Many small and medium businesses and entrepreneurs view accountants and accounting firms as just that — their accountants. However, they can be so much more. They can be your trusted business advisors.
As such, they become more than regular accountants who do your taxes and try to save you money wherever possible. They become advisors who help your business succeed. They do that by:
● Giving you insights into your company’s overall financial health
● Providing you with exact reports about the cash flow of your business
● Keeping your taxes accurate and organized
● Showing you specific opportunities for growth and tax planning
All of this, and more, is possible with the right service. A trusted advisor needs to offer a wide range of much broader services than a typical accountant. Moreover, they need to know you and your business better. Let’s take a closer look at what this means.
Small and medium businesses are typically satisfied with the amount and diversity of services an accounting firm provides. However, their satisfaction rises when they start viewing the accounting firm as their trusted advisor.
A trusted advisor is more involved with your business and your regular operations. The partnership consequently becomes more profound and more productive.
With an accountant, you get compliance help with your taxes and your books. However, with a trusted advisor, you also get assistance when you need to make strategic decisions and when you need to process complex transactions.
You get the sorely-needed financial stability as you’ll know exactly where and how much money is coming and going. With the help of a trusted advisor, you’ll get to make more accurate forecasts for future expenses and earnings, so you’ll get to make proper plans with your cash reserves and be prepared for any instability that might come.
Many business owners want help with tax planning, and with an accountant who’s also your trusted advisor, you can get that and a lot more. If you’re not already interested in tax planning, know that you should be since it can help you be proactive and more importantly, save you money. The best part is that these solutions will be tailored to your exact needs and goals, so they become more important than before.
If you’re looking for a trusted advisor, you certainly want a different type of service that will help you grow your business, earn more money, and, most importantly, keep more of that money within your business.
That’s why you want to get additional services that help you monitor the health of your business, for instance. This will help you reach your true potential as you’ll get to see the things within your business that you don’t usually get to see on your own or with the help of typical bookkeeping ordinary accountants provide.
Moreover, you want to get advice that will lead you to make better decisions. You need to make the right decisions if you want your business to succeed. A trusted advisor can look into your business in great detail and help you focus on the right areas and make the right choices for the future.
Naturally, this is just the tip of the iceberg. You can get a lot more from a trusted advisor, as this type of accountant is there to provide you with as many value-added services as needed to keep your business growing.
Improving communication improves trust. Consequently, this can lead to better tax planning and better insights that help you improve your overall financial health.
If you can communicate with your accountant often and in detail, you’ll not only understand each other better, but you’ll keep getting better services from them down the line.
As your business changes and improves, you’ll want to delegate more tasks to your trusted accountant to have enough time to focus on your business without worrying about financial health, tax installments, invoicing, etc.
The key is to communicate, build a better relationship, and discuss your goals and needs whenever they change or when you need something more from your trusted advisor.
Naturally, you want this to come primarily from the accountant. Thankfully, accounting firms that strive to be your trusted advisors will do consistent check-ins, and they’ll always try to get to know your business and your goals better.
GBA LLP can be your trusted advisor, there to help your business succeed. We can give you the advice you need to turn your business into a money-making machine.
We can do your tax returns and regular bookkeeping, but also tax planning and corporate reorganizations when necessary. We can even offer you time-saving services that will save you valuable hours you can use to make your business even more successful.
We can further help you stay compliant by informing you about your responsibilities and requirements at the start of every year. Then we can set up our systems and ensure you don’t breach any deadlines or incur interests and penalties that will set you back.
We can provide you with various value-added services that will further improve your business and enable you to keep more of the money you earn.
It doesn’t matter what your business deals with — you could own a manufacturing operation, farm, restaurant or be a plumber. You could be a lawyer, doctor, agent, or broker. GBA has extensive experience in a number of different industries.
With GBA as a trusted advisor, you’ll monetize your business better, and you’ll be able to grow like never before.
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This blog is not meant to provide specific advice or opinions regarding the topic(s) discussed above. Should you have a question about your specific situation, please discuss it with your GBA advisor.
GBA LLP is a full-service accounting firm in the Greater Toronto Area, but we primarily service all of Ontario as well as the rest of Canada virtually, except Quebec. Our team of over 30, provides Audits and Reviews of financial statements, and Compilations of financial information, as well as corporate tax returns. We provide specialized corporate tax and succession planning for small and medium businesses, in addition to general advisory services.
If you would like to schedule a call to discuss your accounting or tax needs with one of our team members, please complete the free no obligation meeting request on this page.