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

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Vancouver CPA | Planning Keys

Time, preparation, and hard work, are the keys in any project, so says Vancouver CPA. Often times new business owners do not in fact have a plan, or at least a proper business plan, and they’ll pay way too much money in tax right off the bat. These are the people in the business owners that are far too incongruent and unstable with their finances. They have not considered or thought of the metrics to their business and their finances. Further, when they finally do decide and take good advice to seek the advice of a charter professional accountant they never come into the first meeting organized usually with no papers and not knowing where there finances lie. They do however understand, as they are visiting charter professional accountant that there finances do need a lease to be reviewed if not are in ruin. If they would’ve just consulted and retained a charter professional accountant the second that they got the idea that they wanted to open a new business would’ve been so much easier for them.

Vancouver CPA has moulded written, and perfected a four-point business plan with which to instruct the small business owner to success. This plan includes communication with your charter professional accountant throughout the calendar year and may include at least four in person meetings, possibly more.

It’s ideally about their financial plan in the first meeting that the small business owner and the charter professional accountant meet. It should start off with learning about the small business owners objectives, as the CPA needs to understand what is important for that business owner and what are they trying to accomplish and gain. For example, if they are working towards financial independence and time freedom, then that business plan that the CPA will drop is very different than clients who are newly married with young children and just starting a new business.

The first meeting as well will include formal written plans, and initial financial plan based on the owner’s financial circumstances and past financial decisions and attack strategy. They may be able to save on tax immediately when they retain their CPA. Keep in mind that almost every business succeeds from an effective remuneration strategy. What that means is a mixture of salary and dividends is going to pay them dividends from day one what needs to be discussed in meeting number one is collecting all of the clients variables. For example this may include interest rates, who are there advisors, etc.

Meeting number two will include the translation of all the variables into a financial plan. This is the where the financial plan gets more in-depth and more detailed. The Vancouver CPA will finish the product for them and give them a financial plan that they may be able able to easily follow. Introduce them to our process and our template in this meeting as well. The client will then usually get about four hours of homework in order to input their vision of the business into the very successful template.

What Vancouver CPA understands is that the small business owner, although having very different and unique circumstances all want to be successful within their own small businesses. There deserves to be a different financial plan for every different business and business owner.

Further, if you are a small business owner and owning a business for the first time the best advice given is to retain a charter professional accountant as soon as you decide that you want to start your new business. That way everybody will be on the same page and you know what the charter professional accountant will expect from you and you from them.

Unfortunately 50% of businesses fail within the first five years, laments Vancouver CPA. It is very tough go in any industry in any small business, particularly for people who do not work with a charter professional accountant. As well particularly for someone who does not have a plan and is new to owning their own business. There are sad statistics out that say 50% of all businesses that open tend to fail within the first five years of their existence. As well, according to intuit, the maker of QuickBooks, 82% of business owners would score less than 70% on a basic financial literacy test. Further they would also score very poorly on basic financial items. Therefore, retaining a proper and designated charter professional accountant is definitely an asset to you and will save you money in the long run.

Vancouver CPA will teach you that the business plan will go into certain metrics such as what is the pricing model and what is your particular pricing model for your business, how you’re going to attract clients, etc. A proper chartered financial accountant have all of their plans rooted in specifics for that individual and their unique business.

CPAs and clients will work in conjunction with year-end as it is always an annual process there is a planning process when a client walks through the door and it begins then. The cycle will then repeat at year-end. The year and numbers will be reviewed at that time then the conversation between the small business owner and the charter professional accountant in terms of what has changed within that business for the press past year will begin. Then a brand-new and specific planning meeting will begin the new year. Charter professional accountants do not do this just to make money or for an adversary lapse upsell. They do this often because they want to see small businesses succeed in the world. Their job is to educate and almost babysit the small businesses so that they may be able to finally take care of themselves on their own in future and be financially independent. They will receive a very strict and regimented financial plan based on how the small businesses doing and the numbers that your small business is putting in and taking out.