Typical Results
These real examples illustrate some of the ways how Uptown Professional Accountants have helped Ontario small busines owners.
CASE #1. LANDSCAPING COMPANY, TORONTO
“You’ve Got Questions? We’ve Got Answers!”
PROBLEM:
This company had been in business for 8 years. Revenues had grown steadily but net profits remained stagnant for the past 3 years. Employee turnover and client attrition was high. The day to day running of the business was becoming a big headache. The business owner was wearing many hats and that was leading to burnout.
SOLUTION:
It was time to get the house in order. The business had added many different services and had hired a number of new employees to perform the services but without the right systems in place. The business was operating very inconsistently. The owner of the business had become the most senior employee rather than the visionary, the driving force of the business. We met with the owner to bring back clarity on the “big picture” of this business. The big picture was crystallized to a one page document, the vision statement for this business. Through on-going coaching, the vision statement was broken down into an action plan.
RESULTS:
Becoming crystal clear about the “big picture” idea brought the spirit of the business alive again. The breakdown of this vision into an action plan, led to measurable growth of the business. Through the ongoing coaching, systems were designed and implemented that led to consistent performance of services. The business saw a drastic reduction in employee turnover and client attrition. Most importantly, the business owner was able to free up one day a week for personal stuff!!!!
CASE #2. SMALL CONSTRUCTION COMPANY
“Paperwork everywhere – no adequate reporting system”
PROBLEM:
The revenues of this company had grown significantly over the last 5 years. There was no real system to record the financial information and make it understandable for decision making. The accountant the owner had retained at the time would come in to pick the information and return the next month with the required government filings. At the year end, the owner would receive business tax returns. Despite the increase in revenues, the company was having severe cash flow problems.
SOLUTION:
Accounting should not be done merely because the government tells us to keep book and prepare the tax reports. Uptown Professional Accountants’ monthly financial consults & timely financial information was able to give this business owner a hundred times more benefits without the cost. The constant monitoring of key financial indicators & receiving an understandable report in layman’s term gave this owner a better gauge of the financial health of his business.
RESULTS:
The monthly financial accounts with easy to understand explanation gave this business owner an instant advantage over his competitors. With ONE GLIMPSE, the owner was able to get an accurate picture of the business to make decisions with more confidence. Cash flow improved drastically and the owner was better able to catch on to opportunities earlier in his business.
CASE #3. RETAIL FLORIST COMPANY
“It’s not as bad as it may sometime seem”
PROBLEM:
This owner needed help in filing their business tax returns for the last 8 years. Day to day procrastination had become a nightmare. The challenge to organize all the paperwork into an understandable format seemed impossible. The fear of the tax authorities knocking at the door, demanding back taxes had become the overriding thought during the course of the day leading to reduced productivity & loss of focus to grow the business.
SOLUTION:
Uptown Professional Accountants worked with the business owner to break this “big elephant” of a project into smaller more manageable tasks. All the relevant financial information was pulled in one place and organized to create financial statements and business tax returns.
RESULTS:
At the end of this engagement, the business owner was surprised at how “painless” this had been. All the past tax returns had been prepared and filed and no more worrying about the tax authorities. The business saw a 20% increase in sales, primarily due to better focus on the customers, instead of the CRA.
CASE #4. SELF EMPLOYED HOME BASED BUSINESS. TORONTO
“Please, let’s not give your money away to taxman on a gold platter”
PROBLEM:
This self employed individual operated a small home based business while her husband worked as a professional engineer. This couple had prepared their own personal tax returns for the last 5 years. A friend of theirs had insisted they come to see us to have a professional set of eyes review their taxes. With great reluctance, this couple set an appointment to come in.
SOLUTION:
Upon review of their 2013 personal tax returns, $3,121 of overlooked business deductions were uncovered resulting in tax savings of $1,953. A review of the 2011 and 2010 tax returns led to additional tax savings of $2,138. Total tax savings from this visit $4,091. We advised the couple to invest these savings in RSP to fund an early retirement.
RESULTS:
Money was being handed to the tax authorities that was legitimately theirs. Significant tax deductions had been overlooked that resulted in huge tax savings. Funneling the tax savings to a retirement account would make an early retirement possible. Result, a very happy couple!