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E-Myth – “Why most small businesses don’t work & what to do about it”

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In the financial planning process, says Vancouver CPA, preparation, certain degree of foresight, and a high degree of planning is key in any project or occupation. Often times, however this cannot be done by yourself. The second most common reason why businesses do in fact fail is they run out of money. Business owners don’t quite have the plan and, much to their surprise, they pay way too much and tax. As well they have incongruent sees with their finances. A business plan is nothing short of paramount when being a small business owner. Further to that almost every business succeeds from effective remuneration strategy. It is the mixture of salary as well as dividends which is going to save them a lot of money from the get-go. It won’t serve you very well if you come into a meeting with a charter professional accountant and don’t have anything prepared. Do your due diligence first as, sadly, 82% of business owners would score less than 70% on basic financial literacy tests or, on very basic financial items. This is from a study done by into it who is the maker of QuickBooks.

There is a wonderful for meeting process which works for at least eight businesses out of 10 businesses. If in fact you are one of the business is that it does not work for meetings with then it most certainly work with possibly five or six meetings. Case in point it will work. Vancouver CPA promises that they will put forth their utmost in meeting number one when you talk about your objectives and financial planning process. As well, you must divulge what you are trying to accomplish by owning a small business and what your future might look like assuming that you are successful. Both you and your financial planner will then go through the personal balance sheet. Meeting number one is essentially all about collecting variables. Those variables might include however are not limited to mortgages and amortization, who are your advisors, your interest rates, your liabilities and debts, your revenue and your assets, etc. It is all about gaining knowledge and understanding your financial situation after meeting everyone.

Meeting number two consists of translating all those variables that you talked in bout in meeting number one into a sturdy financial plan. This financial plan however can be reviewed before years and. The process from Vancouver CPA and a proper template for you to follow will be included in meeting number two. As well be prepared to receive some homework, at least four hours with which you will be able to input your vision of your business into that particular template and it will get you a clearer picture of what you are working towards and what needs to be done in order to to achieve your goals.

Meeting number three which is a couple months after meeting number two will be about us just going through your information to make sure that we understand your overall vision.

Vancouver CPA has a try tested and true process for which small businesses struggling or not will be able to follow on an annual basis so as to make sure that their chances of succeeding in small business are far greater than not. Ideally, preparation is absolutely key in any project, particularly in business. This yearly business plan will be in conjunction with year and in is an annual process the planning process happens the second of the client walks to the door for the very first time. The cycle will repeat after year-end is filed before year-end needs to be filed, do and review the year-end numbers then you ask what has changed from last to this year. Then a separate planning meeting with which you can start scheming for the upcoming year.

If in fact you are new to this process it is a process that has been devised for seven years and is tried tested and true, according to Vancouver CPA. It is efficient and the customer will be able to afford it year after year after year. It is an ongoing process and does not stop after one year.

For meeting number one, assuming that you are a new client, is about collecting all of your particular information, i.e. what you trying to accomplish? What is your personal balance sheet? What your interest rate rates? Who are your advisors? What are your assets and liabilities? Amortization, etc.? Meeting number one is essentially for collecting all of the data so that the certified professional accountant will have a better idea of what he is working with and how he can help a small business owner.

Meeting number two consists of, according to vancouver cpa, taking all of those variables and making a very concise very effective financial plan for the small business owner. The small business owner will in fact be able to understand is business plan however it will not necessarily be finished. You will be able to add and subtract anything throughout the year.

Also, meeting number two is for introducing them to the process of saving money and also a template with which they will take home and dive into four hours of homework with which to input their vision of the business into that template to better understand where their financial habits lie.

Meeting number three which is a couple months later will be going through the clients information to make sure that everybody understands that clients vision and what he is working towards. Questions can be asked at that time just in case anyone has any questions or does not understand any of the processes.

And densely the final meeting, although sometimes you will need 1/5 or sixth meeting, will be all about the CPAs institution of finishing touches and instituting the final strategy that they recommend. If the client does not understand again these are good times for questions. As well to institute a reasonable revenue forecast for the coming year.