According to research from the US Small Business Administration, only one in two new businesses survive their first five years. One of the leading causes for this is poor financial management. Having a Chartered Professional Accountant on your team is a key component to ensuring your success.
We can help you
with the following:
- Understand your financial statements. Does trying to understand your financial statements seem like learning another language? You’re not alone. We help you overcome the confusion and walk you through your financial statements so you can better understand what is happening in your business from a financial perspective.
- Prepare year end financial statements. Every incorporated business must file annual financial statements and corporation tax returns with the government. We work with your bookkeeper to get this done for you. If you needed audited financial statements for any reason, we can do that for you as well.
- Save taxes while making sure you stay onside with the CRA.
- On time tax return and tax document filing. Make sure you get your personal taxes, corporate taxes and other various tax forms filed on time, thus avoiding unwanted expensive penalties and interest.
- Potentially avoid a tax audit. While no one is immune to being audited by the CRA, making too many mistakes on your tax forms can alert the government that you maybe someone they would be interested in taking a closer look at. In fact, the CRA now specifically asks on the corporation tax return if the person preparing your return has a professional designation.
- Create financial forecasts and plan for the future. We recently had a new client approach us to help prepare a financial forecast for a brewery business they wanted to start. With this forecast in hand along with a strong background in the industry, the client was able to obtain bank financing and start their new dream business.
- Listen and support you. As a business owner, it can sometimes feel a bit lonely at the top. Having someone you can talk to about your business challenges who understands the financial side of your business better than pretty much anyone besides yourself can be very helpful.
