Business Growth & Development: The Important Role of Accountants

Are you a small-business owner thinking about hiring a highly qualified bookkeeper? Or perhaps you are thinking about expanding your own skills and credentials to handle your own financial matters better in house? Getting your business affairs and tax information in order is very important as CRA is clamping down with increased audit activities these days. 

Here are some of the ways that an accountant or an accounting education can benefit your business.

The experience that an accountant provides is helpful to small businesses at all stages: during the start-up process, during regular business operations and when you’re ready to grow your business or implement a succession plan. An accountant does far more than simply maintain your books.

During start-up, an accountant can help your small business by:

• Helping you to determine whether your business should be a sole proprietorship, LLC, or incorporation
• Review of the financials in your business plan
• Ensuring that all policies and procedures are compliant with government regulations
• Tracking expenses that occur as a part of your business activities

After the start-up stage is over and your business has launched, accountants:

• Help interpret financial statements
• Manage accounts receivables, accounts payables and payroll
• Estimate tax payments
• Prepare your tax returns and necessary forms
• Prepare for, and assist if you’re subjected to, a tax audit

Growth and succession plans require more complex processes, and accountants can help provide for a more seamless transition by:

• Examining cash flow patterns, inventory, and pricing strategies
• Compiling financial forecasting data
• Creating a budget

Knowledge Bureau’s graduates in the DFA-Bookkeeping Services Specialist and MFA-Business Services Specialist Designation programs have some of the best skills in the industry to assist you at any stage of your small business’ development. In particular one of the certificate courses, Accounting for Business Growth and Transition (available with a free trial), focuses on accounting functions necessary to grow or implement succession plans.

The course focuses on topics such as organizational structures, consolidated financial statements, foreign exchange, due diligence requirements and approaches for structuring a business transition. Graduates of this course become leaders in the accounting field, prepared to help businesses throughout their entire lifecycle. Check it out and give us a call toll-free for more information: 1-866-953-4769.

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