The Importance Of Accounting To Your Small Business

If you’re running a business your bottom line is important to you. Accounting deals with everything related to your finances, so being careful with your accounting is important to your bottom line. But how does everything fit together?

Obviously keeping good records helps you pay the correct amount of tax and avoid penalties and fees. But what else can it do? You can determine customer trends and behaviours by reviewing your accounts receivable. Uncover operations inefficiencies by reviewing your financial statements. You can keep up with industry changes through vendor costs and sales revenues. Grow your business with loans and partnerships that require thorough financial statements and understanding. All of this comes from accounting.

But before you can even get there, accounting offers some more straightforward, practical benefits. How do you decide what to price your goods and services? Accounting can find the threshold you need to clear to turn a profit. How healthy are your company’s finances? Accounting can help you determine if all your clients are paying their bills late, if you’re leaking money through interest, or determine if you’re even turning a profit. It may seem basic, but it’s the cornerstone of small business enterprises. 

A good accountant will make sure you’re getting the most out of your financial practices. 


Share This Post:

Related Posts

Latest Testimonial

I have known Kim since high school. 4 years ago, CRA decided to do a net worth audit on our personal and businesses. Our expensive chartered accountant at the time basically left us for dead. I have always known Kim as smart and fearless, so I called her for advice.

Kim and her team dropped everything and took over for me. She allowed me to work with them as much as possible to help lower costs. Kim worked with the auditors and put everything together meeting CRAs ridiculous timelines. Since then Kim has taken over all my taxes, cleaned up and streamlined my bookkeeping. She has assisted me with GST and PST audits, and everything in between!

If Kim does not know the answer to your question, she takes the time to research and provide you with the correct answer. Her prices are fair and affordable, her service is outstanding. Her personality is relaxed yet professional. She makes you feel part of the team, not just a number! Kim and her team consistently look out for my best interest. It's not every day your accountant genuinely cares about your situation and what’s really in your best interest. My years of loyalty will definitely continue!

"Consistently looks out for my best interest"
Reylene Esmond E Z Automotive Ltd.

Contact Us

Questions? Comments? Call us today at (306) 530-9548 or fill out the form below:

Have Questions? Call Us Today At

Call Us