Businesses are Entities unto Themselves
A company is its own entity. As such it is treated that way in terms of limiting liability of those involved and by Canada Revenue Agency in terms of taxation. You might also think of them as an entity that needs to evolve much in the same way as we do in response to our ever changing environments. Often this is overlooked and companies find themselves ‘behind the times’ and bleeding due to their external factors changing. Whether it is your clients, your product or service, or your inputs and suppliers, you can experience diminishing profitability without knowing the exact cause.
Internal reporting should be designed to identify changes over time both beneficial and detrimental. In order to accurately identify factors that will show such changes we must analyze each parameter of all potential avenues of business. The design will create or augment the chart of accounts to be able to track each parameter by service, division, or product line. Financial reporting can then be created to show variances from normal or budgeted so that they can be dealt in short order.
Frequent discussions with an accountant that is familiar with your business can bring forth many pertinent questions that have not yet crossed your mind. This is a short, inexpensive way to keep tabs on your company’s state of affairs. Taxes, banking, insurance, competitors, suppliers, current and potential clients are typical topics during such conversations.
A Thorough Review and Analysis of your Organization will Bring a New Focus to your Company.
“Brad is easy to communicate with and great at what he does. He helped my wife and I start our first business and keep it going. Through it all he has saved us money and given us better analysis of our business. Brad is a good person to have on your team!”
