Your Accountant is Here to Help: Just Ask!

Your Accountant is Here to Help: Just Ask!

How often do you speak to your accountant?

For some people, their accountant is this borderline-mysterious figure that appears once a year to help with their taxes. You rarely have face-to-face or even telephone contact with them. You simply send off your financial documents and, poof, taxes are done. They’re like a reclusive math wizard that you met on the internet!

As flattering as it is being considered a “wizard,” at The Number Works, we have a slightly different idea about what an accountant and bookkeeper should be to your business. We are a resource that can do much more for you than just your taxes—

although that’s super important.

With our help, you can launch a new business, reduce costs and expenses, set up your accounting software, and get a ton of busywork off your plate. All you need to do is ask!

Startup a Startup!

If you’re an entrepreneur who is looking to build a brand new business from the ground up, getting your financials in order can be one of the most daunting things on your to-do list.

You need much more than just a good idea to start a business. You need to identify your startup costs, plan your operating costs, figure out your business’ legal structure (sole proprietorship, LLC. etc.), and work out the fine details of your business plan.

One of the best things about bringing your accountant into the earliest stages of your business planning is that they’ll be there from the very beginning. As your business grows, your accountant will already know everything about the company. In times of financial difficulty, they’ll be able to help guide you with expert advice. Plus, in the event of an audit or other financial challenges, you can rest assured that your accountant will already have detailed records on hand from the very start.

Set Up Accounting Software

As accountants, we have a love-hate relationship with spreadsheets. It’s just part of the job! But if you’re keeping all of your finances in Microsoft Excel, then you need to get with the times.

Setting you up with online accounting software is another service that accountants can offer in the earliest days of entrepreneurship. It’s also a valuable service at any stage in the life of a business. With cloud-based accounting software, you and your accountant can access your finances from anywhere at any time. With professional features ranging from customized reporting and analysis to rock-solid security, setting your business up with a cloud-based system like QuickBooks Online, Xero, or Wave can be more than a worthwhile investment.

The trick is finding an accountant who can recommend the best platform for your business or one who is already familiar with the program you want to use. That way, they can rapidly import all of your current financial information into the system. All that work could take days if you’re doing it yourself. But if you hire a professional accountant to do it, everything will be ready in no time at all!

Reduce Costs and Expenses

Running a growing business is complicated. There are so many moving pieces that even the business’ owner might not be fully aware of how everything works.

An accountant can help you get a grip on the financial workings of your business, including your incoming cash flow, expenses, and costs. As a professional accountant, they can also identify places where you aren’t spending money optimally, offering you advice as to where you can trim the fat, so to speak.

Get Stuff Off Your Plate

One of the busiest livelihoods out there is that of a small business owner.

While demands can vary depending on the size and type of the company, a small business owner is typically overwhelmed by the amount of work on their plate. Everything, from marketing decisions to customer service to product development, needs to be run through them. It isn’t unusual to have upwards of two dozen non-negotiable items on your to-do list every single day.

That’s why asking your accountant to help with the daily financial headaches of your business can be a massive relief. Rather than having to pour over the numbers, you can instead focus your energies on the things that only you can do as the owner of the business. By outsourcing your financial planning and management to a professional accountant and bookkeeper (like us here at The Number Works), you can strike off dozens of those to-do list entries in one fell swoop.

Get the Help You Need

Accountants might be “math wizards,” but we aren’t mindreaders! There are so many other ways that we can help your business grow in addition to your yearly taxes. All you need to do is ask! At The Number Works, we want to do whatever we can to help your business grow. If you have any questions about your business’ finances or how an accountant can help, please feel free to contact us today! Sometimes, all it takes is one question to change everything about your business’ future!

How to Leverage Technology to Improve Your Company’s Bottom Line

How to Leverage Technology to Improve Your Company’s Bottom Line

Times are changing and fast! If you want your business to succeed, it’s imperative to adapt and keep up with trends in technology. By leveraging technology in your business, you can create a positive, productive, and, most importantly, profitable environment.

Investing in technology for your business can actually make you money, more than covering the cost of upgrades. For instance, are you a sales-based business? Then you’ll want to invest in sales management software. If you’re a manufacturing company, then you’ll want to look for programs that will help you manage your inventory and distribution.

To properly leverage technology in a way that will improve your company’s bottom line, ask yourself (or your team):

  • Will this technology help generate more revenue?
  • Will this technology help my business become more efficient or productive?
  • Will this technology minimize risk?

With that in mind, here are three ways to leverage technology that can benefit any company.

Leverage Cybersecurity Technology

Did you know that 4.5 billion records were stolen worldwide in the first half of 2018 alone? What’s more, Statistics Canada found that approximately 20% of cyberattacks that happened in 2017 were aimed at small businesses with 10 to 49 employees.

A successful cyberattack is not only bad for your business’ reputation, but it can quickly become a major expense. In fact, the Ponemon Institute found that Canadian companies spent $6.1 million on breach-related expenses, and approximately 50% of Canadian businesses felt employee productivity was impacted due to a cyber-security incident, according to Statistics Canada.

The lesson is that you can’t let a cyber attack affect your company’s growth. You need to invest in proper cybersecurity technology. Almost every company can benefit from investing in advanced detection and protection tools. For example, some technologies use defensive deception techniques to identify attacks early on and move critical data before it is accessed or damaged. This is a great way to minimize risk and improve your bottom line. You might also consider investing in the use of decoys, web application firewalls, IPS, and web-based deception solutions.

Leverage Digital Marketing Technology

Every business needs to generate leads and go after potential customers if they want to keep growing and scaling. One of the best ways to do this is by leveraging digital marketing technology.

For example, Facebook isn’t only great for connecting with friends or watching cute cat videos; it’s also one of the best advertising platforms around. By investing in paid Facebook ads, you can reach scores of new leads. And the best part? Facebook makes it easy to target your exact audience, so the money you spend on advertising has a higher chance of reaching the people who are actually interested in buying your product or service.

Another fantastic way to reach potential customers is through email marketing. In fact, email generates $38 for every $1 spent, which is a whopping 3,800% ROI!

Investing in technology such as MailChimp can be a great way to automate your email marketing, allowing you to focus on the strategy behind your email campaigns. MailChimp also features reports that make it easy to see how successful an email campaign is at engaging your target audience. This truly is one area where leveraging technology can make your bottom line soar.

Leverage Cloud-based Accounting Software

Do you find managing your invoices, bills, and receipts a hassle? As an entrepreneur, you probably love what you do, but what you probably don’t love is spending hours and hours managing your books. You can’t let it fall by the wayside though as failure to properly manage your books can result in financial disaster for your business.

Fortunately, there’s an ever-growing suite of organizational tools and technologies that will help you reduce the headaches of managing your books while also giving you more free time to do what you love – grow your business!

Cloud-based accounting software, also known as software as a service (SaaS), provides you with access to technology on a subscription basis. This allows you to access your business data anytime and anywhere with an internet connection (sometimes on almost any device).

You can grant access to your cloud-based accounting software to anyone on your team. That means your staff can quickly and easily do their work regardless of their physical location. For instance, if your sales rep needs to add an expense receipt or your project manager needs to verify an invoice from a supplier, cloud-based accounting software will streamline the process. It also helps keep all your invoices and receipts organized, so tax time is a breeze.

If you’re looking to boost your bottom line, then you’ll definitely want to leverage the power of cloud-based accounting technology.

The Number Works Can Help

We specialize in launching cloud-based accounting systems! We also provide bookkeeping, cash flow strategy, and business plan management because we want to help you turn your passions into profits.

So, if you’re looking to make better informed business decisions and get a stronger understanding of your business’ finances, don’t hesitate to reach out to us today and find out how we can help you tell your financial story and boost your company’s bottom line.