When is it time to hire an accountant like Randall Dang

One of the biggest mistakes small business owners make is avoiding hiring an accountant because they feel like the business can’t afford it. At various stages of a company’s growth, an accountant like Randall Dang can make a significant contribution that can help a business avoid costly mistakes. And any small business owner should also know that you don’t have to hire an accountant on full-time. Sometimes, having an accountant on retainer to be used when needed is all that is necessary. So what are some of those times? Here are a few times when it pays to hire an accountant.

When You’re Writing a Business Plan: An accountant can provide significant knowledge in the beginning stages of a business. A business plan is used to get funding from investors or a bank. You will need to consider your value proposition, financial plan, staffing plan, market fluctuations and more. An accountant can help you accurately assess these things, which can be used now and down the road.

When You Need Help with Finances: A business’s finances can get complicated very quickly, and even if you were handling the books in the beginning, it might be a whole different story now. For example, Randall Dang, an accountant in Canada, could provide you with a clear, easy-to-understand picture of your business’s finances so you can better assess where your business is and make the necessary adjustments.

When You’re Ready to Delegate Responsibilities: In the beginning, it can be very easy to want to do everything yourself. However, you might find later on that this is not the best thing to do as you can spread yourself too thin. If you spend a certain amount of time doing your finances, taxes, etc., is that cost-efficient or does it make more sense to hire an accountant? In many cases, the latter proves to be true.

Randall Dang Decodes Five Tax Myths

Young businessman doing paperwork

 

If you are filing your taxes in Canada for the very first time, it might be a good idea to talk with an accountant like Randall Dang who can provide you with tax advice. There are myths about taxes that some people do believe in, which is the easiest way to get an audit. Obviously, this isn’t something you’ll want so, below, Randall Dang, an accountant in Canada, discusses some of the most common myths you should avoid if at all possible:

 

Maternity Leave Income Is Not Taxable: If you receive Employment Insurance benefits during maternity leave, remember that you should report all income earned. In many cases, less money is withheld from Employment Insurance benefits so you may have to pay additional taxes at the end of the year.

 

You Can Claim 100% of Your Personal Expenses if You Work from Home: You can only reasonable expenses if you work from home. For example, you couldn’t claim 100% of your internet expenses because it’s assumed you would use it for personal use as well. Try to be as detailed as possible throughout the year so you know how much is a reasonable amount to claim.

 

You Can Claim a Pet as a Dependent: We treat our pets like our children, but they, unfortunately, can’t be claimed as dependents. Even if you have spent a large amount of money in the past year for treatments or other costs, you most likely will not be able to deduct any expenses or claim them as dependents.

 

You Don’t Have to Report Your Tips: Even if you’re a server who receives the majority of your tips in cash, you need to record and report your tips on your tax return.

 

You Have Received a Refund So Your Return Was Approved: Although the Canadian Revenue Agency will send you a refund, you may still eventually have to pay additional taxes if it reviews your return later on and determines that a claim wasn’t eligible.

 

 

 

Tips for Newlyweds Filing Taxes for the First Time

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Congratulations on your marriage! Marriage has a big impact on practically every aspect of your life, including your tax return. If you’ve recently gotten married and want to learn more about how your new status will affect your taxes, accountant Randall Dang offers his expertise on the subject.

Spouses in Canada Must File Separately

Unlike other countries such as the United States, in which married couples have the option to combine their incomes and file a single tax return, common law in Canada requires that each spouse file a separate tax return. Married couples in Canada cannot file a single joint income tax return.

What It Means to File Separately

Filing separately means you and your spouse’s incomes are separated and you and your spouse are both responsible for paying the taxes, interests, and penalties due on your individual returns.

Getting the Most from Your Tax Return  

Although not having the option to file jointly may seem restricting, there are things couples can do to reduce the total amount of taxes they have to pay and get the most from their tax return.

  • The spouse with the higher income should maximize their deductions in order to reduce paying taxes at a higher rate.
  • You can claim charitable donations on one of the tax returns to reduce the amount you pay on your income taxes.
  • You can claim a tax credit for medical expenses you or your spouse paid, as long as they were paid within the 12 month period ending in the current tax year.
  • If you or your spouse has a disability, you can take advantage of the disability tax credit. This tax credit covers a broad spectrum of physical and mental impairments, many of which aren’t typically associated with a disability, and can be used to reduce the amount of income tax you have to pay.

If you need help filing your tax return, or have questions, contact accountant Randall Dang for more information.

Five Questions to Ask Your Tax Accountant

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As an accountant in Canada, Randall Dang has been interviewed many times for various jobs. Randall Dang works with business of all sizes in a wide variety of roles, including performing CFO duties and preparing taxes. He could tell you which questions are important when it comes time to hire your own tax accountant for your business. There isn’t a one-size-fits-all tax preparer for any business, but any good tax accountant will share several key characteristics, like organization and honesty, as others. With that in mind, here are several key questions you should ask to make sure you’re hiring a good one that you can trust with your livelihood:

 

Do You Have a PTIN? This is very important because the IRS requires any accountant or preparer to have a PTIN in order to file taxes. If he or she doesn’t, this is a deal breaker.

 

Have You Prepared Business Taxes Before? Again, this is an easy question and one with an easy answer. If the tax accountant says no, you might want to try someone else. Business taxes are different than personal taxes and require a certain level of expertise to be filed correctly.

 

How Much Do You Charge? There’s no question that a skillful tax accountant like Randall Dang can save you money. Of course, if he or she is charging you more than you would save then it’s really not worth it.

 

Who Will Sign the Return? This is a big one as it will ensure that the actual accountant is filing the return and not just handing it off to another preparer. If he or she refuses to sign it, that could be a glaring red flag.

 

What Happens If I Get Audited? Again, the purpose of hiring a tax accountant is to avoid getting audited, but it can sometime happen. You’ll want to know that your accountant has a procedure and plan for audits. Will he or she answer questions from the IRS or represent you in tax court. These are good things to know upfront.

Three Accounting Tips for Small Business Owners in 2017

Desk office business financial accounting calculate

 

2017 is just a few short weeks away, and the holiday season is the time of year when people begin to look at ways that they want to improve. 2017 might be the year when you cut down or eliminate that bad habit or start a new trend that will help you lead a better habit. Business leaders and small business owners in Canada, the United States, and across the globe can consider their own resolutions as well to make smarter business decisions and enact stronger processes and planning to hopefully help the business reduce inefficiencies and strengthen growth.

 

As a Chartered Professional Accountant, Randall Dang provides a wide variety of accounting services to his clients that include basic tax preparation and temporary CFO duties. He also serves as a consultant on various business functions and applications, and he has provided his services to a wide range of clients in the Vancouver City area. His knowledge of accounting best practices is quite extensive, but his advice for small business owners is actually quite simple. Here are several tips Randall Dang wants to you keep in mind if you’re making 2017 New Year’s Resolutions for your business:

 

Accounting Is All About the Details: Most business owners understand that they have to keep records of where they spend money, how they spend it, and the details on any incoming cash. Tracking debits and credits is very easy these days with online business banking, but details about those transactions must be kept in one place to ensure they can be accessed if needed. Details include the source of payment on anything and how incoming invoices were paid for.

 

Collect and Store All Receipts for Tax Write-offs: Depending on the type of tax deduction you’re looking for, you will need to provide either a receipt, check stub, or some other form of evidence. For example, charitable contributions often require a receipt in order to be claimed as applicable deductions. Keep this in mind throughout the year, so you can make yours or your accountant’s life easier come tax preparation time.

 

Schedule Ongoing PSLs: Your accountant or accounting consultant could also suggest conducting PSLs on a monthly or quarterly basis to provide key information on the health of your business. Regular PSLs allow you or your accountant to ensure accurate records are being kept and any necessary corrections on activity data found in those reports are made as soon as possible.

 

Hiring an Accountant? Here’s What to Look For

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Whether you’re looking to hire an accountant for your small business or to help you manage personal finances, what qualities do you look for in an accountant?

 

As an experienced accountant and having worked for several clients, accountant Randall Dang understands that many clients have certain traits they want to see in their accountants. After all, the accountant will be helping you with finances, offering financial advice, and advising you on major decisions. That being said, it’s important that you find an accountant you feel comfortable and confident in. You want someone who you trust and can rely on. Here are some tips for picking the right person to help you:

They’re Experienced

A suitable accountant should have at least five years’ experience. This demonstrates that they are knowledgeable and practiced. As Randall Dang explains, an accountant generally specializes in a few areas to offer various services to clients. Find an accountant who specializes in the services you need. For example, if you need them to help manage your business’s finances, they should have previous experience helping other businesses. If you’re looking for an accountant to help with your personal finances, they should have experience working for other individuals like yourself.

They’re Great at Communicating

 

There are a lot of fancy terms used in accounting that the average person isn’t usually familiar with. While it’s great that an accountant is experienced, you also want to be able to communicate with them on a level that you understand. You want to be able to use them as a resource, ask them questions, and expand your knowledge.

 

They’re Available When You Need Them

 

Some people only need an accountant once or a few times a year. Others tend to turn to their accountants more frequently. Ensure the accountant you select can and will be available when you need them. Also, how will you communicate or get a hold of your accountant when you need them? Are they only a phone call away or do you have to schedule a time to come in?

 

You’re Comfortable Discussing Important Details With Them

Since you’re going to be discussing your finances with your accountant, emphasizes that you need to feel comfortable in doing so. If you feel intimidated or aren’t at ease discussing financial information with your accountant, you should look for another one.

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They Answer Your Questions


Finances and taxes are complex subjects so it’s more than understandable that you will have questions to ask. The right accountant doesn’t just handle your finances but will answer questions and make sure you understand everything.

Randall Dang Accountant, Business Consultant

For over 20 years, Randall Dang has been providing clients with excellent accountant and business consultant services in Vancouver, British Columbia, Canada. Business consultant services including: comprehensive accounting, tax preparation, advisory services, financial analysis, financial reporting. He serves as an interim CFO fulfilling vital duties to your business’ internal operations. Whether it is help with the filing of quarterly taxes to financial bookkeeping practices to payroll services, Randall Dang provides you with the accountant and business consultant services your company needs.

Randall Dang’s accounting  background stems from a number of professional certifications and accounting designations that included:

  • Chartered Professional Accountant, CPA Canada/British Columbia (Chartered Professional Accountants Canada and BC)
  • Certified General Accountant, CGA-Canada/British Columbia (Certified General Accountants Association of Canada and BC)
  • Certified Management Accountant, Certified Management Accountants (CMA) Society of Canada and British Columbia

Randall Dang welcomes work from small businesses, business owners and more, which is why you will receive superior service. Many CPA firms have grown too large to efficiently provide individualized service and expertise. Businesses face many financial complications and challenges when it comes to money management, risk mitigation and other financial processes, Randall Dang can alleviate those issues and provide you with a strategic plan to overcome the problems. With Dang’s expertise in financial consulting and knowledge of today’s current tax and business laws, you can rest assure that you will get the proper advice to navigate your business landscape.

Business services from Randall Dang will deliver trustworthy, reliable information and support to all facets of your business’ financial and operational needs while putting your business’ best interest first. To find out how Randall Dang can help your business achieve financial stability, bookmark this website for the latest updates and information.