How to Get More Out of Your Investment in Business Accounting

By July 14, 2020News

Make the Most of Your Accounting Services

A healthy relationship with your accountant can translate into a healthy business. Business owners know that every investment counts, and that’s exactly what your money spent on accounting should be: an investment. To get the most out of your investment, it’s important to start off with a strong relationship with two-way communication. In this blog post, you’ll learn how to lean on your accountant to maximize efficiencies and revenues in your business.

Regular Check-Ins

If you’re only talking to your accountant twice a year (before deadlines), there’s something missing. Sure, accountants can perform single services such as filing taxes or year ends, but an all-in-one service that includes regular meetings and advice throughout the year is what will make the biggest difference in your business.

At Schwan & Associates CPA, we schedule monthly meetings with clients who have signed up for our accounting packages. These regular check-ins can help you (or your bookkeeper) stay on track and allows for questions and updates. Accounting packages are also nice for business owners because you can spread the cost of your services out over the year in small monthly payments instead of a lump sum right at tax time.

Ask Questions Before You Make Decisions

Selling equipment? Making a big purchase? Thinking about adding a new product or service? With the help of your accountant, you can optimize decisions (big and small) to get the most benefits. In some cases, this translates to tax savings, while in others, it could just mean getting more options and a second opinion on the best way to go about taking action.

For example, if you were to buy a new vehicle for both business and personal purposes, should you buy it through your corporation or personally? Or, how can you spread out selling off your assets to make the most of those sales on your next tax return? Asking proactive questions like this can potentially save you thousands of dollars, and your accountant should always be an email or phone call away.

Learn How to Optimize Your Reports

Financial health can be determined the same way your physical health is determined – close examinations by a professional. Technology also comes into play, helping lay out the results of your business health assessment on paper (or a screen!)

Your accountant should be able to help you set up and receive regular reports that make sense for your business. For example, if you’re struggling to receive payments from customers in a timely fashion, an AR Aging Summary can help you see at a glance what’s outstanding and how long it’s been there.

Take Advantage of Technology

Automation in accounting is taking off, and it’s not just accountants using this technology. With guidance, you can also take advantage of simple automation tools for activities like invoicing, receipts, payments, integration with other software, and more. At Schwan CPA, we have specific strategies for automating all of your processes, resulting in less paper, better organization, and a smooth process for you and your customers.

Another aspect of technology that you can put to use is cloud accounting services. For example, QuickBooks Online stores your financial data in the cloud so you can access it from any device and make changes in real-time. It makes activities like invoicing, payments, and bookkeeping far easier. It will also save you time when it comes time for year-end – no more dropping off a box full of papers for your accountant to deal with!

Learn How to Amplify Your Business Success

What if you could make more money, spend less on expenses, and save a ton of time while doing it? It’s every business owner’s dream. When your relationship with your business accountant is strong, you’ll benefit in all of these areas and more.

If you’d like to learn more about how to maximize your cash flow, head to our cash flow assessment tool. For more information about accounting packages or accounting services in Edmonton, get in touch with our CPAs!

Jeff Schwan

About Jeff Schwan

Jeff established Schwan & Associates CPA to bring unique “cloud-based” accounting services to small and medium-sized Edmonton businesses. Inspired by the quality time spent with his family, Jeff’s goal is to put more time back in the hands of the busy entrepreneurs who strengthen Edmonton’s business community. With 10+ years of experience in diverse management roles, Jeff has acquired a strong set of leadership and mentoring skills. He is, and always has been, an educator at heart. He knows the value of spreading knowledge, investing in people, and continually learning.

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