Unfortunately, most small business owners have fallen into the compliance trap. They work with accountants for the soul purpose of filing their tax returns. However, the true value of an Accountant is derived from the financial insights they can provide. One of the ways that we add value to our clients is through our benchmarking analysis. In addition to analyzing how your numbers compare against your own history, we will benchmark you against your industries average. We will use these benchmarks to set goals for the future and to analyze the results of the past.
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Planning For The Future
As part of your year end review we will prepare a set of reports including your benchmarking analysis. We will review your benchmarking analysis with you to identify both risks and opportunities.
We will analyze your income and your expenses to look for areas where you are below the average in your industry. Once these areas have been identified, we will dig deeper with you to identify if there are any items that have been overlooked or that you were not aware you could deduct.
On the flip side we will also identify areas where you are above your industries average. While these items may be legitimate they may also be red flagged by CRA. CRA does run a statistically analysis and has triggered audits as a result of this analysis. While being red flagged does not make the items non deductible it simply puts you at risk for greater attention. We will work with you either remove these deductions or to document them sufficiently so that if you are audited. The CRA’s questions will be quickly and easily answered.
- Business Expenses
- Non-Deductible Expenses
- Cost of Gods Sold
Analyze The Past
- Current Year
- Last Year
While most accountants act like historians focusing solely on the past, we differentiate ourself by working with our clients to set goals and plan for the future. One of the best tools for setting goals is our benchmarking analysis. By comparing your results against industry average we can identify areas that are working well and areas that need greater focus. If we find you are falling behind industry averages in gross margin we may focus our goals on cutting costs if on the other hand we find you are falling behind on gross sales we may instead choose to focus our goals on marketing and driving sales. By using an industry benchmark analysis we get a whole picture of how you are performing.