Curating and designing people’s houses is what you are best at. However, what about curating your company’s financial statements? Many architects often overlook keeping a track and check on their financial performance of their architectural firms and end up with an irregular income generation. An architect’s job is primarily project based. As the scale of the firm would grow, it would get difficult to manage the inflows and match them with expenses. So many things can cause great confusion, and hence an architect should only focus on their job of designing!
What sets Accountant Calgary apart as the top accounting service for an architect’s accounting needs?
At Accountant Calgary, we fully understand the bookkeeping needs of an architectural firm and we strive to help them overcome those problems. We are thus here to provide the relevant expertise with accounting and financial management, so you can seamlessly put your mind to just one area; which is, to plan and design buildings and aesthetic structure!
Our human resource department is fundamentally equipped with CPA trained professionals and money managers who are aimed to facilitate all kinds of architects with detailed accounting solutions on financial analysis, taxation obligations and bookkeeping, all of which are in compliance with the Canadian Law and Regulations.
This means that you can fully trust us with giving you valuable and commercially profitable financial advice and being your ultimate partner in your accounting matters.
Why is it crucial for your firm to have a personal accountant?
On average, a typical architectural firm – be it an already established one, or one that has just come into inception; would face many uniquely different challenges that would require technical and specialized support.
Primarily, an architect’s job revolves around navigating through the complicated process of engineering building designs and conducting construction visits for measurements. From managing the cash inflows and outflows to taking care of other formalities of tax filing; the responsibilities in this industry are never ending. Syncing up with an experienced accounting firm like Accountant Calgary can help the architect’s and the administration of the firm mellow down their overwhelming responsibilities and navigate through the workload with efficiency.
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3 Critical Accounting Concerns you MUST know if you own an architectural company
As we move further ahead, we look at some prevalent concerns of an average architect pertaining to financial management across the industry and why it becomes crucial for them to hire a personal accountant.
Project Cost Estimation
Every architect has to perform a proper, detailed costs assessment before quoting the project to the client. He has to ensure he is giving a profitable quote and exhausting his cash flows. There are many architects who substantially struggle with prepared budgets and estimation plans because of other tasks and responsibilities they are immersed in. This leads to inefficiency and delayed planning and schedule for tbe projects.
Salary and Commission Accounting
Most architects are paid in a commission plan from their firms. Having no record of what every architect is bringing to the table may bring confusions in the accounting books of the company. It is imperative for every firm to ensure that their employees are being paid rightfully and on time.
Tax Regulations
All industries are bound to pay their taxes on time. Similarly, an architectural firm is also required to pay taxes. However, not many administrators or employees managing accounts are completely knowledgeable and in compliance with the Canadian Tax laws and the tax filing methods and eventually end up evading taxes. Tax evasion can lead to and has led many similar companies in hot waters in the past. It is hence important to ensure, the taxes are being timely paid and filed.
All these problems are likely to escalate if your firm fails to equip a team of professional and skilled accountants. They will not just make your life easy but will also prevent your company from losing out on potential profit maximizing opportunities.
Why is every firm Hiring a Professional Accountant nowadays?
Accounting and Bookkeeping Solutions Provided
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- CPA Assistance
- Financial
- ReportingTax Strategy for Realtors
- Processing the Payroll and Tax Compliance
- Sales Tax Compliance
- Corporate
- TaxesAuditing (Internal and External)
- Insurance Plans
- Project Cost Estimation
- Wealth and Asset Management and ControlEvaluation of
- the Firm’s Financial Portfolio