Most small business owners believe that by taking care of every aspect of their business, they are saving money. The mindset of ‘you can do it all’ could backfire by costing the small business owner more money. The reality is no one can take care of every area of their small business. If you want to succeed, at times it is best to call in the experts.
Time is money
Small business owners tend to under appreciate and devalue their own time. We only have so many hours in a day to accomplish our tasks. Although it may seem money is being saved by doing all the work yourself, in retrospect, it is costing money. When bogged down by a task that is not within your comfort zone, frustration builds up and before you know it, the day is over. This escalates when you realize tasks that need to get done that generate revenue keep piling up.
Instead of wasting time on tasks that make you anxious, uncomfortable, and take longer than expected to complete, it is probably a good time to contact an expert to help complete the job.
One area many small business owners often need expert advise is with their financials. It is imperative to have a solid grasp on business financials. If you lack a solid understanding of your financial position, it could leave your small business vulnerable to making bad financial decisions. To relieve you of any anxiety and frustration, consider hiring a Chartered Professional Accountant (CPA) to be part of your team.
a cpa can help
Advise on tax planning and compliance
A few examples;
- How to apply Goods and Services Tax (GST),
- Provincial Sales Tax (PST),
- Identify tax-deductible expenses,
- payroll taxes,
- reduce taxes
- claim taxes on expenses
Making smart business decisions
A CPA has the knowledge and expertise to analyze the financial side of a small business. They can provide the figures to make smart business decisions;
- to apply for a loan,
- to expand the business,
- or branch out to start a new business
Help small business owner understand their financials
A CPA can provide a small business owner with clarity on how to properly read and understand their financial statements. You become much more comfortable making financial decisions when you are equipped with the knowledge of how to understand your numbers. A few examples of decisions that can be made;
- to sign a lease or rent a space,
- expand your office space,
- or compare hiring new staff vs. sub-contracting,
- lease or purchase of an automobile
A strong understanding of your financials is key to making the right decisions for your small business.
as an advocate to resolve issues with cra
Canada Revenue Agency (CRA) periodically contacts small businesses for a variety of reasons. A CPA has experience and understands the language of what is being requested to help you through the process. A CPA can also advise you on potential CRA red flags your small business should avoid. CRA routinely audits automobile and office in home expenses
A CPA is not a luxury permitted only to the well to do small business owner; it is for any small business that wants to plan, grow, and succeed. The value of a CPA as part of your team will help you make smarter business decisions. You will learn how to read your financial numbers in a more strategic and tactical way you never knew existed.
Contact Banka & Company, CPA at 250-763-4528 or email email@example.com if you have any questions. You can always schedule an appointment with one of our Chartered Professional Accountants too.