Accounting Tips

Earlier this month we entered a new decade with an accompanying set of ambitious resolutions, which for many business owners include achieving a better work-life balance while also taking your business to the next level. Those two goals may seem mutually exclusive, but Canwest Accounting owner Sharlane Bailey begs to differ.

“For so many business owners, time is a key resource, which means doing more in less time by delegating tasks to others or hiring someone with a specific skill set to take on some of the work,” she says. Bailey provided the following five New Year’s Resolutions to help business owners.

  1. Update your business plan: Business owners should review and update their business plan at least once a year, and for many January is a quieter time to do so. Consider whether you are still on the right track, are there opportunities you are missing out on, and do new opportunities fit with your overall business plan.
  2. Review your financials: Whether it’s your business’ financial year-end or not, it’s a good idea to go through your receipts, bank statements and invoices to make sure everything adds up. Accounting software can help with this. Keep in mind the big picture while reviewing your financials. Is your business making a profit? Are you doing as well as expected, or perhaps better than expected? The experts at Canwest Accounting can help you do some tax planning because there is nothing worse than getting a surprise tax bill at the end of the fiscal year because you didn’t know how well you were doing.
  3. Hire a bookkeeper: Canwest Accounting’s team can do your company’s bookkeeping quickly and efficiently. “We make it affordable because we recognise a business owner needs to do what they are good at, and we can do the bookkeeping much more efficiently,” says Bailey. You can read bookkeeping tips here
  4. Delegate your payroll: Canwest Accounting can efficiently manage businesses’ payrolls so that employees are paid on-time, and the correct taxes and deductions are submitted.
  5. Consult with other business owners: Beyond only networking, set up monthly or quarterly meetings with other business owners to use as a sounding board for discussing ideas. They don’t need to be in the same industry since they will offer a unique business perspective, as well as new ideas for how to do things.

The team of accounting experts at Canwest Accounting’s Victoria and West Shore (Langford) offices are available to help you with your accounting and bookkeeping needs. Call or drop in to speak with someone on our team.

DISCLAIMER

The suggestions and advice provided by Canwest Accounting should not be relied upon in place of professional advice. You are responsible for checking the accuracy of relevant facts and opinions presented.

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