(Originally posted on April 4, 2016)

 

The Firm of the Future

 

Firstly, let us ask you a question “Are you a ‘typical’ small business owner?"

In our daily interactions with small business owners, we see a great deal of common themes, the most being on how small business owners approach the accounting and tax reporting requirements of running their business.

Does the following represent your current accounting systems?

  • You have a ‘bookkeeper’, sometimes your spouse or a friend of the family that helps you with the day-to-day transactions.
  • You have a payroll service provider such as ADP or Ceridian to assist you with paying your employees and ensuring CRA gets their payroll taxes.
  • At the end of the year, all of your records and your accounting system backup (if you are using software) go into a big box and it is all dropped off at your ‘Accountants’ office
  • Then, after waiting patiently, you get your financial statements and tax returns several months later. (and a big bill!)


So, let us ask you another question, “Do you take your car to 4 different mechanics to get your tires changed?”

 

Surely you answered ‘No’ to this question as it seems to be very silly. However, why then are you using 3 different service providers to get your bookkeeping, payroll and tax filings done?

Times change. And perhaps it is time for small business owners to change the way they do things, embrace technology and move their accounting into the 21st century.

Think about it, times do change, just a few years ago ‘Interac’ payments didn’t exist. Now, virtually every business will accept debit payments and email money transfers. Could you imagine not being able to pay for basic needs such as gas, groceries etc. without Interac?

Accounting also changes; not too long ago, we did not have computer programs like QuickBooks to assist us, your books were exactly that, books!

Humans in general are creatures of habit and are very reluctant to change, after all, if it isn’t broken, why fix it?

So, let us give you a few of reasons:

  • Changing the way you do things can likely provide you with better financial information
  • Changing the way you do things can likely give you more timely financial information
  • Changing the way you do things can likely save you a great deal of money
  • Changing the way you do things can likely improve your cash flow

So, what change do you need to make?

You need to deal with a “Firm of the Future”

 

What is a Firm of the Future?

A Firm of the Future:

  • Adapts to change, and by adapting to change, improves the efficiencies of their business
  • Embraces Technology, and by embracing technology improves the efficiencies of their business
  • Provides valuable, accurate, timely financial information to their clients, allowing their clients to make informed decisions relating to the financial matters of their business
  • Passes their efficiencies on to their clients by way of lower fees
  • Provides flat-fee, all-inclusive, predictable and affordable services to their clients, no more accounting fee ‘surprises’ at year-end
  • Has partnerships and strategic alliances that can assist you and your business with a multitude of issues such as tax liabilities with CRA, financing, debt resolution and more.

Are you dealing with a Firm of the Future?

Ledgers is the Firm of the Future, contact your local Ledgers Professional and see how we can make technology work for your business.

Would you like to read about an actual client that we recently assisted? We saved them more than $7,500 PER YEAR!

 

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