Five Of Our Best Small Biz Tips
When it comes to taxation, there is not much that people can do to avoid it, and everyone has to pay their taxes at the end of the financial year. As a company, we work with clients to assist them in solving their tax requirements and providing them insights on the process so they get any benefits available to them. We would also advise them on how they should run their business from a tax point of view because there were many benefits to running a business that they could take advantage of.
There were some processes that they were getting into which would benefit them in the long run, and we made it a point to teach them those as well. We were even teaching some of our clients how to get through the bookkeeping process, so they had their account statements ready at the end of the financial year.
Here are some tips that we suggest that people follow when they are getting through processes.
Tip #1: Technology
We tell everyone, whether we work with them or not, that they should embrace technology, study it, learn it, follow it, and not fight it. The business world is changing rapidly. We hear every day small business people say, “I’m old school, I am not interested in any new ways to do things" Small businesses who resist change will not meet the needs of their clients in the future. A smart business owner will figure out a way to blend "old school” service with "new school" technology to deliver the optimal service to their clients. Don't be afraid to learn something new, your competition is, your clients are, don't get left behind. The challenge is that if you do not adapt to a change, and everyone else does, you would be left behind, and there would be nothing that you can do about it. If you want to stay relevant, you should work with the most relevant and trending tools.
Tip #2: Go digital
Through the pandemic, a large number of businesses and companies moved into virtual space. Digital technology allowed us to have our business information at our fingertips. Often we can access important information while away from our business through the use of a smartphone, tablet, laptop, or computer. By implementing a digital platform for your business, you can reduce paper, allow easier and faster access to information, reduce office footprint by staff working offsite, cut overhead and wage costs. Digital filings systems, cloud accounting software, CRM systems, AI automation are all ways of introducing a digital platform to your businesses. While spending a little time figuring out how they should work, the process was quite simple and would save you a lot more time, money, and effort in the future. You would later find that they make the process so much more convenient to get through while also making it easier for the clients that you work with.
Tip #3: Audit proof
The first step in audit proofing your business is finding the right accounting professional that uses technology and understands how to keep records that comply with the Canada Revenue Agency standards. After that, make sure that you store your records in an easily accessible format so records can be delivered upon request by CRA quickly and efficiently. Many of the new digital or paperless filing systems file the paperwork properly first then it's posted to the books second. We can work on retrieving documents from these systems in seconds and forward the accounting detail and receipts quickly and efficiently. In addition to proper storage and organization, make sure the person/firm managing your books understands the income tax rules, sales tax rules, and accounting rules required to present your books properly.
Tip #4: Future ready
Is your business future-ready? The new buzzword "Future Ready" is heard around the accounting industry more and more each year. The business landscape is changing rapidly and being "Future Ready" is critical to small business success. Customers are far more knowledgeable of products and services due to the enormous amount of information on the internet. When they come to you, they are often very knowledgeable tech-savvy individuals, so being ready for them is easier when using technology and understanding how your customers get their info and how they like to receive it. Trying to use old systems and techniques with new-age clients can cause many problems. "Future Ready" is so important to small business success. Find a successful cloud accounting professional who can help "Future Ready" your business to bring you into the future.
Tip #5: The numbers don't lie
Almost 75% of small business startups fail! This number is staggering, and the main reason is the business owner either didn't follow their business plan, failed to create a proper set of books, or failed to understand what the numbers in the books were saying. All successful businesses have some sort of accounting professional or possess the financial management skills necessary to create a good set of books and are capable of analyzing the numbers to gauge the success of their business. Quality financial data makes way for efficient well informed financial decisions to ensure business success. Understand the numbers, learn what they are saying, act upon them, and make business decisions with your head and not your heart.
If you are looking for Tax & Business Advisors in Sudbury, ON, connect with us at Advize Inc. We specialize in Cloud Accounting Services which was positive during the pandemic because most people did not want to leave their homes and availed of our services remotely. We had to train the people we were working with, but it is a massive benefit now, and they are all getting along quite well. We pride ourselves on the fact that we handhold our clients into the future and teach them about processes that would benefit them in the long run. If you want a better understanding of the services we provide, please click here. If you are looking to connect with us or think that we can assist with a requirement you have, please click here.