Last updated: Oct. 11, 2017
Why Startups Need a Managed Accounting Service
When you’re running a startup, every dollar counts. You’re busy trying to build the business, manage time, stretch your budget, and cut costs.
One place you should never skimp on is hiring a managed accounting service, especially when you consider how many startups fail in the first year of business.
Accounting professionals serve a large number of roles for startups; in addition to helping prepare taxes, they can help you gain a better understanding of your finances, suggest growth opportunities, and let you focus your efforts on growing the business.
When it comes to operating a startup, business owners should see accounting services for startups as an investment, not an expense.
They Understand Taxes
Yes, your accountant understands taxes, it’s their job after all. But there’s more to it than that.
In addition to Canada’s tax rules and regulations being somewhat confusing, they’re always changing. It can be difficult to keep up with all of that and run your business.
This might help explain why almost 30% of Canadian small business owners say that accounting and bookkeeping is one of their biggest challenges.
Managed accounting services that understand startups can help you rest easy and know that your business is compliant.
Analyze Data for Growth and Profitability Opportunities
You might be able to do your own taxes and bookkeeping, but can you really see what the numbers are saying?
If you’re not analyzing all of your startup’s valuable data, you’re missing out on some great opportunities for growth.
A managed accounting service will run reports and analyze the data to help you make the most informed decisions for your business.
Focused Efforts
Worrying about preparing and filing your taxes and keeping up-to-date with changes at the Canada Revenue Agency can keep you from doing what you do best, running your business.
Accounting professionals can take the stress out of seemingly mundane tasks and free up your valuable time.
Time Saving
A startup commands a lot of time and attention.
An accounting professional can help take some of the most worrying, time consuming tasks off your plate. Not only that, but because the accountant has years of expertise, they can finish the work much faster than you could.
This will allow you to invest more time in your startup or even have a better work/life balance. This is really important; maintaining a balance is often cited as a top challenge for startups.
When it comes right down to it, small business managed accounting services tackle some of the jobs you don’t like doing, and can be a catalyst for growth; freeing up time for you to build your business during the day and spend some quality time with others at night.
Connect with your Local Tax Consultant to learn more
FBC, Helping Startups Manage their Bookkeeping and Taxes
As the owners of a startup, building the business is your expertise. As managed accounting professionals, numbers are our expertise. The tax experts at FBC can take the stress out of bookkeeping and taxes and help your startup thrive.
Even if you have a basic understanding of business finance and Canadian tax codes, having an expert like FBC on your team is a good idea to make sure your numbers are on track.
When it comes to small business accounting, no one has the breadth and depth of FBC. Since 1952, the tax professionals at FBC have worked exclusively with small business owners, contractors, and farm operators. Over the last 65 years, we have helped tens of thousands of clients, from coast-to-coast, minimize their tax burden and maximize their assets.
For more information on FBC and the services we offer, call us today at 1-800-265-1002 or submit an online form and an FBC tax specialist will contact you at your earliest convenience.