Lets face it, most small businesses and entrepreneurs look at accounting and the creation of financial statements as something that they must do, but don’t like to do. It’s boring (like watching paint dry boring). They can be extremely frustrating and some don’t quite make sense. What’s the difference between a Cash Flow Statement and a Profit and Loss Statement again?

On top of that, they take you away from your business and they don’t make you money!

On the other hand, we are accountants and we love this stuff. There is nothing better than advising our small business clients how to reduce their tax payable. Seeing those “aha” moments from our clients when they finally understand how to read financial statements and realize why they are important to the success of their business.

We also realize the pain and frustration that business owners have when dealing with other accounting firms. There is a certain stereotype about accountants. They don’t return my phone calls, they don’t understand my business and your not always confident that they claimed all your allowable deductions.

If I have just described your current accountant, it may be time to consider a change. The good news is that it’s a lot easier to switch accountants than you think. Typically you new accountant makes all the arrangements with your previous accountant to retrieve all your documents and files.

As a small business or entrepreneur you can’t afford to fool around. Time is money and you want an experienced accountant that understands your business, knows the rules and can reduce your tax payable to the lowest allowable amount.

We welcome new clients that have been in business for a number of years and clients that are just starting a business.

If your in the market for a new accountant or looking to upgrade, the best advice we can provide is to interview potential accountants and ask them all the tough questions. Make sure your comfortable communicating with them and they with you. Here is a list of the top ten tips to consider when hiring an accountant.

There is a big difference between bookkeeping services and accounting services. A bookkeeper records the daily transactions and takes your books to the trial balance stage where the accountant takes over.

The accountants function is to communicate the financial information about your business entity to the stakeholders of the company. The accountant also provides management with the financial information required to make sound business decisions. Another function is to advise of tax savings, cash flow and provide financial statements to your bank and tax returns to Revenue Canada.

There is more information here on financial statements and their purpose.

Biz Pros serves clients in the GTA including Toronto, Scarborough, Markham, Mississauga, Richmond Hill, Vaughan, Pickering, Ajax, Whitby and Oshawa.

We welcome you to call our office for a free no obligation consultation. Come and have a coffee and lets talk. Call Aslam at 905-995-3012 to arrange a convenient time or email us