All Posts By

Bryan Petersen

The True Purpose of Accounting

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Nine times out of ten, clients approach an accountant for compliance reasons forced upon them by the Canada Revenue Agency (CRA), usually in the form of a request to file letter or imposed deadline.  While tax compliance (GST, Income Tax, etc.) is a task performed by an accountant, it is not their main purpose. In fact, accountants have three main jobs, and tax filing is not the most important for you and your business to thrive.

An accountant’s primary duty is to provide timely, quality information so business owners can make good financial decisions.  Secondly, they are planners, usually from a tax perspective. Lastly, comes the compliance piece we mentioned earlier which is forced upon business owners by the CRA.  If you only use an accountant’s services for CRA compliance, you could be missing out on the potential to grow and build your business through access to timely information and the expertise of a professional.

“Why would I hire a Bookkeeper?”

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Why wouldn’t you?  If you’re a small business entrepreneur, having a bookkeeper can actually save you money, help grow your business, and help you understand where your business is thriving, or needs a tune up.  All while you focus on what you are passionate about in the first place-  running your business!! The fact is, one of the greatest assets to a small business is a good bookkeeper.

 

“But why hire someone to do it when I can do it myself?”

When you started your business, it was probably because you had a passion for doing what you do, not to sit in the background entering invoices, cheques, reconciling accounts, checking bank statements, and all that other fun stuff.  You know your business best, so you should spend your time and energy on making it successful and leave others to manage the financial details. Read More