by Shawn Rosenzweig

As an entrepreneur, you have a lot on your plate – handling employee issues, growing your customer base, managing the operations, sourcing suppliers, and so on.

You might have a capable management team in place to help carry the load, but they may not be in a position to help you strategize and plan for the future of your company. You need someone who can challenge your thinking, provide constructive advice, and keep you focused on implementation. Who should you turn to?

Your accountant.

We can all picture in our minds a stereotypical accountant – the introverted, socially awkward type with a pocket protector and calculator in hand. But a new type of chartered accountant is making an appearance on the Canadian business scene. And, although they may still be the exception, rather than the norm, they are worth their weight in gold.

In essence, your accountant should become your most trusted business advisor – and below are three things that you should expect from the relationship:

1. Proactive, regular communication and contact.

Accountants traditionally meet with their corporate clients only once or twice a year – during tax season and at fiscal yearend. This is simply not good enough. As a business owner, you must make strategic and financial decisions year-round. Your accountant should be plugged into what is happening in your business at all times; otherwise, opportunities may be lost forever.

2. More than just number-crunching.

Financial statements and corporate tax returns should be the absolute minimum in terms of what your accountant delivers. By virtue of understanding the numbers, a good accountant is well-positioned to recommend strategies for improving the bottom line, saving taxes, identifying and filing for special tax credits, and protecting and growing your assets.

3. Guidance for managing and eventually exiting the business.

Good accountants believe their task is to help businesses go from good to great; to help clients lead and manage, rather than just operate the business. Your accountant should be able to help you plan your future exit (the earlier you plan, the better) and implement strategies to help you maximize the value of your company when you are ready to sell or transfer it.

I often hear business owners say that it can be lonely at the top, and indeed, without the right advisors in place, it often is. But if you surround yourself with service providers who truly understand your business and have your best interests in mind, you will be well-positioned to succeed.

At SBLR, we're not your average bean counters. We meet proactively with our entrepreneurial clients on a quarterly basis to employ high-impact strategies for saving thousands of dollars in tax. We help our clients uncover opportunities such as multiplying the capital gains exemption, income splitting with family members and R&D tax credits so they can keep more of their hard-earned money in their pockets.