The accountant is the key partner in your business strategies. Much more than a mere professional who completes your tax returns, this financial expert has more than one trick up his sleeve to help your business grow. While he often assumes various roles within an organization, it is at the level of strategic planning that he can help you the most.
Find out how a professional accountant can help you improve your business strategies.
An accountant for the right strategic goals
This is where the importance of the accountant in your business strategies begins. A successful company is one that sets profitability objectives. In addition, it also directs its efforts to achieving them. By collecting the right type of data, analyzing it properly and translating this information into profitability objectives, an accountant helps a company ensure its long-term survival.
Take advantage of deductions with an accountant
An accountant can help you take better advantage of government deductions, which reduces your company's taxes. Some organizations have the misguided reflex of ignoring taxes until late in the year. However, this is unfortunately too late to have the desired impact. The importance of an accountant in your business strategies is also apparent in terms of deductions. When an accountant correctly identifies potential deductions throughout the year, they can advise you on the strategic decisions to be made during the year to maximize them. They ensure that you make full use of the deductions and tax breaks to which you are entitled.
More balanced inflows and outflows
A successful company is one that optimizes its cash inflows and outflows. Do you know the right techniques? Maybe not. An accountant certainly does. With access to raw data on your resources, production and operating costs, the accountant can define and recommend more profitable alternative methods. If there is a better way to structure your business strategies, your accountant will identify it and improve your performance.
The accountant: an acquisition strategist
Business is booming and you want to acquire your competitor. How can you do this and how can you ensure that the company in question is a good choice? This analysis requires in-depth accounting knowledge. Prior to such an acquisition, you should consult an accountant to determine whether the long-term results of this business strategy will produce the expected returns.
A better managed business structure
Most new businesses go bankrupt in their first few months of operation. Not everyone is a financial manager and not all business owners are passionate about financial management. Many prefer day-to-day management. However, sound financial management helps you stay competitive. An accountant allows you to build a business strategy that helps you define the right investment budgets. Moreover, an accountant helps you better determine when to buy goods by considering the seasonal nature of your business.
Get an accountant for a better business strategy
There are many levels of importance in involving an accountant in your business strategy development. The world of finance is a complex area that requires in-depth knowledge both of the company's direct operations and of the legal framework that governs it. A company that involves a tax & accountant in its business strategy is a healthy one.
To benefit from the best advice, contact T2Inc.ca's experts.
Frédéric Roy-Gobeil
CPA, M. TAX
As President of T2inc.ca and an entrepreneur at heart, I have founded many start-ups such as delve Labs and T2inc.ca. A former tax specialist at Ernst & Young, I am also a member of the Ordre des comptables professionnels agréés CPA and have a master's degree in taxation from the Université de Sherbrooke. With a passion for the world of entrepreneurship and the growth mindset, I have authored numerous articles and videos on the industry and the business world, as well as on accounting, taxation, financial statements and financial independence.
