Does your business really require the services of a Chartered Accountant?  To help you answer this question, I've compiled the 'Top Ten Signs Your Business Needs a Chartered Accountant.'

1. Your Company's financial statements don't make any sense
   Financial statements are extremely important in helping you evaluate the profitability and financial strength of your business, so it's imperative that your Company's financial statements are accurate.

   If your Company's financial statements don't make any sense (e.g. the gross margins are abnormal or the net income is materially different than your expectations), then you should consult a Chartered Accountant in Toronto for a second opinion.

2. You are paying too much in tax
   Many Chartered Accountants in Toronto are experts in the area of tax planning and are knowledgeable about tax planning strategies to save you and your business money.
3. You're losing money or are not making as much as you expected A Chartered Accountant in Toronto can analyze your Company's financial statements with the objective of identifying areas for cost savings and opportunities for increasing profitability.
4. The accounting and record-keeping are in a mess Have you stored all of your receipts in a shoe-box or plastic bag?  If yes, there's no reason to worry.  Chartered Accountants in Toronto can organize your receipts and other source documents to produce meaningful financial reports about your business.
5. The Company is growing rapidly and you feel like you're losing control
   As a company expands rapidly, owners often feel that they're losing control and don't know what's happening on a micro level with their business.  This is often a result of a lack of appropriate internal controls, such as financial controls and operational controls.

   Chartered Accountants in Toronto have the ability to identify control weaknesses in your organization and can recommend and implement the right controls to get your business back on track.

6. You're applying for a bank loan or line of credit for your Company
   Banks may require that your Company's financial statements be compiled by or reviewed by a Chartered Accountant, before they consider your Company's application for a loan or line of credit.  The reason being is that the Banks' lending decision is often based on the information contained in the financial statements, and therefore they must be accurate.

   Many Chartered Accountants in Toronto can compile financial statements or review financial statements for the purpose of obtaining a bank loan or line of credit.

7. Tax returns haven't been filed for several years and the CRA is hounding you to file them
   Significant penalties and interest can be charged by the CRA for tax returns filed late or for unpaid tax balances owing.

   Chartered Accountants in Toronto can prepare unfiled tax returns and can potentially have the penalties and / or interest waived by the CRA, by filing through the CRA's Voluntary Disclosure Program.

8. Your Company is expanding into the United States
   If your Company is expanding into the United States, then there are many tax considerations to take into account, such as:
   • The repatriation of profits from the United States to Canada in a tax efficient manner
   • Transfer pricing
   • The appropriate jurisdiction to incorporate your US company (certain states have a lower tax rate than others)
   • Whether the US corporation should be a subsidiary of your Canadian corporation or owned directly by you,

   Many Chartered Accountants in Toronto have the technical expertise to provide you with the right tax advice on your Company's expansion into the United States.

9. You don't have an exit strategy from your business
   In many cases, the wealth of a business owner, is tied up in his/her business.  Therefore, it's important to engage the services of a Chartered Accountant in Toronto to create an exit strategy that will enable you to extract the wealth from your business upon your departure.
10. Your current accountant does not have a professional designation
    If your current accountant does not have a professional designation, there is a risk that he/she may be rendering incorrect financial and tax advice or making accounting mistakes that affect your company's financial statements and tax returns.

    Chartered Accountants in Toronto are designated professionals, many of whom are also registered with the Institute of Chartered Accountants of Ontario.

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