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Business financial planning is not an easy topic for many small business owners. Coming up with innovative ideas, working with clients, and dreaming about the future are much more interesting parts of business than accounting and bookkeeping.

According to Forbes magazine, the growth period for a business is a time to focus inward on the business, to invest money for the future, and make smart spending choices. However, most small businesses fail to take advantage of growth periods in the business life cycle simply because they don’t recognize the growth stage when it happens.

Working with a professional financial advisor gives you, the entrepreneur, the support and advice you need to make sound decisions for your company. Budgeting, tax preparation, setting goals, monitoring KPIs, and creating a business plan can seem complicated and time-consuming. You’d hire a professional electrician to rewire your lighting, so why wouldn’t you work with a Chartered Professional Accountant for your finances?

The 5 Ways Financial Advisory Services Can Help Your Business

Having an accountant on your team is a wise investment in your business. It also means you’ll have experienced help analyzing the performance of your business on a year-to-year basis. You’ll also have a trusted expert available for advice on topics like financial forecasting and cash flow management to ensure you are well equipped to stay profitable beyond the period of growth and during unexpected hardships.

It pays to work with an advisor who is not just filing your taxes once a year, but has a top-down view of your finances. You can and should get more out of your investment in accounting for your business by scheduling regular check-ins, asking lots of questions, learning how to prepare and analyze optimized reports, and taking advantage of the technology your advisor offers. Many accounting firms now offer online services and cloud software to help monitor and manage your finances from a distance. Once you find the right professional near you, here are five vital ways they can assist your business financially.

1. Assess Your Cash Flow

When business is booming, it’s important to review your cash flow and budget to ensure you know exactly where your money is coming from and being spent. Your accountant will be able to help you create financial reports and detailed financial statements so you can know exactly how your money is performing. If you don’t know where your cash is flowing, you won’t be able to set and achieve accurate goals both in the short and long term. The bigger your revenue and budget, the more financial oversight and planning you’ll need.

2. Monitor KPIs

Your accountant can help you track your financial key performance indicators (KPIs). Knowing whether you’re meeting your KPI targets or not will help you make smart, financial decisions for your business. Regular monitoring will help you notice when to adjust your budget accordingly or to shift your financial goals. You’ll also be able to ask your accountant for advice.

3. Short-Term Goals

Once you’ve assessed your cash flow and are tracking your KPIs, you’ll be able to set realistic, short-term goals for your business. A Chartered Professional Accountant will be able to give expert advice regarding financial decisions and savings goals. Growth periods for business are the best time to invest in the business itself. Your CPA can help you set and achieve goals to finance purchases for new software, supplies, training, building upgrades, or even additional staff members. He or she can also help you calculate what is needed to make those short-term investments and what would be better set as a long-term goal. It’s always better to ask questions before making big financial decisions, and a good advisor is always available to help.

4. Long-Term Goals

Long-term goals are extremely important for any business. It’s easy in times of growth to become preoccupied with short-term achievements and spending. But periods of growth don’t last forever, they usually come in cycles, and without long-term planning, they may not come around again. It’s important to develop a long-term financial plan for your business and your accountant can help with that. Monitoring KPIs, maintaining a budget, and achieving short-term goals will help make long-term goals attainable. Chartered Professional Accountants are able to give you expert tips for meeting long-term goals, as well as assist in other areas, such as filing income tax, that can help boost your progress.

5. Business Plan + Forecast

Professional advisory and accounting services provide you with hands-on expertise in wealth management and financial planning. When you work closely with an advisor, they can give you insight into your business financials that you might overlook. He or she can work with you to create, revise or update your business plan to account for new growth and changing short and long-term goals.

Once you’ve monitored your finances closely for a year, you’ll also be able to realistically forecast your revenue for the coming year to determine which of your financial goals are attainable and which might need some adjustment. With the help of your accountant, you’ll know that your business forecast is determined by real data and not just numbers plucked out of thin air.

Get Advisory Services from an Edmonton Accountant

Working with an accountant you trust is essential for making the most of your accounting services. Look for a financial team that is happy to answer all your questions and offers additional support when you need it most.

At Schwan & Associates CPA, our Chartered Professional Accountants offer high-quality and affordable advisory and consulting services and packages to Edmonton businesses. We provide high-level expertise and financial guidance tailored to your specific circumstances. Our goal is to help your business be better prepared for the future and more successful in the present.

We offer different business packages to suit all needs, with features and tools available for all levels of business. Get in touch with us today to start planning your business success!

We’re here to help



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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