CPS Small Business Solutions & Services

Can your startup survive without the assistance of an outside accountant? Possibly, but the extra insight, guidance, and expertise an accountant offers can be the catalyst that makes your business thrive. Here are nine reasons why all entrepreneurs should work with an accountant.

1. Focus on why you started your business. Entrepreneurs are passionate, and the more than half of small business owners surveyed went from business idea to opening in less than six months. With such rapid growth, business owners can't afford to get bogged down with tasks that don't help you continue to grow. Accountants can take on the heavy lifting of many different aspects of your business.

2. Find work-life balance. Regardless of how new or established a business is, owners across the board struggle with finding the right balance between work and having a life. In fact, maintaining a balance was the top challenge for startups. Accountants can take on the tasks you are less than thrilled about handling, and free you up to sell, market and grow during the day, and maybe even take your son to soccer practice at night.

3. A professional reputation. A good accountant will represent you and your company in the best possible way. This is particularly important as new businesses strive to build strong relationships with key players in their success, such as the bank.

4. It's vital to a company's success. As reported by the Sage survey, more established business owners report working with an accountant, agreeing that working with an accountant is a critical element in success.

5. A new perspective. Oftentimes entrepreneurs are so involved running the day-to-day operations of their business that they may not be able to see the whole picture. Someone who is removed from the business can provide a different perspective that may otherwise be missed. Meeting with an accountant can be like taking a step back, looking at the bigger picture and gaining a fresh, new perspective. Sometimes that's all it takes to come up with the next big idea.

6. They have reach. Don't underestimate how valuable it is to receive guidance from someone who has insight and knowledge across hundreds of businesses and industries. Accountants not only get to see the financial information of many businesses across a variety of industries, but they also have visibility into best practices that are working for other businesses as well as the mistakes others have made that have led to failure.

7. Businesses need a plan. One reason thousands of businesses fail every year is because they didn't have a plan. When asked why, they said, "I just didn't know where to start." This is where an accountant comes in. A good accountant will partner with a business to look at all the data and help build a road map to success. Poor planning isn't necessary, and bringing a professional on board can help small businesses plan for success.

8. They understand tax. This may seem obvious, but keep in mind that rules and regulations change frequently, and it's tough if not impossible for any business owner to keep up with it all. Twenty-nine per cent of Canadian small business owners admitted that accounting and bookkeeping is one of their biggest challenges. An accounting professional can take away your uncertainty and ensure your business stays compliant.

9. Analyze data for growth and profitability opportunities. If all of your data is just sitting in a database and you're not interpreting, analyzing or using it to help drive your business direction and decisions, you're missing out on a great opportunity. Have an accountant help you dive into the numbers and use them to propel greater business growth and profitability in the future. A great way to do this is through online collaboration in a small business accounting solution where accountants have visibility into clients' financial data in real time.

I love to help Entrepreneurs with all their tax and financials needs, such as

1) Get all your deductions (maximize on their deductions)
Identifying these potential deductions throughout the year and advise you how to make strategic decisions for year-end deductions. Many business owners forget to track and account for items like depreciation, out-of-pocket expenses and home office space. Don’t leave money on the table!

2. Avoid an audit
Another really compelling reason to hire an accountant is to avoid the dreaded audit. Unfortunately, most people think of an accountant as someone who can fix these issues after they’ve occurred. The important thing to remember is that an audit can easily be avoided if you get the guidance and counsel of an accountant year-round.

There are many explanations as to why a business is audited: from too many mistakes on tax forms, to being too ‘charitable,’ to excessive write-offs. Think of an accountant as a long-term partner who is invested in your business and cares to keep it fiscally sound.

3. Save time and energy (and sanity!)
Most entrepreneurs think that a tight budget means they won’t be able to afford hiring an accountant. But if you think about how much time and effort you spend on trying to manage your finances yourself (not to mention the possible errors you could incur during reporting, and related losses from poor financial decisions), the benefits certainly outweigh the cost.

As an entrepreneur, your focus should be on running your business. Investing in a professional accountant and engaging him or her as an ongoing tactical business advisor will assist you in maintaining that focus and simultaneously keep you on the road toward your business goals.

4. Make real-time decisions
When I consult business owners, they often tell me that they wish they could easily calculate the potential consequences and implications of making a big office purchase or hiring more employees. Having an accountant as your financial advisor to help you with budgeting and monitoring cash flow on a steady basis will allow you to navigate any hurdles that occur in real time.

You should take a collaborative approach with your accountant, allowing you to make decisions together based on the latest data and also take advantage of a consultative relationship that will help you make business decisions when you need to make them.

5. Plan for the future
Finally, one of the biggest benefits of hiring an accountant is getting advice on how to plan for the future. Together, you can pull reports from past months and examine the seasonality of your business. Doing this will help you determine the best time to buy inventory, and budget for big-ticket investments so that you can stay competitive and viable.

As a business owner, you are most often preoccupied with the day-to-day operations of running your business. However, an accountant can take a step back and objectively look at the big picture to find the best way to support the longevity of your business.

The life of a business owner can be isolating, especially when you’re left with a pile of receipts and invoices to plow through at the end of the month or the year. It doesn’t have to be that way. As the saying goes, “Many hands make light work,” and partnering with an accountant who has the skill and expertise to guide you through your journey will set you up for lasting success.

For others, starting a business is a scary, intimidating notion. There are too many unknowns to take the plunge.

But reasons inspired us to start our firm were pursue our passion creating something from scratch, building a team meanwhile we help people. Invest in ourselves to become experts to get financial independence.

I love to help Entrepreneurs with all their tax and financials needs, such as

1) Get all your deductions (maximize on their deductions)
Identifying these potential deductions throughout the year and advise you how to make strategic decisions for year-end deductions. Many business owners forget to track and account for items like depreciation, out-of-pocket expenses and home office space. Don’t leave money on the table!

2. Avoid an audit
Another really compelling reason to hire an accountant is to avoid the dreaded audit. Unfortunately, most people think of an accountant as someone who can fix these issues after they’ve occurred. The important thing to remember is that an audit can easily be avoided if you get the guidance and counsel of an accountant year-round.

There are many explanations as to why a business is audited: from too many mistakes on tax forms, to being too ‘charitable,’ to excessive write-offs. Think of an accountant as a long-term partner who is invested in your business and cares to keep it fiscally sound.

3. Save time and energy (and sanity!)
Most entrepreneurs think that a tight budget means they won’t be able to afford hiring an accountant. But if you think about how much time and effort you spend on trying to manage your finances yourself (not to mention the possible errors you could incur during reporting, and related losses from poor financial decisions), the benefits certainly outweigh the cost.

As an entrepreneur, your focus should be on running your business. Investing in a professional accountant and engaging him or her as an ongoing tactical business advisor will assist you in maintaining that focus and simultaneously keep you on the road toward your business goals.

4. Make real-time decisions
When I consult business owners, they often tell me that they wish they could easily calculate the potential consequences and implications of making a big office purchase or hiring more employees. Having an accountant as your financial advisor to help you with budgeting and monitoring cash flow on a steady basis will allow you to navigate any hurdles that occur in real time.

You should take a collaborative approach with your accountant, allowing you to make decisions together based on the latest data and also take advantage of a consultative relationship that will help you make business decisions when you need to make them.

5. Plan for the future
Finally, one of the biggest benefits of hiring an accountant is getting advice on how to plan for the future. Together, you can pull reports from past months and examine the seasonality of your business. Doing this will help you determine the best time to buy inventory, and budget for big-ticket investments so that you can stay competitive and viable.

As a business owner, you are most often preoccupied with the day-to-day operations of running your business. However, an accountant can take a step back and objectively look at the big picture to find the best way to support the longevity of your business.

The life of a business owner can be isolating, especially when you’re left with a pile of receipts and invoices to plow through at the end of the month or the year. It doesn’t have to be that way. As the saying goes, “Many hands make light work,” and partnering with an accountant who has the skill and expertise to guide you through your journey will set you up for lasting success.

The COVID-19 crisis uncovered a wide range of front-office and back-office jobs primed for a successful move to a hybrid remote-office model, from business advisory to economics to financial planning. But, getting remote work right takes planning and forethought.
All services can be provided remotely. Service work can encompass handling financial records and documentation, analyzing data, and helping to ensure the smooth financial operation of an organization—all duties that can be done remotely. Much of accounting work is digitized, which means it can be done online, often from anywhere.

We have minimized in-person meeting, an increased remote meeting (Zoom)