Growing Your Business
Growing Your Business
More than simply number crunching, accountants are an excellent resource for any sized business to ensure health business growth. Growing your business with an accountant by your side, giving you the right advice and providing you accurate financials, will allow you to make the hard decisions that business owners will sometimes face. Accountants help to provide clarity to the overall operations of your business, and not just about your taxes. This article will explore how an accountant can help a business in the start-up process, in the growth phase, and during regular business operations.
During a business start-up, having a great accountant on your side is invaluable; however, at this stage of business, money may not be available to hire a full time accountant. Thankfully there are many options to hire an accountant on a per-hour basis, allowing you to get the professional opinion of a great accountant, while controlling overall costs. During this phase an accountant will:
- Assist in creation of your business plan financial projections.
- Provide advice on the best business structure (sole proprietorship, partnership, corporation, etc).
- Ensure that your operational plans for accounting are setup correctly and efficiently.
When your business is no longer a start-up, but instead is a growing business, an accountant is still an important team member. Your accountant will work with you to ensure that your business growth is properly managed, meaning that your business processes are ready to handle extra work. Having the advice of a great accountant during this phase can ensure:
- Your cash flow patterns, prices, inventory management and other financing issues are well documented and understood.
- Your business budget is realistic and will support your current business goals.
- Any CRA audits are managed professionally without any impact on your business operations.
- You have the right advice on purchases and leases of any needed equipment or real estate.
- Accurate financial forecasts allowing for better decision making.
- You have expert advice about your industry, as your accountant will probably have previous experience in the industry you operate in.
During regular business operations, having an accountant is also very important. Not only will your accountant ensure that all your bookkeeping, payroll, and taxes are professionally managed, but will also bring to your attention the possibilities of business growth. A great accountant will be able to identify when, where and how to improve your business, either to make it more efficient or to grow it; either way making it more profitable. Accountants involved with businesses in this phase are primarily concerned with efficiencies and ensuring high profitability. During this phase, your accountant should be:
- Ensuring an efficient and accurate financial operations, such as payroll and accounts receivable.
- Researching & taking measures to minimize the tax impact on your business’s bottom line.
- Monitoring your business’s financial statements for overall health.
- Exploring areas for possible growth.
- Providing solid business advice.
Theses are just some of the areas that an accountant assists with when you are growing your business. Ensuring that you have accurate financials and expert advice, from an accountant with experience, will ensure that your expansion will be healthy and managed properly, allowing you to sleep well at night.