Category Archives: Financial Health

4 Ways Proper Accounting Can Save Big Bucks for Small Business

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For many Canadians, owning a small business is a dream come true. Owning your own business means financial stability, having a flexible schedule and direct control over the decision making process. Basically, having control over your future. However, being a successful small business owner is not an easy goal to accomplish. You need to put a lot of hard work into it, because any small business faces challenges that need to be handled efficiently.

Small businesses are vulnerable for many reasons.  One reason is that a small business rarely has highly specialized staff to make sure that every aspect of the business is handled correctly. It makes sense; small businesses operate on limited budgets. And while this is not necessarily a problem with most departments, when it comes to the financial management of the company you might want to avoid cutting costs. Of course, if you have a good understanding of finances and you have an accountant on staff, you can probably handle things on your own. However, a majority of small business owners lack the knowledge and/or experience needed for such a task and it is not a good idea to risk the success of your enterprise based on the fact that you are a fast learner. When it comes to accounting, you need to have everything done by the book.  If any mistakes are made, you may have to pay more money to get things straightened out.

This is where a small business accountant from one of the best accounting firms in Hamilton can really make a difference. Hiring a professional small business accountant to help you with your startup’s financial development will provide you with numerous benefits, which we will discuss below:

Financial and business development advisor

Profit Financial Services, one of the best Accounting companies in Hamilton, has the expertise and experience needed to create reports that will review the financial development of your business. These reports will be of great help to you in planning the future of your enterprise. Furthermore, you can trust one of our small business accountants to evaluate such projects and make estimates regarding profits and losses. This will help you make the best decision regarding the direction in which your business should be heading.

Our small business accountants will be able to help you increase the efficiency of the internal processes of your business. For instance, we can standardize your payroll system, set profit goals based on estimates, and organize your office budget accordingly. We can help you find the best alternative when it comes to expensive services and purchases. Our experience in the field also allows us to provide advice when it comes to opening business accounts, getting loans, or investing profits.

Bookkeeping done properly

Properly executed bookkeeping is vital for the survival of any business. You need an accurate record of every financial aspect of your business, as this will help you create budgets and estimate future profits or losses. Bad bookkeeping can lead to serious consequences for your business. If you feel that you lack the experience or the time to do it properly, it would probably be best if you hired a small business accountant to get things done the way they are supposed to be done.

Another advantage of hiring one of the leading accounting teams in Hamilton is that we use the latest financial software programs available on the market. This makes our services more efficient because it allows us to generate reports from templates and provide easier access to the financial data of your business. This, in turn, decreases the risk of errors, and also provides the client with additional resources that can play an important part in improving the overall activity of the firm.

Solid tax knowledge

Tax laws are becoming increasingly complex.  They also change often enough to make keeping track of all tax laws a burden. As a business owner, you should be able to focus on other aspects of business productivity. Professional accountants for small businesses are up to date with the latest changes. Besides doing your taxes, accountants can also offer you tax-related advice, and can even help you take advantage of certain taxation breaks.

Having a professional accountant handle your taxes ensures that the CRA won’t come knocking at your front door because of any mathematical errors that may have occurred.

Networking

Small business accountants are very popular in the small business sector. They work with all types of small businesses, and the fact that they provide top-notch services is uncontestable. For this reason, they are respected in the business environment, which allows them to create contacts at different levels of the various organizations they collaborate with. It is a great way to create a network for selling, buying or exchanging products and services, or to establish a partnership.

As you can see, contracting the services of a professional small business accountant can bring benefits on multiple levels. Professional small business accountants do not just sit at a desk crunching numbers. They can help you save money on taxes, increase the efficiency of your company’s activity, and can even assist you in developing a network of clients and partners. The most important thing, however, is the fact that working with a professional accountant allows you to rest assured knowing that your business’ finances are in good hands. That way you can focus your resources on other leadership related aspects that need your immediate attention. You are bound to appreciate having an expert accountant on hand when you notice just how much more free time you gain.

Contact us today for more information.

An Payroll Firm Reveals 3 Reasons Why Your Company Needs a Payroll Service

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One important activity in operating a business is preparing the payroll.  Many businesses have an in-house department  to compute employee compensation during a pay period based on his/her hourly rate. For these companies, hiring a person or group to do the payroll is factored in as part of operating costs.  Profit Financial Services, a payroll firm in Hamilton, however, believes that outsourcing your payroll service may be more beneficial than hiring in-house personnel.

Profit Financial’s Hamilton based accounting firm sees that there is more to doing payroll than just computing and paying the salaries of your employees. Many aspects of your operations are affected by your business payroll functions.  Your payroll data base contains a lot of information that can help you in making decisions on other parts of our business.  You can maximize the information from your payroll when you have an external accounting firm doing it for you.

Here are three major benefits of outsourcing for a payroll service:

First, with an outside payroll service, you are assured that you will be served by professionals who are experts in payroll and tax-related matters.  These are individuals who know their deadlines, rates, procedures and fees regarding government policies and institutions.  With their knowledge and experience, they can submit accurate and timely payroll reports and computations. You will not face issues with  compliance and private policies. On the other hand, when you do your payroll in-house, your staff may have to take time off to attend seminars and lessons on new regulations and policies.  You don’t have that worry with an outsourced patrol service.

Second, having an external payroll service frees your company to allocate time and financial resources to your core business. Whether you are in manufacturing, food, retail, education, information technology etc., having an accounting firm manage your payroll allows you to focus on your key business issues while the professionals of the accounting firm handle the payroll.  Depending on the size of your business, the time and financial savings are substantial.

Third, you also save on cheque book reorders, software upgrades and staff retraining. As mentioned above, the accounting firm assigns a team of payroll specialists to do your company’s payroll services. This means the accounting company and their payroll team will work to upgrade their skills and knowledge.  Your outsourced payroll team will attend lectures and seminars on new government regulations and will learn new accounting and payroll software, saving your business precious time.

When it comes to payroll computation, you do not have to assume that it is an acceptable cost in your operations.  Profit Financial Services, a payroll firm in Hamilton, knows first hand how to help business owners save on payroll costs and improve their payroll computations.

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Being In The Black

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Being in the black can mean a lot of different things. Most business owners, it stands for being profitable. When a business owner sets out on a new venture, establishing a profitable business is one, if not the only, primary driver. Unfortunately, too many entrepreneurs get lost in the day-to-day chores of running the business, and forget their main purpose.

When we, as your accounting professional and Profit and Growth Expert, apply The Universal Business Model we see our primary role as helping you maximize the profitability of your business. With financial skills in hand, combined with access to a variety of analytical tools, each month we will focus our attention on your business’s financial position and progress.

Wisdom Pyramid

Here’s just a short list of those things you will be able to do with our help as we use The Wisdom Pyramid to ensure that we improve your business’s financial position:

  • You will know how your business stacks up against the competition with the information we provide you in a professional business assessment.
  • You will understand the areas where your business is strong and where it can improve, and we will regularly provide you with suggestions on how to do it. Consider this a Day with your CFO.
  • You will be able to identify trends that expose the helps and hindrances to your business.
  • You will take advantage of tax benefits through regular reviews of your tax position.

By gathering the necessary information through the bookkeeping and accounting process, we will be able to analyze the data and help you make the changes required to improve the profitability of your business. Whether you require an audit or a review of your finances, we can help move your business forward.