At this time it is always important to have a protection like a shield that can defend you from any harm or any trouble. In businesses there are ups and downs, same in going along to your normal life, time comes that you need to face financial concerns. Having a shield or protection will never make you bothered about the finances and services that you can have with the cover of that shield. That shield we are talking about is the accountancy insurance or the audit shield. The audit shield is a protection that you need in your accounting firm.
An accounting firm must have audit shield, so their clients can have the necessary assistance they need. This assistance that you can provide to your client with the audit shield is something that you can help them in responding to some official investigation they will encounter. You can also provide assistance in their audit required by the CRA or other government authority. The audit shield can also provide effective solution for filing of taxes like corporate, personal, GST or HST filings, business audits and other aspects that are needed by your client. This can depend on the coverage can offer by the insurance agency.
You may talk to the accountancy insurance agency on what will be the cost that they will cover for you. Accounting firms may handle challenges and that is also what the audit shield can do. They offer assistance on what you are going through when it comes to other aspects of your accounting firm. It is better to serve your client the necessary assistance they need than do nothing. They are a client and might need further help on the preparation of their financial reports and for them to pay their taxes.
An audit can sometimes put the business owners at risk if they are the only one that is managing the business. This is because there are professional fees you will need to pay and many other expenses that may occur. The deduction mistakes on the income tax can be a tough job that needs to be shouldered by your client it means very big loss in their finances may happen. That is the reason why insurance or the audit shield is the best addition to your accounting firm as you can handle those issues for your client. Audit shield can be a complete protection.
Bottom line is your accounting firm will be more reliable if you can offer audit shield to your clients. This audit shield can be part of your service to your client as you want them not to worry on other financial aspects of their company or business. You can take care of them and have answers to their enquiry. They would want help from professionals and your accounting firm is the right one for that. So ensure that you explain to your clients firmly and clearly about the audit shield for them to understand what it can do for them.