Kelowna accounting and bookkeeping

Not sure what a tech stack is? Why you need one or where to start?

https://accountingmd.ca/why-your-accounting-tech-stack-is-important

Why Your Accounting Tech Stack Is Important • Cloud Accounting Expert For small businesses the tech stack usually revolves around the accounting software, QuickBooks Online and Xero are two popular ones. From there a number of

Although most entrepreneurs recognize the importance of careful financial management, few want to spend their time dealing with numbers. Unfortunately, not keeping a close eye on your income and expenses can be very costly for a business.

Here are 5 common bookkeeping pitfalls and some simple tips for getting back on track.

https://kelownaaccounting.ca/5-common-bookkeeping-pitfalls/

5 Common Bookkeeping Pitfalls • Cloud Accounting Expert | Digital Transformation 5 Common Bookkeeping Pitfalls . The biggest pay off? Saving time with these bookkeeping tips will allow you to invest your talents and energy where they will be most profitable.

Although most entrepreneurs recognize the importance of careful financial management, few want to spend their time dealing with numbers. Unfortunately, not keeping a close eye on your income and expenses can be very costly for a business.

Here are 5 common bookkeeping pitfalls and some simple tips for getting back on track.

https://kelownaaccounting.ca/5-common-bookkeeping-pitfalls/

https://dufordcpa.ca/3-proven-bookkeeping-tips-for-small-business

On average, small business owners spend 10 hours each week recording, organizing, and processing financial transactions – everything from accounts receivable and payable, to employee payments, expense receipts and supplier invoices. While the process may be time-consuming (and tedious!), effective bookkeeping is the foundation of sound financial management – which in turn, is the lifeblood of your business.

dufordcpa.ca

𝟴 𝗖𝗢𝗠𝗠𝗢𝗡 𝗣𝗥𝗢𝗕𝗟𝗘𝗠𝗦 𝗡𝗘𝗪 𝗙𝗥𝗘𝗘𝗟𝗔𝗡𝗖𝗘𝗥𝗦 𝗙𝗔𝗖𝗘


Freelancers in all industries deal with the same problems due to the nature of their work. Typically, freelancers are solo work-from-home contractors that manage every aspect of their business. If you're thinking of dropping your career as an employee to begin freelancing, consider the following obstacles you will need to navigate. Unfortunately, problems beget more problems, and a shaky foundation quickly leads to a crumbly business and many regrets about starting in the first place.

𝗕𝗮𝗱 𝗰𝗹𝗶𝗲𝗻𝘁𝘀

Clients who demand too much work for too little pay, clients who do not pay on time, and especially those clients who do not pay at all define our expectations for the next client. Often, new freelancers do not know how to tell the difference between a good client and a bad client until after the contract has been signed. Or worse, a contract is never signed and the freelancer accidentally does work for free—much to the delight of the shady client.

𝗕𝗮𝗱 𝗽𝗿𝗶𝗰𝗶𝗻𝗴

Pricing that is too low attracts bad clients like flies to a dead horse. The outrageously low-price signals that the freelancer who made this bid or asked for this rate absolutely has no idea what they are doing and does not value his or her work; that they are new and can be taken advantage of. If you price your work reasonably, you are much more likely to attract reasonable clients.

𝗔𝗻 𝘂𝗻𝗽𝗿𝗼𝗳𝗲𝘀𝘀𝗶𝗼𝗻𝗮𝗹 𝘄𝗲𝗯𝘀𝗶𝘁𝗲

Too many freelancers have websites that look like they were built in the late 1990s. It's important to create a user-friendly website that clients will find aesthetically pleasing, whether you made it yourself or hired a web designer. A professional website signals that you take your work seriously and demand to be treated with respect. A clear photo somewhere on your homepage also helps your client to see that yes, you are human, and no, you are not likely to be okay with doing work for free.

𝗧𝗵𝗲 𝗹𝗮𝗰𝗸 𝗼𝗳 𝗲𝘅𝗽𝗲𝗿𝗶𝗲𝗻𝗰𝗲

This is a tough one. Of course, if you have just started in the world of freelancing, you don't have much freelance experience. Fortunately, it's very similar to when you got your first job. Apply for smaller, lesser-paying jobs and work your way up to well-paying gigs. With freelancing, it is typically easier to attain higher-level jobs than if you were, say, working in retail. A freelancer with an extensive portfolio on their professional website is very likely to be trusted for larger projects.

𝗔 𝘀𝗵𝗼𝗿𝘁𝗮𝗴𝗲 𝗼𝗳 𝗶𝗻𝗶𝘁𝗶𝗮𝘁𝗶𝘃𝗲 𝗮𝗻𝗱 𝗱𝗿𝗶𝘃𝗲

New freelancers start with a seemingly inexhaustible enthusiasm and as much passion as you could find in a young and overly optimistic entrepreneur. This, like the effect of caffeine in the morning, wears off before much work has been accomplished. Then the initiated freelancer hits an unexpected snag or feels overwhelmed with the amount of work to be done, and wonders why they ever started in the first place. A sense of drive and ambition need to overcome all obstacles in order to succeed. As a self-employed business owner, a freelancer has no boss spurring them on. Since many lack self-discipline and an intrinsic sense of motivation, freelancing is certainly not for everybody.

𝗣𝗲𝗿𝘀𝗶𝘀𝘁𝗲𝗻𝘁 𝗳𝗲𝗲𝗹𝗶𝗻𝗴𝘀 𝗼𝗳 𝗶𝗻𝗮𝗱𝗲𝗾𝘂𝗮𝗰𝘆 𝗢𝗥 𝗮 𝘁𝗲𝗻𝗱𝗲𝗻𝗰𝘆 𝘁𝗼 𝗯𝗹𝗮𝗺𝗲 𝗼𝘁𝗵𝗲𝗿𝘀 𝗳𝗼𝗿 𝗽𝗲𝗿𝗰𝗲𝗶𝘃𝗲𝗱 𝗳𝗮𝗶𝗹𝘂𝗿𝗲𝘀

Failings of motivation usually stem from feelings of inadequacy, and lack of initiative comes from a tendency to shift responsibilities. If a freelance worker suffers from low self-esteem, where will the confidence come in to market themselves and negotiate project costs effectively? It's also easy for a freelancer to blame the dearth of good clients than take responsibility for the fact that their market strategy is failing.

𝗡𝗼𝘁 𝗿𝗲𝘀𝗲𝗮𝗿𝗰𝗵𝗶𝗻𝗴 𝗲𝗻𝗼𝘂𝗴𝗵

Sometimes these personal failings could be fixed through simple research. Knowing what other freelancers have done in similar situations increases confidence in making business decisions. Minor successes that result from positive business decisions and overcoming obstacles build motivation. Research on business matters affects mood and level of dedication to making it as a freelancer, and is therefore crucial to the beginning of any endeavor in freelancing.

𝗡𝗼𝘁 𝘂𝗻𝗱𝗲𝗿𝘀𝘁𝗮𝗻𝗱𝗶𝗻𝗴 𝗳𝗿𝗲𝗲𝗹𝗮𝗻𝗰𝗲 𝘄𝗼𝗿𝗸

Many aspiring to self-employment simply do not have any idea what freelancing entails. Contracting services to other organizations or individuals requires lots of time and effort that won't immediately earn a profit. Employees tired of their own work lives idealize the idea of freelancing, and often ignore the difficulties faced in this environment. Before counting on notions of an optimal freelancing experience, consider your own life; your strengths, talents and abilities. Ask yourself these questions: "Am I truly ready to begin a long-term career in freelance work?" and "What do I want to achieve through freelance work?"

𝘐𝘧 𝘺𝘰𝘶 𝘢𝘳𝘦 𝘤𝘶𝘳𝘳𝘦𝘯𝘵𝘭𝘺 𝘢 𝘯𝘦𝘸 𝘴𝘵𝘳𝘶𝘨𝘨𝘭𝘪𝘯𝘨 𝘧𝘳𝘦𝘦𝘭𝘢𝘯𝘤𝘦𝘳, 𝘵𝘢𝘤𝘬𝘭𝘪𝘯𝘨 𝘵𝘩𝘦𝘴𝘦 𝘱𝘳𝘰𝘣𝘭𝘦𝘮𝘴 𝘧𝘳𝘰𝘮 𝘵𝘩𝘦 𝘣𝘰𝘵𝘵𝘰𝘮 𝘶𝘱 𝘴𝘵𝘳𝘦𝘢𝘮𝘭𝘪𝘯𝘦𝘴 𝘵𝘩𝘦 𝘱𝘢𝘵𝘩 𝘵𝘰 𝘴𝘶𝘤𝘤𝘦𝘴𝘴. 𝘐𝘧 𝘺𝘰𝘶 𝘦𝘷𝘦𝘳 𝘣𝘦𝘤𝘰𝘮𝘦 𝘥𝘪𝘴𝘤𝘰𝘶𝘳𝘢𝘨𝘦𝘥, 𝘳𝘦𝘮𝘦𝘮𝘣𝘦𝘳 𝘵𝘩𝘢𝘵 𝘦𝘷𝘦𝘳𝘺𝘰𝘯𝘦 𝘴𝘵𝘢𝘳𝘵𝘴 𝘢𝘵 𝘵𝘩𝘦 𝘣𝘦𝘨𝘪𝘯𝘯𝘪𝘯𝘨, 𝘢𝘯𝘥 𝘵𝘩𝘢𝘵 𝘺𝘰𝘶 𝘵𝘰𝘰 𝘤𝘢𝘯 𝘢𝘤𝘩𝘪𝘦𝘷𝘦 𝘺𝘰𝘶𝘳 𝘥𝘦𝘴𝘪𝘳𝘦𝘥 𝘭𝘦𝘷𝘦𝘭 𝘰𝘧 𝘴𝘶𝘤𝘤𝘦𝘴𝘴 𝘪𝘧 𝘺𝘰𝘶 𝘱𝘶𝘵 𝘪𝘯 𝘵𝘩𝘦 𝘸𝘰𝘳𝘬 𝘵𝘰 𝘢𝘵𝘵𝘢𝘪𝘯 𝘪𝘵.

𝗚𝗼𝗼𝗱 𝗹𝘂𝗰𝗸 𝗼𝗻 𝘆𝗼𝘂𝗿 𝗻𝗲𝘄 𝗮𝗱𝘃𝗲𝗻𝘁𝘂𝗿𝗲!





Visit https://kelownaaccounting.ca/ and learn how to grow your business with expert accounting and bookkeeping advice. Or give us a call to book a free confidential no obligation session with Michelle Duford, CPA. Online or in person meetings

E: [email protected] / T:250-763-7923

𝟱 𝗪𝗔𝗬𝗦 𝗧𝗢 𝗦𝗔𝗩𝗘 𝗠𝗢𝗡𝗘𝗬 𝗙𝗢𝗥 𝗬𝗢𝗨𝗥 𝗕𝗨𝗦𝗜𝗡𝗘𝗦𝗦


Looking for simple ways to cut costs? These tips will help you make a noticeable difference to your bottom line.

𝟭. 𝗥𝗲𝗱𝘂𝗰𝗲 𝘀𝘁𝗮𝗳𝗳 𝗰𝗼𝘀𝘁𝘀

Without a doubt, having someone to help deal with routine tasks can greatly improve productivity. The rub is that hired help is often too expensive for small business owners. Internships can be a real win-win: a student gets hands-on experience assisting you with marketing, accounting or administrative work and you get time-saving help for free. Cloud Sourcing a qualified remote worker is another cost-effective way to bring on some, much needed support for administrative tasks.

𝟮. 𝗧𝗵𝗶𝗻𝗸 𝘁𝗵𝗶𝗻

Small business owners are often advised to trim down their offerings to a niche market. You can save money by applying that same thinking to how you do business. For instance, subcontracting can allow a service-based business owner to keep a narrow focus on the work they do, while attracting more customers. Taking on more work and paying someone to do it, at a lower rate than you charge for your services, will increase capacity and your bottom line – while maintaining your focus on what you do best.

𝟯. 𝗡𝗲𝘁𝘄𝗼𝗿𝗸 𝗺𝗼𝗿𝗲

Forget expensive print ads and direct mail campaigns. You can save a ton of money getting the word out about your business by connecting directly with your target market:

Co-host an event with a business owner whose customers will be interested in what you offer.

Connect with your local Chamber of Commerce.

Attend business networking referral events.

Run a contest on social media.

Sponsor a community fundraiser.

Networking at trade shows and industry events is another great way to meet potential partners and customers, without breaking the bank on costly advertising fees.

𝟰. 𝗘𝗺𝗯𝗿𝗮𝗰𝗲 𝗰𝗼-𝗼𝗽𝗲𝘁𝗶𝘁𝗶𝗼𝗻

Often businesses buy in bulk to save money but purchasing in volume can backfire if you’re struggling to maintain positive cash flow, and the cheap supplies you bought never get used.

A better strategy is to only buy what you need and to share costs with other small business owners. Co-opetition is becoming a buzzword for good reason. Forming alliances with businesses can lead to lucrative partnerships while collectively saving everyone some cash.

𝟱. 𝗦𝗮𝘃𝗲 𝘁𝗶𝗺𝗲 𝘄𝗶𝘁𝗵 𝘁𝗲𝗰𝗵𝗻𝗼𝗹𝗼𝗴𝘆

If you haven’t yet made the leap, adopt cloud-based software to improve operational efficiency, try free collaboration tools like Google Drive. It is also a great way to cut down on the cost of paper. Use virtual meeting technology to save a small fortune on travel costs when connecting with clients in different time zones. And do a free trial of accounting software to see how automating routine tasks like invoicing and payroll can improve accuracy and free up hours from your schedule.

𝗙𝗶𝗻𝗮𝗹 𝘁𝗶𝗽𝘀

Review your business expenses on a regular basis to track rising costs and to find more ways to reduce unnecessary spending. A few final – and costly – pitfalls for busy small business owners to avoid:

Always pay vendors and lenders on time to dodge late fees, interest and a poor credit rating.

Shop around for the best deals on everything from software and financial services to office supplies and inventory.

Hold off on renting space for as long as possible. Encourage staff to work remotely, meet clients in coffee shops and remember: home office space is an eligible tax write off.


𝙒𝙝𝙖𝙩 𝙬𝙞𝙡𝙡 𝙮𝙤𝙪 𝙙𝙤 𝙙𝙞𝙛𝙛𝙚𝙧𝙚𝙣𝙩𝙡𝙮 𝙩𝙤 𝙨𝙩𝙖𝙧𝙩 𝙘𝙪𝙩𝙩𝙞𝙣𝙜 𝙘𝙤𝙨𝙩𝙨 𝙛𝙤𝙧 𝙮𝙤𝙪𝙧 𝙨𝙢𝙖𝙡𝙡 𝙗𝙪𝙨𝙞𝙣𝙚𝙨𝙨 𝙩𝙤𝙙𝙖𝙮?


Visit https://kelownaaccounting.ca/ and learn how to grow your business with expert accounting and bookkeeping advice. Or give us a call to book a free confidential no obligation session with Michelle Duford, CPA. Online or in person meetings E: [email protected] / T:250-763-7923

𝟰 𝗧𝗶𝗽𝘀 𝗳𝗼𝗿 𝗚𝗲𝘁𝘁𝗶𝗻𝗴 𝗬𝗼𝘂𝗿 𝗕𝘂𝘀𝗶𝗻𝗲𝘀𝘀 𝗧𝗵𝗿𝗼𝘂𝗴𝗵 𝗧𝗼𝘂𝗴𝗵 𝗧𝗶𝗺𝗲𝘀


If you're a small business owner whose company hasn't gone through hard times, that's great but it's likely to happen at some point. As much as we dream about being brilliant enough at business that we'll never face slow times, there are many things beyond our control that can negatively affect our business. Here are four tips for getting your business through difficult periods so you can look forward to many more years of business ownership.

𝗙𝗼𝗰𝘂𝘀 𝗼𝗻 𝘆𝗼𝘂𝗿 𝗲𝘅𝗶𝘀𝘁𝗶𝗻𝗴 𝗰𝘂𝘀𝘁𝗼𝗺𝗲𝗿𝘀

When companies go through tough times, many owners turn their focus to bringing in new business. The downside is that existing customers are often forgotten, but those are the most efficient people to make sales to. You don't need to stop marketing yourself to new customers, but make sure you give extra focus to the customers you already have, to ensure they remain loyal. Find out what their current needs are, how successful you are at meeting them, and what you can do to maintain an ongoing relationship. Communicate with them, and always provide exceptional customer service.

𝗥𝗲𝗮𝗰𝗵 𝗼𝘂𝘁 𝘁𝗼 𝗼𝘁𝗵𝗲𝗿𝘀

Chances are, you aren't the first person in your industry to experience tough times. Talk to other people who have been in similar situations to learn how they navigated those challenges. Ask them what did and didn't work for them, and what they learned from the experience. Some—if not all—of their answers could be applicable to your business, or could at least inspire a solution.

𝗘𝘅𝗮𝗺𝗶𝗻𝗲 𝘆𝗼𝘂𝗿 𝗺𝗮𝗿𝗸𝗲𝘁𝗶𝗻𝗴 𝗽𝗹𝗮𝗻

Your marketing plan brings in new customers. Now is the time to consider fresh marketing ideas to bring in new revenue. Is there an area of your business you haven't promoted before but could bring in clients? Is there a new way to market yourself you haven't tried? Examine previous marketing efforts to determine how successful they were. If they weren't successful, stop wasting your valuable time and money on them. Use your efforts on something new.

𝗜𝗺𝗽𝗿𝗼𝘃𝗲 𝘆𝗼𝘂𝗿 𝗰𝗮𝘀𝗵 𝗳𝗹𝗼𝘄

Analyze your company's financial health to see if there are ways to improve cash flow. Can you charge clients a deposit or encourage payment up front to increase cash flow? Are there products you sell or services you provide that bring in revenue more quickly than others? Are there ways to save money that won't hurt your business in the long run?

It can be tempting to eliminate staff, but when things are good, you'll just need to hire employees again. Doing so costs time and money. See if you can find small ways to save money that won't negatively affect your business when it starts booming. Cutting overtime, for example, can save you money without losing staff. Make sure you can account for every dollar your business spends. Don't hide from creditors, communicate with them to find out if you can restructure your debt or extend your terms. Free up as much money as you can without setting yourself up for failure when things turn around.

𝗙𝗶𝗻𝗮𝗹 𝘁𝗵𝗼𝘂𝗴𝗵𝘁𝘀

Chances are your business will go through tough times at least once. It's important you take action to help get you through it, rather than crossing your fingers and hoping the difficulties pass. The steps you take during these challenging periods will help you, but they can also help set you up for increased success in later years.


Visit https://kelownaaccounting.ca/ and learn how to grow your business with expert accounting and bookkeeping advice. Or give us a call to book a free confidential no obligation session with Michelle Duford, CPA. Online or in person meetings

E: [email protected] / T:250-763-7923

What a great from . I am so excited to be part of this journey.

𝟭𝟬 𝗠𝗢𝗡𝗘𝗬 𝗦𝗔𝗩𝗜𝗡𝗚 𝗧𝗜𝗣𝗦 𝗙𝗢𝗥 𝗙𝗥𝗘𝗘𝗟𝗔𝗡𝗖𝗘𝗥𝗦

While working at home as a freelancer sounds like the ultimate dream for anyone who tires of the rat race, freelancers still have more than their fair share of financial matters to worry about. In fact, perhaps the most important trait that any freelancer should have, is the ability to be fully responsible and accountable to themselves. One thing they will be wholly responsible for is saving money.

𝟭. 𝗠𝗮𝗶𝗻𝘁𝗮𝗶𝗻 𝗮𝗻 𝗘𝗺𝗲𝗿𝗴𝗲𝗻𝗰𝘆 𝗙𝘂𝗻𝗱

Since you have little or no financial protection as a freelancer, maintaining an emergency fund is an absolute must. You never know when the work will dry up, even though it will likely only be temporary. However, in order to have something to fall back on during these dry times, make sure that you always keep enough savings to cover essential things such as rental or mortgage payments and utility bills.

𝟮. 𝗪𝗮𝗶𝘁 𝗯𝗲𝗳𝗼𝗿𝗲 𝗟𝗲𝗮𝘃𝗶𝗻𝗴 𝗬𝗼𝘂𝗿 𝗝𝗼𝗯

If you're only just starting out as a freelancer, but you still have a regular job, consider it as your lifeline for the time being. Many freelancers make the mistake of diving straight into their self-employed venture, and unless you have considerable savings at your disposal, leaving your day job prematurely can spell disaster. Wait until you have enough clients and consistent work before you even consider quitting.

𝟯. 𝗛𝗮𝘃𝗲 𝗠𝘂𝗹𝘁𝗶𝗽𝗹𝗲 𝗦𝗼𝘂𝗿𝗰𝗲𝘀 𝗼𝗳 𝗜𝗻𝗰𝗼𝗺𝗲

Freelancers often find that work is inconsistent, particularly during the first year or two. A consistent and reliable income comes with time, since you'll need to build up a regular and reliable client base. As a freelancer, you can never have too many strings on your bow, and it is usually preferable to have lots of small clients rather than rely solely on one or two streams of income.

𝟰. 𝗘𝗻𝗷𝗼𝘆 𝗮 𝗗𝗲𝗯𝘁-𝗙𝗿𝗲𝗲 𝗟𝗶𝗳𝗲

Even worse than not maintaining a generous emergency fund is running into debt. You should avoid borrowing money to get your freelancing career off the ground, and before you even think of relying on it as a way to earn a living, make sure that things like credit card balances and bank account overdrafts have been fully paid off. Do not fall into the trap of long-term loans: it all has to be paid back eventually.

𝟱. 𝗨𝘀𝗲 𝗢𝗽𝗲𝗻-𝗦𝗼𝘂𝗿𝗰𝗲 𝗦𝗼𝗳𝘁𝘄𝗮𝗿𝗲

While freelancers typically don't have high expenses, the cost of productivity software can still be considerable. However, there are cheaper options than purchasing a retail version of Microsoft Office or a subscription to Office 365. A popular alternative is LibreOffice, formerly OpenOffice.org. This office suite is available for free, and it provides a similar set of features to Microsoft Office.

𝟲. 𝗖𝗹𝗮𝗶𝗺 𝗔𝗹𝗹 𝗘𝘅𝗽𝗲𝗻𝘀𝗲𝘀

Many freelancers actually end up paying more tax than they need to, simply because they neglect to declare all of their expenses. All work-related expenses should be claimed as such when you're filling in your tax returns, including software, hardware, home office equipment and everyday supplies. Any related bills, travel or education should also be claimed as expenses. Just be sure to keep all of your receipts and invoices in case you need to provide evidence!

𝟳. 𝗨𝘀𝗲 𝗙𝗿𝗲𝗲 𝗙𝗼𝗿𝗺𝘀 𝗼𝗳 𝗠𝗮𝗿𝗸𝗲𝘁𝗶𝗻𝗴

If you maintain a website or blog as the hub of your online freelancing career, you'll need to spend a considerable effort on promoting it, but this doesn't necessarily mean spending money. Use free methods to promote your website and your business, such as social media marketing, search engine optimization and content marketing. Leave the paid advertising to the businesses.

𝟴. 𝗨𝘀𝗲 𝗩𝗼𝗜𝗣 𝗧𝗲𝗹𝗲𝗽𝗵𝗼𝗻𝘆

If you rely heavily on communication by telephone, be sure to use a VoIP telephony service for handling your phone calls. You can also get an online phone number so that people can call you from a landline or mobile phone. VoIP telephony also tends to be much cheaper for making international calls to landlines and mobiles. Vonage and Skype are well -known solution, though Zoom, GoToMeeting, WebEx and Google Hangouts are also worth considering.

𝟵. 𝗕𝘂𝘆 𝗨𝘀𝗲𝗱 𝗙𝘂𝗿𝗻𝗶𝘁𝘂𝗿𝗲

Designing your own home office can be great for a bit of motivation and inspiration, but it is easy to go overboard with the expenditures. While most things can be classified as expenses for tax purposes, you should still be wary of overspending, particularly on expensive items such as furniture. While spending a bit more on a comfortable, ergonomic chair should be considered a priority, everything else can be brought second-hand.

𝟭𝟬. 𝗥𝘂𝗻 𝗮 𝗣𝗮𝗽𝗲𝗿𝗹𝗲𝘀𝘀 𝗢𝗳𝗳𝗶𝗰𝗲

There is rarely a reason for using the printer in the typical home office these days. While most freelancers still need one for those rare occasions, running a near-paperless office will help to save on things like ink cartridges, paper and printer maintenance itself. Only use the printer when it is absolutely necessary, such as when you need to send a letter or print out a copy of an important document.


Visit https://kelownaaccounting.ca/ and learn how to grow your business with expert accounting and bookkeeping advice. Or give us a call to book a free confidential no obligation session with Michelle Duford, CPA. Online or in person meetings

E: [email protected] / T:250-763-7923

𝟰 𝙦𝙪𝙚𝙨𝙩𝙞𝙤𝙣𝙨 𝙮𝙤𝙪 𝙨𝙝𝙤𝙪𝙡𝙙 𝙖𝙨𝙠 𝙮𝙤𝙪𝙧 𝙖𝙘𝙘𝙤𝙪𝙣𝙩𝙖𝙣𝙩
Ideally, you and your accountant are more than just “adviser” and “client”.
With your combined skills, expertise, and shared mission to support a thriving business, you’re more like strategic partners.
The key to achieving success in any partnership is, of course, strong communication. At your next meeting, be sure to ask your accountant these four important questions.

𝟭. 𝗪𝗵𝗮𝘁’𝘀 𝗺𝘆 𝗯𝗲𝘀𝘁 𝘀𝘁𝗿𝗮𝘁𝗲𝗴𝘆 𝗳𝗼𝗿 𝗶𝗻𝗰𝗿𝗲𝗮𝘀𝗶𝗻𝗴 𝗿𝗲𝘃𝗲𝗻𝘂𝗲?
Every business owner strives to improve profit margins – but the best way to quickly and/or sustainably grow revenue will vary from business to business.
When reviewing your financials, ask your accountant to pinpoint and suggest smart strategies for driving greater revenue. For your unique company that might mean focusing on new leads, encouraging customers to buy more frequently, incorporating cross-selling or up-selling, and/or re-thinking your pricing strategy.

𝟮. 𝗛𝗼𝘄 𝘄𝗼𝘂𝗹𝗱 𝘆𝗼𝘂 𝗮𝘀𝘀𝗲𝘀𝘀 𝗼𝘂𝗿 𝗳𝗶𝗻𝗮𝗻𝗰𝗶𝗮𝗹 𝗽𝗲𝗿𝗳𝗼𝗿𝗺𝗮𝗻𝗰𝗲 𝘁𝗵𝗶𝘀 𝗾𝘂𝗮𝗿𝘁𝗲𝗿/𝘆𝗲𝗮𝗿?
It’s part of your accountant’s job to stay current with your company’s financial statements and reports (i.e. your balance sheet, income statement, profit and loss statement, and cash flow reports).
Some small business owners – especially those who lack confidence in their financial literacy skills – may only want to know the basics, in simplest terms. Let your accountant know you’d like a more thorough analysis of your finances when you next meet, and help understanding what the numbers mean.
Ask for key ratios, like your gross profit percentage, and an assessment of the big picture, drawing comparisons with past performance as well as trends in your industry.
Also ask for any insights your accountant might have into the reasons for new or surprising developments, and what you can do to correct areas where your business is falling short – as well as what actions you can take to continue any positive trends.

𝗛𝗼𝘄 𝗰𝗮𝗻 𝘆𝗼𝘂 𝗵𝗲𝗹𝗽 𝗺𝗲 𝗴𝗿𝗼𝘄 𝗺𝘆 𝗯𝘂𝘀𝗶𝗻𝗲𝘀𝘀?
Your accountant should be prepared to offer professional advice to help your business expand and grow over time.
Scaling a business can be tricky as it requires a company to do everything it must to keep their customers happy while adapting to change – such as new staff and new systems to accommodate a greater volume of customers.
Financial systems may need to change as your business expands; likewise, your company’s financial management may need additional support as you transition to a larger company.
Ask your accountant how you can best work together to facilitate smooth, sustainable growth with minimal disruption to operations, and for tips on how to successfully scale based on past experience with other small business clients.

𝟰. 𝗪𝗵𝗮𝘁 𝗮𝗿𝗲 𝘆𝗼𝘂𝗿 𝗺𝗼𝘀𝘁 𝘀𝘂𝗰𝗰𝗲𝘀𝘀𝗳𝘂𝗹 𝗰𝗹𝗶𝗲𝗻𝘁𝘀 𝗱𝗼𝗶𝗻𝗴?
Chances are your accountant serves as a trusted advisor to a number of clients – and therefore, will be privy to the inner workings of companies who are struggling and others who are thriving.
Neglecting to ask your accountant about their clients’ success stories is a missed learning opportunity. Even if a business has little in common with yours – operating in a different industry, or as a seller or products versus services – there’s value in learning what yielded impressive results for another company.
Alternately, you might ask your accountant how their clients overcame challenges similar to yours to help you brainstorm possible solutions.

𝗙𝗶𝗻𝗮𝗹 𝘁𝗵𝗼𝘂𝗴𝗵𝘁𝘀
Your accountant is an incredibly valuable resource for your business – and not just at tax time. Be sure to check in every quarter so you have the up to date financial info you need, and your accountant’s professional advice when it comes to making key business decisions.

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Kelowna is a city that attracts new people on a regular basis. Known as being business friendly many people move here and immediately start a new business. Of course one of the first things you need as a small business owner is an accountant. Oh where to start! Start with a professional, you can't afford not to. Unlike many other professionals, anyone can call themselves an accountant....

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Looking for simple ways to cut costs? These tips will help you make a noticeable difference to your bottom line.1. Reduce staff costs Without a doubt, having someone to help deal with routine tasks can greatly improve productivity. The rub is that hired help is often too expensive for small business owners. Internships can be a real win-win: a student gets hands-on experience assisting you with marketing, accounting or administrative work and you get time-saving help for free....

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Here are some reasons why going online might make sense for you. No need to find parking, child care or even leave your house. With the technology that currently exists you can meet your bookkeeper right at home using tools like Zoom or Google Hangouts. A bookkeeper that is Virtual (Operates in the Cloud) is more likely to stay up to date with technology and be better able to take care of you and your unique business. [ 198 more words ]
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