B.C. LTD. Case Study
Overview of when you started your business, the services you offer, and how you found AccNet.
I started my business in 2010 when I became an independent Information Technology consultant. Prior to starting my own business, I was an employee and was not at all familiar with all the work required for managing the financial aspects of a business. I was referred to AccNet through a family member and I feel quite lucky to have met the talented team at AccNet. They have helped me tremendously through constant tax education and accounting principles. As well, they continue helping me navigate the challenging landscape of managing finances for my business, especially as it pertains to tax and accounting.
Please speak to the challenges you faced with your business finances/accounting, before hiring AccNet
Prior to working with AccNet, I had to spend time to research and find the best solutions. The services I had also hired prior to AccNet were also not helpful. For example, I did not know that for small businesses like me, there are two different methods of calculating GST tax. I always used the long method which resulted in me paying more tax. AccNet helped me better understand my options and recommended me using the shorter method whereby a % of the income for the period is paid as GST tax. I managed to save at least a couple thousand dollars each year and for a small business, every dollar counts. AccNet has been consistently providing me with sound solutions when it comes to tax optimization and efficiency. I can’t speak enough to how helpful it has been in the strategic growth of my consulting business. Another thing I love about them is how responsive they are. There hasn’t been a single time where I needed something, and they weren’t quick to respond.
Please explain what AccNet solved for you, and how AccNet’s accounting optimized your path to achieving business success
AccNet has been crucial in helping me better understand my options concerning tax efficiency, optimization, and deferral. More importantly, countless sessions and discussions with the AccNet team have educated me over the years. Previously, I did not understand a balance sheet or a statement of retained earnings, what they meant and implied. Now, I can understand with ease where my company stands, how much profit I have had, what can or cannot be expensed, etc. They also work with me to give me key strategic business decisions for me to consider, many of which I’ve taken them up on and am happy to have done so.
Please choose 2 or 3 of these business metrics, and explain how AccNet assisted you with them: KPI (Key Performance Indicators) increases
A major KPI for me and my business has been tax efficiency. AccNet has been able to provide creative solutions and has helped me considerably in this regard. I do both my personal and business tax filing with AccNet and as a result, get the full benefit of maximizing this KPI. From the best way to calculate the quarterly GST tax for my business to how much payroll vs. dividend I should be issuing annually to optimizing the amount of RSP’s I need to purchase in order to reduce my personal tax, AccNet has been there along the way to provide sound recommendations. Additionally, I have reached a stage now where I am considering major investments for the business and will rely on AccNet to help me navigate this route in an efficient way.
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