A&D Demolition Corporation Case Study
We started our business (A&D Demolition Corp.) in October 2013, offering demolition services, asbestos removal, and hazardous waste disposal in British Columbia. It was a small business on a limited budget and we had to spend some time trying to figure out where we can cut business costs and do more on our own to stretch the funds we had available. We were unfamiliar with Canada’s business tax system and lacked experience in managing the books of business. We knew that managing our own accounting system incorrectly can hurt our business, so we were inquiring about professional accounting services, and were introduced to AccNet Accounting through Kinetic OHS Services.
Challenges faced with business/finances/accounting, before hiring AccNet
Since we were extremely meticulous about who we hire as an Accountant before we even began our operations, I am pleased to say that we have not faced any challenges in this field. AccNet was there with us from the start, held our hand, educated us, and kept us on top of our business and financial game. They did this by capturing costs and tracking our expenses while making educated decisions to reach an optimal level of profitability. They were aware of challenges that we could have faced—most of which we were unaware of—and provided expert advice whenever we needed them in a timely manner.
What did AccNet solve and optimize in your path to business success?
AccNet’s accounting, vision, and principles have assisted us in the growth of our business and cost efficiency through all these metrics:
- Providing advice and assistance on opening a business bank account.
- Making sure our accounting procedures comply with government regulations and requirements.
- Providing advice on how to track expenses during our daily business activities.
- Explaining the importance of keeping personal and business expenses separate and educating us on the areas where a common interest between the two could exist.
- Explaining our financial statements so we can understand the ins and outs of our business with patience. I cannot stress how important it is to have a patient accountant for someone who doesn’t understand this area of business.
- Overseeing company payroll and payment processes.
- Providing advice on estimated tax payments we should make during the year.
- Closing out our books and create financial reports at the end of the year.
- Compiling and submitting our taxes, financial reports, and all necessary paperwork to the CRA.
- Provide advice on property and equipment leasing and purchase.
2 or 3 business metrics that AccNet assisted you with
AccNet exposed the entire financial health of our business from top to bottom. We didn’t really know where we were, what pattern-based costs we had to reduce, and where the freed capital should be expended to align our budget goals for growth. They optimized our entire cost structure and operating expenses. Using this to analyze both our gross and net profit margin, so that we could get a real sense of how profitable our company is. Another metric AccNet helped us with is giving us key advice and education on actions to take, which has placed us in a financially liquid position, hedging our company against major economic downturns. This has proven to be very effective in today’s volatile market. Something we didn’t know about is how a company is able to gain tax-efficiency through the available codes on their accounts payable and receivables. Learning to utilize this ability to its full extent has been another metric AccNet significantly improved in our entire financial health, as it gave us immediate access to buying power in market conditions that help scale our business even further.
“AccNet was literally the only company to help breakdown this very difficult 10-year growth to understand cost and waste. It was not only fruitful, but I was able to be part of the whole process as I was delivering the information and it was astounding how easy it became, once we solidified a format for success and I learned a new way of viewing the accounting process.”
“All those challenges I was so concerned about, Maryam and her team at AccNet dissolved one by one. They helped me since the beginning. What was apparent to me was how extremely up-to-date and knowledgeable they are about the tax rules and allowances within the framework of owning a business.”
“They optimized our entire cost structure and operating expenses. Using this to analyze both our gross and net profit margin, so that we could get a real sense of how profitable our company is.”
Where do you see yourself in 10 years?
Find out how AccNet can help take you there