The Most Common Mistake People Make When Working With An Accountant
A qualified accountant has the knowledge and resources that those outside of the profession can’t offer. Working with an accountant will make handling your taxes easier, as they keep up with constantly changing tax codes. However, it is your responsibility as an individual, or business owner to provide full disclosure. Based on the information you provide, an accountant can make recommendations when it comes to planning for next year’s taxes and make it easier for you to keep an accurate record of where your money or your business’ money is going.
While most people understand the value of an accountant, and even hire one to make life easier, often, several avoidable errors are made which prove to be costly. To help you steer clear of such mistakes, we have shared one of the biggest and most common mistakes people make while working with an accountant.
Not asking the correct questions and holding back information.
People behave this way out of fear. The withholding of information can create errors in record keeping and tax filings which may result in penalties, interest and additional costs to correct. You need to provide all available information to your accountant. This will help to reduce the amount of time it takes to deliver quality accounting services to you, reduce errors and penalties, and negate any chance of an audit by the CRA.
To avoid mistakes like this, and other accounting mistakes, reach out to Mark A Wales Chartered Professional Accountants. We have been in public practice since 2001 assisting businesses and individuals with their bookkeeping, tax and other operational needs. To learn more about services we provide, please click here. If you have any questions about accounting, get in touch with us by clicking here.