CFO Services | Businesses Should Get A Financial Plan
When entrepreneurs are first opening the doors to their business, they need to have the right CFO services that will help them succeed. And while many business owners try to save as much money as possible. This is not the area they should minimize expenses.
The reason why, is because the financial services that they get from an accountant will help them succeed in business. By offering them a business plan to help give them the blueprints on what they need to do to reach their goals.
And by giving them a financial plan and tax strategy. That is going to help ensure that they are keeping the money in their business where it belongs.
While many business owners tend to think that simply by working with an accountant means that they have an effective financial plan or tax strategy. But this is not necessarily true.
If business owners want to look at their finances to make a reasonable estimate if they have an effective tax strategy. All they need to look at is what percentage they are taking home in salary and dividends.
The reason why, is because typically the most efficient tax strategy. Requires a combination of some percentage of salary and some percentage of dividends.
And what that combination is, will depend on a variety of circumstances. Both in the entrepreneurs business and in their personal life as well.
If their current accountant has them getting 100% salary or hundred percent dividends. Chances are very high that they do not have an effective tax strategy in their business yet.
All they have to do is ask their accountant why they implemented that strategy. And if they do not give an explanation. That usually indicates that they have not put any thought into how to minimize the taxes that a business owner pays.
And if that is the case, they may want to look for more CFO services elsewhere. By working with an accountant that wants to minimize the taxes that they pay.
In this case, they may want to consider coming to the accountants at Spurrell and Associates. Not only because they include financial plans and tax strategies as part of their CFO services.
But because they have been doing financial plans and tax strategies for clients for so long. That they are extremely good at it, and extremely efficient at it as well.
Because they do not charge any additional fees for their financial plans and tax strategies. This eliminates the worry that many business owners have. Of having to be able to afford getting these created.
Which means not having any financial barrier to getting a financial plan and tax strategy. So that they can enjoy the benefits of these, as part of their regular services.
When entrepreneurs have an effective tax strategy in their business. They are going to be more successful at keeping the money in their business. So that they can avoid many of the common obstacles that business owners face when they open the doors to their business for the first time.
Where Can You Find The CFO Services?
Financial plans are extremely important CFO services that entrepreneurs should be getting. The reason why, is because these are going to be the tools that help an entrepreneur keep is much money in their business as possible.
Whether an entrepreneur uses that money early on in their business to pay bills and staff. Or use that money to increase their marketing so that they can find more customers.
Or, if later on in an entrepreneurs business. The use the additional money that they are saving to accumulate their own wealth. So that they can start saving up for their future.
Regardless of the reason why an entrepreneur wants to keep more money in their business. It is very important that they have this in their business and to have it as quickly as possible.
However, many business owners think that in order to pay for a financial plan and tax strategy as some of their CFO services. They need to be making hundreds of thousands or even millions of dollars a year in their business.
However this is not true. But this assumption means that many small business owners. Are paying way more in taxes than they should.
In fact, the amount of money that a business owner should be making in their business. To benefit from a tax plan is credibly small.
A business owner only has to be making fifty thousand dollars a year in profit. In order to benefit from a financial plan and tax strategy. Even if they are paying for that service out-of-pocket.
The amount of money that they will spend on creating a financial plan and tax strategy. Will be less then the taxes that they pay the government without the strategy in place in their business.
Therefore, many business owners hold off on getting this important document created. Even if they know it can be a benefit to them down the road.
Or, business owners will say that this is something that they will get for their business once they have been in operation for a few years. But this is not one of the CFO services that they should put off getting.
The reason why, is because according to an industry Canada survey. 15% of entrepreneurs fail within their first year of business ownership. While 30% fail within the second year of owning a business.
And ultimately, half of all business owners that open their small business in Canada. Will end up failing within five years of opening the doors to their business.
Which means business owners should not wait until they have been in business for a long time. Before they get a tax strategy. For their business to minimize the taxes that they pay.
If business owners are truly worried about the cost of getting a financial plan and tax strategy created. They should contact the experts at Spurrell and Associates.
Not only because they offer financial plans and tax strategies as a part of their regular services. But because they offer the first consultation absolutely free.
Which means business owners can get all of their questions answered. And see if this company would be a great fit for their business to help them succeed.