Holistic Financial Management

As a small (or not so small) business owner you have a complicated financial situation.  You have made, and will continue to make, many choices which will directly affect your level of taxation, your current income and the timing and financing of your retirement.

Should you incorporate?  Should you pay your spouse or children out of the business?  Should you pay them through wages or dividends?  Should you be using a family trust?  How much should you pay yourself?  Should you be investing in RRSPs, paying down your mortgage, or should you put that money back into your business?  When can you retire?  How do you sell your business?  How much is it worth?  Should you buy life insurance?  How much should you get?  What about medical expenses?  What should you do about taking care of your aging parents?  How do you pay for your kid’s college?

It’s important to gather a team around you that will help you work out all of these details – while allowing you to run and grow your business.  You should have at a minimum: a corporate lawyer, an investment advisor, a personal insurance agent – and of course – a professional accountant.

In today’s world of off-the-shelf tax software products it can be easy to feel that a professional accountant is just another unnecessary expense.  Quite the opposite – a designated accountant (CA, CGA or CMA) can be instrumental in both finding tax-optimizing strategies and saving you from making expensive tax mistakes while helping you meet your personal financial goals.  

When it comes to your accounting and tax needs it’s important to find a professional who does more than just fill out the tax forms.  Here in BC the governing bodies of the CA’s, CGA’s and CMA’s are merging to form a single designation – Chartered Professional Accountant (CPA).  They continue to stress initial and ongoing education with the aim of providing BC’s businesses and individuals with high quality financial and taxation advice.  Be sure to look for professionals with those designations – it’s your assurance that you are getting the quality and guidance you need.

If you don’t currently have an accountant, or you’re looking for a change, I would love to have the opportunity to sit down and talk about your situation and see if we can make your choices a little less complicated.

Call 250-941-3444 or email me at jerad@jeradlangille.ca for an appointment.

Its All About Service

The fundamental reason for a business to exist to serve its customer – to fill a perceived need in the consumer.  Everything else, including the specific area of expertise (service or product) in which the business does that is actually secondary. 

There are three pillars that all business stands on: Quality, price and service.

Quality in modern business has become basically a foregone conclusion.  If you can’t maintain a certain minimum level of quality (particularly in a small town) your business won’t likely last very long.

Price for the vast majority of businesses is dictated by the market.  Most businesses do not have the caché to price themselves significantly above the price that their competitors charge and you certainly can’t charge significantly less – you won’t survive professionally or personally.  So you have a fairly narrow range to choose from.

So what does that leave?  Service, of course.

When I set a completed corporate tax return down in front of one of my clients it is very likely that they will not be able to judge its quality (if they had that expertise they likely wouldn’t be coming to see me).  What they will be able to judge is how I treat them.  Do I make them feel welcome?  Do they feel valued?  Do they feel like I am looking out for their best interests in all their tax and financial matters?

You see I am a customer service specialist who just happens to have an expertise in tax, finance and accounting.  The key to success in your business is likely the very same: to be a customer service business – with a specific area of technical expertise.