Many people in the Toronto and surrounding area use a variety of tax accountants for their tax dealings. This is Both on a business and personal level.   For some they only have contact with these professionals during the tax season.   A lot of the businesses utilize bookkeeping services which are a separate entity from the tax accountant, and in these cases they have ongoing contact with the bookkeeper.

What many don’t realize is that the financials of a business bring forth a whole gambit of information and not just that related to tax responsibilities.   The financial statements can tell an experienced person who is compiling or analyzing them, important things like how strong the business is financially.   It can show possible strengths and weaknesses of the Company, and the list goes on.

Being as a chartered accountant is able to glean this type of information from the financial documents he is required to prepare, it makes sense that he would also be able to form some good opinions in some areas as to where the company is headed financially.    This is information can be passed on to the Company owner who can then make some very important decisions.   It could actually mean taking some critically needed steps to stop the business from failing. Or, it could be factors that the business owner can take into consideration if thinking about expanding or diversifying the company.

Many times small business owners have small but important questions that they need more information about.   Often tax time is such a busy time for both companies and the accountants that there isn’t a lot of opportunity to  put time aside to discuss the business in general or its specifics outside of the tax obligations.

It may be well worth your while to set up a business consultation two or three times throughout the year to discuss the financial situation of your business with your accountant.   He is after all the expert when it comes to the financial picture of your business.

As an added resource here at the TorontoAccountant.CA site,  I have decided to add this business tips section from a Toronto Accountant as a small resource to turn to for small Toronto businesses in general.   Its purpose is to keep you as the small business owner up to date as to what is going on in the business world that could impact your business on both a positive and negative level.   I hope you will enjoy this section of the site and that it will prove to be of some value to you.

Don’t forget, that if you don’t have accounting services in place for your small business that you feel confident with, that I am taking on new clients, and would be pleased to offer my services to you.