Dreading that tax task on your to-do list? We get it — you set aside time to complete the task, but you always seem to hit a roadblock and run out of time before you can finish. It's de-motivating and frustrating. Maybe it's time for an accounting efficiency checkup.
At True North, we help Canadian small businesses save time, stay organized, and work smarter by setting up and supporting cloud-based accounting systems. Our goal? To make your life easier. Whether you’re a solopreneur or have a growing team, cleaning up your accounting processes can free up hours of your time every month and give you better visibility into your business finances.
Here’s what our efficiency checkup includes, what we’ll need from you and how it can free up your time so you can focus on building your business.
What’s an accounting efficiency checkup?
Our accounting efficiency checkup involves a collaborative review of your current bookkeeping and accounting setup. We aim to identify areas where systems and processes can be improved to save you time and effort. This isn’t about starting from scratch or making big changes for the sake of it — it’s about eliminating any irrelevant tasks. It may be more appropriate to call it an accounting effort audit. Here’s what we’re looking to identify:
- Any unnecessary tasks you’re currently doing that don’t move the needle
- Clarifying roles and responsibilities of your accountant and you
- Systems and tools you might not be using to their full potential
- Gaps or duplication in record-keeping
- Opportunities to automate and streamline manual tasks
- Better ways to collaborate with your accountant
We’ll take a deep dive into your accounts, documents, software and workflows — and identify practical ways to save you time and reduce headaches.
It starts with a call
The first step is a 60-minute meeting where we dive into your current accounting workflows — how you pay for expenses, how you invoice clients and get paid, and where you store your key documents. We want to hear what is frustrating the process so we can identify solutions.
The biggest causes of accounting friction are as follows:
- In an effort to be organized with your record-keeping, you’re doing tasks that aren’t required
- You’re replicating tasks that your accounting firm is already doing
Why cloud accounting makes everything easier
If you’re still relying on spreadsheets or desktop software, switching to cloud-based accounting tools can be a game changer. We often recommend Xero and Hubdoc to our clients, because they were built with small business owners in mind. They’re secure, easy to use and packed with features that make day-to-day bookkeeping more manageable.
With tools like Xero and Hubdoc, you can:
- Automate data entry (goodbye, manual input!)
- Snap photos of receipts from your phone
- Keep documents organized and searchable
- Connect bank accounts for real-time reconciliation
- Track your cash flow, revenue and expenses from anywhere
And since Xero integrates seamlessly with Hubdoc, everything stays up to date — no double entry, no shoebox full of receipts. We’ve seen these tools transform the way our clients handle their bookkeeping.
Read our step-by-step guide to setting up Xero for your business
Save time, save money, grow your business
An efficient accounting setup doesn’t just save time — it also saves money and gives you more accurate financials to make better decisions. You’re less likely to make errors. You get a better picture of your business performance. And you can make informed decisions about pricing, hiring, investing or scaling.
An efficient setup also gives you back hours each month — time you can spend on marketing, product development or maybe just taking a well-earned break. And if your business is growing, having a clean, scalable accounting process in place makes it easier to add new team members, bring in professional help or raise funding.
Looking beyond bookkeeping? We can also help you build your strategy with services like financial forecasting, cash flow planning and growth advisory.
Learn more about why entrepreneurs need growth advisory from their accounting firm
Not a fan of bookkeeping? We’ve got you
Bookkeeping doesn’t have to be the bottleneck in your business. We offer flexible bookkeeping services — available on a monthly, quarterly, semi-annual or annual basis — and will connect you with the right support based on your transaction volume and goals.
Need more than the basics? We can help you understand the story behind your numbers with break-even, trend and ratio analysis — all in plain English.
Find out how outsourcing your bookkeeping can benefit your Alberta business
Let’s work smarter together
If you’ve ever felt like you’re flying blind with your books, or that there has to be a better way, you’re probably right. An accounting efficiency checkup is a great first step to getting things on track.
It’s quick, collaborative and can make a big impact. You’ll walk away with a clear idea of what’s working, what’s not and what to do next.
Read more about Small Business Basics topics that may be helpful to you and your company. Reach out to us if you’d like to chat about how True North can help you with your bookkeeping (and help to build your business!).
