Accountants may well be associated primarily with financial audits and tax preparation, but they actually provide a wide range of services that can help businesses save money, all year round.
With their extensive knowledge and expertise, a good accountant can fulfil a vital role in financial planning and decision making, and help businesses manage their finances more strategically overall.
Below are just a few of the many ways in which Canadian businesses can save money by working with Surrey accounting firms throughout the year, and not just during tax season:
By streamlining your business operations
By analyzing various areas of your business, and finding places in which resources could be allocated better, an accounting firm can optimize the way in which your entire business operates. They can also carry out a comprehensive analysis of your pricing, to make sure that you’re not selling yourself short, while remaining competitive. With a carefully balanced pricing strategy in place, your bottom line could be impacted significantly.
In terms of business financing, an accountant can take a closer look at any loans or financing agreements you might have currently, and make recommendations for alternatives that are more cost-effective.
In short, accountants adopt a holistic approach when looking at the way in which a business operates. They are responsible for identifying any areas in which improvements might be made, and for suggesting solutions that are both practical and efficient, and perhaps most importantly, profitable.
With strategic business planning
Accountants often prove invaluable in this respect, using their number-crunching skills and experience as strategic advisors to help keep your business on the right track.
Beginning with expenses and forecasting revenue, an accounting firm will study industry trends, historical data, and market conditions to make a prediction with regards to the financial performance of your business. Armed with the relevant information, they can then help you set financial goals that are realistic, giving you the chance to use your available resources to make viable plans for growth and expansion.
Accountants also bring high value to the world of budgeting, able to develop budgets that are detailed and accurate for every one of your businesses’ departments or projects.
In addition to all of this, they can also help simplify potentially complicated scenarios such as business restructuring, acquisitions or mergers, and offer strategic guidance.
With accurate financial reporting
Essential for enabling you to make informed decisions about your business, financial reporting must be accurate and compliant with accounting standards. With help from a CPA, you can avoid making any costly errors, and better manage your finances.
By managing cash flow better
With an accountant by your side, you can keep better track of your cash flow; something that’s critical to the success of any business. They will highlight trends, draw your attention to any potential issues, and suggest strategies to help improve the flow of cash (such as delaying payables or speeding up receivables).
With cost control
By identifying areas in which you may be spending too much money, or paying for unnecessary expenses, an accountant can put measures in place to control cost, while monitoring their efficacy and recommending adjustments as and when needed.
With regulatory compliance
There are a number of laws and regulations Canadian businesses must abide by, and non-compliance can result in significant fines and a whole host of legal ramifications. CPAs will be up-to-date with all regulations and laws relevant to your business; hence you will never be left out of pocket due to non-compliance.
By restructuring and managing debts
Debt management plans can be vital for businesses carrying debt, and an accounting firm will design one to help you minimize costs over the duration of the debt. They are also in a position to make negotiations with lenders so that debts can be restructured, which could save you money and make managing repayments easier.
In general, accounting services in Surrey, BC can provide cash strapped businesses with a lifeline, thanks to their insider knowledge and ability to think and develop plans strategically.
So, if you want your cash to flow like a river, rather than disappear down a storm drain, you should seriously consider seeking guidance from an experienced accountant.
