As a Toronto business person whether your business is old or new, small or big the most important aspect of it, is it making a profit? On a day to day basis you may start out knowing basically how much money you brought in at the end of the day. You tend to focus on the sales as being your metric for determining how well the business is doing. You may not realize it but your best resource for really knowing how your business is doing is your Toronto Chartered Accountant.
You may have had some experience with reading financial statements in the past and really the only one that made real sense to you was the profit and loss statement. These financial statements are “must haves” from a tax point of view, and you need to rely on the experts which are capable of preparing them properly which is a Chartered Accountant.
Operating a business successfully means you must always be aware of what kind of profit the company is generating, but at the same time you need to be just as tuned into the expenses that are being incurred as well. That’s probably why you are so keen on the profit and loss statement. However, the balance sheet is every bit as important. If you choose a reputable Chartered Accountant who has the skills to treat your business as a unique entity and doesn’t just see it as figures, then you will be able to gain a much greater understanding of what these financial reports mean, and how you can rely on them to make important changes to your business.
Most often it’s common to only consider the financial expert as the one who is going to look after filing your taxes on time so you don’t have any concerns with the financial legalities of running your business. This is a very important reason for using the services of a Toronto Chartered Accountant, but what about the extra benefits they can offer you? For example, they can show you how to implement all of the potential business tax savings that you may not have been aware of.
There could come a time where you need money for your business. The first thing you are going to discover is that any lending institution is going to want to know where the company stands financially. This again is where your Toronto Chartered Accountant is going to become a valuable resource for you.
These are just the basics of what a CA can do for you. If you establish a good business working relationship with your financial expert you will soon see that you can rely on their expertise to help you identify quickly if your company is running into financial difficulty, or what steps you may be able to take to scale up the business financially.
I have been serving the Toronto business sector as a Chartered Accountant for many years, and fully understand the tight financial constraints that they are under. Why not give me a call at 416-398-1700, or fill out the contact form here on the right and let me explain to you how I can help you with your business.
