4 Tips Every Small Business Owner Needs to Know to Save Time and Money

Hard-working small business owners like you need to all you can to save money without compromising the quality of the goods and services you provide or receive. Did you know that one way you can do that is by ensuring your financials are kept accurate and up-to-date?

Here are four useful facts about small business financial statements and why having your statements prepared correctly is so important:

Tax returns

Your financial statements may need to accompany your tax returns. If your financial statements aren’t properly prepared, it can cost you dearly at tax time.

Valuation

If you’re considering using the sale of your small business to fund your retirement, having all your financials up-to-date will ensure that the process is a smooth one. Having your business valued with current financials will assist in gaining a future buyer’s interest when it comes to selling your company.

Performance

You need to know how much you are earning and what your overall earnings patterns are to make informed business decisions. Should you cut expenses? Should you try to make more money? Pay off debt? Accurate financials will help you determine which course of action is appropriate.

Records

Good recordkeeping reduces stress. Having well-sourced and accurate financials eliminates the stress involved in preparing tax returns, bank loan applications, and other relevant paperwork.

Working with KAFT CPA provides you with the peace of mind that comes with knowing that your financial statements are correctly prepared. You get our years of expertise, and no software package can provide that. We want to be more than just your accountant; we want to grow with you and help you achieve your business goals.

Contact us to speak to one of our friendly and professional accountants and learn how we can help with your small business accounting needs in Alberta.

Bonnyville Accountants | Cold Lake Accountants