References

Appendix

About the Author

How to Use This Book

I’m so glad you’re interested in learning about finding an accountant to help you keep more of your money. When discussing taxes and bookkeeping with online entrepreneurs, I discovered many of them didn’t know how to find an accountant or what questions to ask to find out who could help them the best.

This book is written for the small business owner who’s trying to do it all. Whether you’re starting a business for the first time, or you’ve been in business a while but feel like you need some extra guidance, you will find helpful tips to find a trusted business advisor.

While the specific examples throughout this book use Canada or the United States as a reference point, small business owners in any country will find valuable information they can use. This book is not intended to provide tax advice but rather to help you find a professional who can help you with a multitude of business tasks, including saving tax.

This book is written in such a way that it doesn’t need to be read in order. Feel free to skip around or start with whichever chapter looks interesting to you. Each chapter is meant to stand on its own, and I hope you’ll find useful information in all of them.

In each chapter I will discuss various questions to ask yourself, your accountant, or a prospective accountant. I will also explain why you need to ask those questions. You will find a summary of the questions discussed at the end of each chapter. A master list of all the questions discussed in this book can be found in the appendix. The questions are also included in a free companion workbook you can download here. This is a great way to keep track of the questions that resonate with you most. By the time you complete the workbook, you will have a customized list to refer to when interviewing accountants. 

A note about title usage

Throughout the book, I use the words accountant and advisor interchangeably because in some countries, you can call yourself an accountant without actually being certified. You can also be certified to prepare tax returns without actually being a designated accountant, so it gets a little bit confusing. The points I cover in this book will help you understand what questions you need to ask an accountant to make sure they are the best qualified person to help you with your business goals while protecting yourself and your business at the same time.

Introduction

Why is it so difficult to find a good accountant these days? It shouldn’t be that much of a challenge to find someone who listens to your questions, spends the appropriate amount of time with you, and helps you reach your business and financial goals. Too often, clients come to me complaining that their old accountant was never available for their calls. What??!!! That’s just unacceptable! Your accountant should be your trusted advisor and that means being available for whatever you need, when you need it.

In many countries there are no regulations as to who can call themselves an accountant. Here in Canada, anyone can say they’re an accountant and this can lead to sub-par service. Unfortunately, this sometimes gives those of us that have a professional accounting designation a bad name. Some non-certified people present themselves like they know what they’re doing yet when things get complicated, they suddenly balk, leaving their client (and hopefully the professional who is now helping them) to deal with an icky mess which could mean unnecessary penalties and interest on taxes.

Too many people hire their accountant based on cost and nothing else, which can result in working with someone who doesn’t really know what they’re doing. Often this also means dealing with people who provide poor service and file tax returns incorrectly.

I’m a researcher. It drives my husband nuts that I ask a million questions before making almost any decision. In this book I’m going to discuss many questions you can ask when interviewing prospective accountants. Working with someone who knows what they’re doing will ensure you’re filing your taxes in accordance with the law as well as to the most benefit for you (ie. saving you tax). The questions at the end of each chapter are provided to give you an idea of what you can ask, regardless of what stage of business you’re in, in order to help you find the best accountant to work with. I will walk you through the questions you need to ask at almost any stage of business and explain why you need to ask them. I’ll also share questions you can ask yourself to get the most out of working with an accountant.

I’ve been working in public accounting since 2000 and have had my own public accounting firm for four years. I’ve seen many clients taken advantage of by so-called trusted advisors that didn’t have a clue what they were doing. Did you know that in a self-reporting tax system (what Canada and the US have) YOU are ultimately responsible for your tax returns regardless of the fact that you hired a professional to prepare them for you? Many people are surprised by this. This means that if the person who filed your tax return did so incorrectly and you owe interest and penalties, you’re on the hook for those in addition to any extra tax you may owe as a result of the error. However, if a professional (someone registered with a professional organization like the Chartered Professional Accountants Organization of Canada or the National Association of Enrolled Agents) filed your returns incorrectly, you have a good chance of recovering the interest and penalties because you hired them based on their professional status. 

It’s important that you find the right person to handle your business accounting and taxes. You need someone who knows what they’re doing and can explain it to you so you’re comfortable signing off that you understand the filing position. I once had a client hire me to catch them up on six years’ worth of sales tax returns. Their bookkeeper didn’t realize they needed to file sales tax returns. In the process, I found some personal expenses that were claimed as business expenses. In the end, those six years of mistakes cost this client almost $90,000 in back taxes and benefit repayments. Talk about a costly error in hiring the wrong person!

By the end of this book, you will be armed with enough questions to ask any accountant so that you are sure to find the right person to work with based on their answers. I’ll tell you what to look for, and what to watch out for, to protect yourself. You will know exactly why you’re asking these questions so you’ll feel confident while meeting with accountants. I’ve been