5 Ways a CPA Can Help Your Business in Canada

Ways a CPA Can Help Your Business in Canada

Ways a CPA Can Help Your Business in Canada

A Certified Public Accountant) CPA does bookkeeping, prepares critical financial documents (like tax documents and profit and loss statements), does financial planning, and files taxes. Also, they can give you advice on how to keep your business operating properly as you grow, so you can focus on running your business.

Getting started with a CPA can help you grow your business in several ways.

1. Goal-setting and achieving

Your business goals make sense for your current situation. Otherwise, you might end up discouraged. Your CPA will help you set achievable revenue targets and grow your business.

2. Organize your bookkeeping

Putting your bookkeeping in place can help your business grow. Knowing how much money comes in and goes out makes it hard to see if you’re on track. The best way to monitor this is to ensure you have a regular bookkeeping system.

A CPA can help you choose the best system for your needs, set up your accounts, and guide you through the process. Maintaining proper records will allow you to monitor your income and expenses more easily.

3. Manage Cash Flow

Cash flow is a significant concern for businesses that are just getting started. That’s why it’s essential to start a company with saving instead of loans. Otherwise, your profits will be cut into by loan payments.

Your CPA can provide advice on how to manage and improve your cash flow. It will allow you to see the exact use of your money through a cash flow statement and a business budget. The more you are aware and know about where your money is being spent, the more you will be able to cut back on specific areas, save money, or invest in growing your business.

4. Recruit employees

It can take time to hire employees. Hiring new employees indicates your business is growing, but you could lose profits if you wait to do it too soon. You may burn yourself out by waiting too long while handling everything on your own.

A CPA can help you in the hiring process for the right employees for your business, because many accountants take courses like human resources management and organizational behavior as part of their coursework. Invest in the services of a professional accountant to help you decide if your business is ready to hire employees and who would be the best fit.

Once hired, a CPA may also be able to help you with payroll tax and compliance. Many CPAs also provide Professional Employer Organization (PEO) services, handling payroll as your Canadian co-employer.

5. Boost sales growth

The best way to improve cash flow for a business is to increase sales. Marketing your business in a way that increases sales will help you grow it quickly. Most CPAs have taken marketing courses as a requirement of their education. Therefore, a CPA can help you determine your business’s most profitable products and services and give you ideas on how to market them.

Get tailored advice from a CPA for your growing business

WTC Chartered Professional Accountant solve tax-related issues of small businesses throughout Canada. Their bookkeeping, payroll, tax, and financial reporting services ease the burden of compliance, reporting requirements, and other administrative paperwork so business owners can efficiently work on their businesses.