Your accountant is key for a successful practice, as they can recognize and take advantage of financial openings to maximize your business’s profits. You can maximize your practice’s cash flow by:
- increasing tax savings
- reviewing costs
- getting paid quicker
- reviewing your pricing
- identifying untapped revenue streams
- looking at the big picture
- protecting your business
- business planning and goal setting
- staying on top of your finances
… by increasing tax savings
At True North, we can help your practice identify and take advantage of tax-saving opportunities to increase cash flow. We can analyze your business structure to ensure it has the most favourable tax implications and help you comply with tax laws and regulations to avoid costly penalties and fees.
… by reviewing costs
Your accountant can help your practice reduce expenses by identifying areas where costs can be cut without affecting your operations or quality. This may include negotiating better terms with suppliers, consolidating vendors or identifying inefficiencies in business processes.
Sometimes you’ll need to spend money to make money, but we can ensure your business grows responsibly. When should you hire your next employee or take on a new lease? With budgeting and forecasting, we can show you when you can afford the next big investment.
And by benchmarking against other businesses in your industry, you’ll get a clearer picture of how much you should spend in certain areas like payroll, ad spending, etc.
… by getting paid quicker
True North can implement technology and software that streamline processes and reduce manual tasks, such as creating invoices, paying bills and accepting payments. Collecting accounts receivable doesn’t need to be a long, drawn-out thing. Accurate and timely invoicing processes can ensure you get paid more quickly and more often.
Do you need help getting receivables paid? We love using Xero to create invoices and accept payments instantly.
… by reviewing your pricing
Are your prices profitable? A well-designed pricing strategy based on market analysis, customer preferences and production costs can increase your business’s sales and profit margins.
Understanding your pricing can help you optomize your resources by targeting the most profitable service lines.
… by identifying untapped revenue streams
Your accountant can help your practice identify new revenue streams by analyzing industry trends and your financial data. You may consider developing new products, expanding into new markets or developing a strategic partnership with another business — but does it make financial sense?
True North can conduct a product line margin analysis to see which products and profits contribute the most profit. We can also analyze profitability per client or per employee. We can also conduct a break-even analysis to understand the level of sales needed to cover your costs.
… by looking at the big picture
Your accountant can review and audit your current business processes and provide recommendations to optimize. True North has the tools to help you avoid potential fraud, streamline your processes with automation and integrations, keep data secure and organized for easy review, and ensure those in key roles at your business are performing at their peak.
By taking a birds-eye view of your business from a financial perspective, we can help you see how all the pieces fit together.
… by protecting your business
Sometimes, maximizing revenue is about protecting your small business from risk. True North can help you get started in the areas of cybersecurity, business continuity, disaster recovery planning and liability services to ensure your business’s long-term success.
… by business planning and goal setting
Need assistance to figure out your business traction or a one-page strategic plan? We can help!
Your accountant can help you with a solid business plan to help you navigate your way to success. This will ensure you’re off to a good start and can be accountable for both your business and personal goals.
First, you’ll want to sort out your long-term, medium-term, and one-year goals. Long-term goals are usually 10 to 25 years away, with medium-term goals around 3 to 5 years away.
Next, we focus on your one-year goals and break them into quarterly key results or “rocks.” These short-term goals might include hiring a new salesperson or achieving $150,000 in new sales.
We’ll help you determine key metrics to measure your progress, making it easy to pinpoint whether you’re staying on track with your goals. We can set up dashboards or custom reports to track your most important metrics over time and in relation to your target. Whatever info you need to run your business, we at True North can help get that info to you when you need it.
… by staying on top of your finances
Do you have someone to understand your financial statements, manage cash flow and forecast future financial performance? To grow, you’ll need to stay on top of your finances to make informed decisions about your business. We can help with the following roles:
Bookkeeper: This role is responsible for keeping the day-to-day records of the business organized and clean from a data perspective. They build the foundation of the financial statements. Typical tasks include bank reconciliations, matching collections to accounts receivable, tracking accounts payable, job costing, organizing receipts and documents and sometimes running GST.
Controller: This role oversees the entire accounting function, making sure bills are paid, payroll is run, accounts receivable is collected, the bank has cash, bookkeeping is up to date, custom reports are generated, and the CRA is happy.
Accounting advisor: This role builds customs reports, updates cash flow forecasts, monitors cash, pays bills and manages integrations and software.
CFO: The Chief Financial Officer analyzes the info and data provided by the Controller and uses it to make decisions and drive the business forward strategically toward its long-term goals.
We can help you through every stage of business
Starting a business
As small business accountants, we work with small business owners and solopreneurs every day. We’ve seen what works and where the pitfalls are. Learn how to set up your business (the right way), get paid, start bookkeeping and get organized for tax time.
Growth advisory
We can help you identify growth opportunities and develop strategies to capitalize on them. Our growth advisory services focus on strategies to increase revenue, profitability and market share. (It’s like having a business coach with CFO superpowers.)
Exit planning
Whether you plan to sell your business, pass it on to your family or simply retire, you’ll need a plan to ensure a smooth transition. While some business owners have quite an emotional bond to their company, others have a mentality of “built to sell,” which can reframe how they approach their business.
As experienced small business accountants and advisors, we've helped countless small business owners and solopreneurs achieve their goals and overcome the challenges of running a successful business. If you want to grow your business but don't know where to start, consider partnering with True North to help guide you on your journey. We can help with a specific matter or create a strategic planning program that grows as your business grows.
Read our related article, From startup to scaling up: Why entrepreneurs need growth advisory from their accounting firm
Learn more about our small business advisory services.
Find more Strategic Advisory topics relevant to you and your small business.
