A good accountant can offer solid advice on any big decisions you need to make for your company.
Whether you have been in business for some time and want to expand, or are considering purchasing a business, working with an accountant can make a big difference in the outcome. Let’s explore some of the scenarios where you may be seeking advice.
Whether you want to grow your business to the next level, or start a new business Clearly Accounting can help you prepare a solid, attainable business plan.
A business plan is more than just a cash flow projection, it’s a business model that describes how your business creates, delivers and captures value. It is how you will sell your idea to investors, partners, bankers, employees, and even to your family.
A strong business model covers 4 main areas of your business: customers, offer, infrastructure and financial viability.
Those 4 areas break down into 9 basic building blocks to making revenue:
The Clearly Accounting team can help you build a business model that will become your blueprint for growth and success.
Qualifying for Financing
Growing a business requires money and we all know that you have to spend money to make money. And as your business grows, your needs change and grow along with it. Financing can be a good option to keep your business on the up and up, but it’s important to know your financing options and requirements to qualify.
Some of the factors to consider include:
- Credit scores
- Number of years in business
- Past delinquencies
- Financial and legal documents
- A business plan
If you are planning to apply for financing for your business in the near future, Clearly Accounting can help increase your chances of loan approval and offer advice on your options.
As with making a decision to apply for financing, weighing investment options is an important decision for any business. You may decide to invest your business’ money in securities in order to potentially increase the business’ net-worth or generate income. Or you may decide to invest in another company. Before making any decisions, a review of your financials with your accountant will help you make a wise decision.
Business start-ups have unique needs in the business world. There are many steps that need to be taken including:
- Registering a business
- Lease agreements
- Registering for GST, PST, payroll and other accounts
- Accounting system decisions
- Business plans
- And much more!
At Clearly Accounting we can be your trusted advisor on all things start-up. Our team of professionals work with you to bring the business you visualize to life!
As a small business owner of a sole proprietorship or partnership, how do you know when the time is right to incorporate? As your business grows, the legal structure of your business can change, but there are some key considerations including:
- Limited Liability – this can be a big advantage of incorporating, but it’s not as black and white as it seems. While you can protect yourself personally, a corporation has rights like an individual which has its own set of challenges.
- Tax Advantages – there can be a variety of tax savings and deductions that are only available when incorporated
Clearly Accounting can help you analyze the cost-benefit of incorporation to help you make an informed decision on if and when to incorporate and how to structure your corporation, so that you know all the perks and implications of taking this important step with your business.
Business Acquisition or Sale
Buying or selling a business can be an exciting time, but it is also complicated. “Due diligence” is necessary for you to buy or sell your business with confidence. Conducting a business valuation that considers what is for sale and the values assigned, has a huge impact on future tax bills, and thus, the ultimate value of the business when all is done.
It can be tricky to provide historical and projected future earnings/costs/profitability. Sure, the performance of the business in the past is important, but so is currency value, economic growth, financing choices, industry and general economic trends. Whether buying or selling, Clearly Accounting can help you make the best decision possible.
There are times when it becomes necessary to dissolve a business. This can be a stressful time for those involved. Clearly Accounting professionals understand the unique requirements of a business dissolution, and can help ease you through this transition.
To learn more, contact our office for a complimentary consultation.