Benefits of getting a quick consultation done with a chartered accountant

Are you a Board member, Financial Officer or Treasurer of a not-for-profit organization? Perhaps you are an entrepreneur or owner-manager and have recently opened up your business or looking to start operations.

In any of these circumstances, it might be wise to consult with a chartered accountant.

Speaking with a chartered accountant could prove to be very helpful if you are expected to perform financial duties or have financial accountability to the organization and if you are not sure if you are doing what’s best for the organization from a financial perspective. A quick session with a chartered accountant could help you learn more about key concepts and ideas that will help you to improve your business and take your business to the next level.

In my experiences with having short meetings with new clients, I managed to learn many new things about them very quickly and helped them to learn more about themselves, their business and reporting environments.

Our approach

Leave the technical jargon and complicated matters to us. We can simplify and translate these concepts to you in simple English that will make it crystal clear for you to understand. We know you value your time, and so we take the initiative to listen to your story if you are willing to tell it. We often can draw you a road map before the end of the meeting that will guide you along your path to success.

Success stories

Some clients have visited me in a state of distress and, especially when their operations have kept them so busy that they have had little time to keep up with their bookkeeping. Feelings of worriedness and panic are emotions that many clients face when they are in a situation where deadlines are rapidly approaching.

I met with the client and with just one quick face-to-face meeting, a few phone calls and various e-mails shot back and forth throughout the day. Within three days, we had it all mapped out. Our client was on the road to recovery, having satisfied their bank’s requirements and get caught up with their tax filings. Financial statements we compiled helped explain to them their past performances and trends and where improvement could be made the very next year. There’s really a great sense of relief and positivity that can emerge from these simple discussions we have with our clients.

Many clients are just in need of some advice.  In another situation, I’ve dealt with turnover of staffing issues in a not-for-profit organization. The changing of financial officers caused a lack of continuity in their bookkeeping, and the organization was facing cash shortages while also falling into arrears with their reporting. Pretty soon, the funder wanted answers and the Chairman was feeling the heat and did not have the answers.

Our detailed audit approach and findings helped the organization to discover additional funds that were in place that just needed to be collected on as well as HST refunds that the organization was entitled to. Our recommendations helped the new staff to get acclimated to the new reporting environment and enabled them to fill out the necessary reports they needed to complete. Pretty soon my client received all the funding and HST refunds and no longer faced a cash shortage. Tactful discussions with my client’s main funding agency along with our detailed audit report helped satisfy the organization’s compliance requirements and their funder willingly released the held funds.

The Chair and the rest of the Board were very pleased with the results and appreciated the effort that we made. The recommendations that we provided helped to fill in a big communication gap as directors were not involved in a day-to-day capacity and the transition was not made smoothly when new staff arrived.

Whatever the circumstances may be, having a sit-down with a chartered accountant can help straighten out a lot of questions or concerns and help organize the process so that it can once again be manageable. Some clients are in a different phase in their business cycle and are experiencing tremendous growth and potential. This does not mean that a little guidance from a chartered accountant is not necessary.

Our consulting services have helped even an established organization to reach even higher heights. In one instance, I worked with a flourishing client and managed to help their owner save a fortune on taxes when looking to sell his business. The client however, had never taken their books to a professional accountant. Unincorporated at first, the company had a solid track record of profitable operations and garnered significant interest for being acquired. This worked out well as the owner was interested in selling in the near future to buy a vacation home to retire in.

Often the case, a client who has not sought out professional advice before might have certain financial matters overlooked. I discovered upon close examination of their books various accounting errors that were easily rectified and would be favourable for my client’s tax situation. Most importantly, I was able to recommend the proper tax and incorporation structure for my client prior to sale, and my client was able to avoid tax by taking advantage of a lifetime capital gains exemption upon sale. Needless to say, my client is happily retired and although I do not get to see him anymore, he still sends me postcards from his vacation home abroad.

When to meet with a chartered accountant

There is no better time to book a consultation with a chartered accountant than right now. Whether you are starting your business, leading an organization or looking to retire, the advice and counsel of a chartered accountant can help provide a new financial perspective that can help you attain financial objectives. Whether it is rescuing you from a cash flow crisis or just fine-tuning financial processes, a chartered accountant is able to support you along the way.