DESTINATION ACCOUNTING IN ACTION
While the names have been changed to protect the individuals and their businesses, the stories below are real-life examples of Destination Accounting guiding unsure or over-burdened business owners into becoming confident decisions makers who spend more time doing work they find life-giving.
Should I incorporate my business?
TANYA - BUSINESS STARTUP
Tanya recently settled in Canada with her family and wanted to use her counselling training, experience and natural empathy to provide counselling services to her new community. She registered as a counsellor but had many questions about the best way to set up her business. Tanya was uncertain about how to organize the bookkeeping for her business, whether she needs to register for GST, whether she should incorporate and how the costs of setting up her business including licensing fees, moving expenses and purchasing computer equipment and furniture would affect her taxes.
Dave at Destination Accounting listened to Tanya's questions and together they made a plan that outlined the steps she would take to get her business up and running.
Tanya left the conversation with confidence and peace of mind knowing that she had a trusted professional to walk with her through the adventures of business ownership and a plan that would minimize tax and help her reach her goals.
MARK - GROWTH PHASE
Mark started his business and after two years of slow growth it suddenly took off. Sales more than doubled in one year and his current accountant was not providing the support and answers he needed.
Mark shared his concerns with Dave at Destination Accounting and they met to discuss how to grow the business so that it remains financially healthy, opportunities that are available now that the company is generating excess cash, changes that may be necessary in the bookkeeping process of the growing company and how the business is going to help accomplish Mark's ultimate goal to retire comfortably and spend more time with his grandkids.
Mark now has a plan for his business that is minimizing tax and taking him toward his goal. Destination Accounting continues to monitor Mark's business finances and they meet regularly to review progress. Mark is still a busy man running his thriving business but he has peace of mind knowing he has a trusted professional monitoring his business finances and working with him to ensure the resources of his company are being used as efficiently as possible as his tax and business plan propels him toward his destination.
What stage is my business at?
ZOEY - MATURE BUSINESS
Over the last seventeen years, Zoey built her business through economic ups and downs. She made some wise decisions and some gambles paid off and now she owns a cash generating machine. She still works hard but financial stress is gone and she is certainly not worrying about making enough money for payroll at the end of each month.
Over the years, Zoey's corporation had generated an abundance of cash that was sitting in a chequing account.
Zoey came to Destination Accounting looking for an accountant who could create a plan to use the assets of her company more effectively. She had worked hard for almost two decades to generate these assets and she didn't want them sitting idle, but she wasn't sure what the best use of them would be.
Dave at Destination Accounting met with Zoey and her husband to discuss their goals, plans for the future, children's ages and interests, and the amount of time Zoey spends on the business. Dave presented options for continued business growth or passive investments that could generate cash with minimal time commitment. They also discussed RESP's for the kids and charitable giving that the couple was interested in. Together, a plan was made that met the needs and goals of Zoey's family and she found peace of mind knowing all of her options had been considered and she chose the one that suits her best.
Destination Accounting continues to monitor the finances of Zoey's business. As life situations change, tax and business plans are continually created and adjusted, which is why Zoey appreciates having a trusted professional ensuring the assets she has worked hard to earn are being used efficiently and effectively each step of the way.
Is my business in the sweet spot?
How do I create
wealth without sorrow?