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Chartered Accountants: Streamlining Accounting for Individuals & Businesses

March 18, 2019
chartered accountants mississauga

In today’s ultra-competitive operating environment, businesses in every industry are looking for ways to improve productivity. This approach is particularly relevant to support functions such as accounting which, while extremely important, do not contribute directly to an organization’s profitability. As a chartered accountant in Mississauga, I have recommended internal controls and restructuring financial reporting to assist the business owner to obtain information on a timely and cost-efficient way.

Here are some of the key steps that I take to introduce efficiency into their accounting processes.

Create Detailed Documentation

Chartered Professional Accountants (CPAs) can carry out detailed review of your current workflows for bookkeeping, payroll, tax preparation. During this assessment, they will observe how documents flow through the company, how information is processed, and the speed at which these activities take place.

  • Based on their findings, they will make recommendations to eliminate any unnecessary work. Business owners often keep track of information in a spreadsheet in addition to their accounting records and do not realize that the accounting information can be restructured so that they do not have to keep track of the information independent of their financial records if the accounting records are modified to provide the information requested by the owner, this can result in significant savings. This will allow information to be provide faster and only one person has to keep track of the information instead of having two independent financial records.

 

Leverage Accounting Software

Modern accounting platforms come equipped with a wide range of functionalities that can essentially automate a number of routine bookkeeping tasks. A chartered accountant in Mississauga will work to understand your financial objectives and integrate these targets into your existing software so that you can get the data and reports you need as quickly as possible.

Set Deadlines

Late tax filings, and rushed financial reports can impact your business’s profitability, and your ability to make effective decisions. A chartered professional accountant in Mississauga will help you meet your tax deadlines so that you are not subject to penalties which could have been easily avoided.  The chartered professional accountant can make recommendations to ensure that you receive timely management reports so that you can make informed decisions based on your financial reports rather than just cash in the bank.

Focus on Oversight 

An external auditor will review your business’s accounts, systems, and documents and determine whether your financial statements provide an accurate reflection of your company. Often, this analysis can turn up evidence of certain issues that were previously unknown to your management.  Accounting records may provide you financial statements, but they may not be set up in such a way that you have the information at your fingertips that you require to make informed decisions.