by | Aug 22, 2022 | Business Strategy

As your small business grows, you’re probably caught in the endless battle of work-life balance (or lack thereof), competing priorities, and putting out fires daily. With your head down building your business, as an entrepreneur, you must make rapid financial decisions with the information available.

Just like your doctor is your go-to for health and wellness, and your mechanic is there to service your car – entrepreneurs should be able to turn to someone when they need strategic financial advice about running their business. In a 2019 Small Business and Finance Report, 87% of small business owners said their accountant was a trusted advisor to who they could turn for a wide range of business advice over everyone else. 

And for a good reason. As entrepreneurial CPAs, we offer relevant financial and tax considerations for the common decisions entrepreneurs face. With knowledge and expert insight from a CPA, entrepreneurs can confidently know they made an informed decision. Here are a few reasons why you need an Entrepreneurial CPA by your side.

1. Entrepreneurial CPAs understand the Entrepreneur’s journey and obstacles more than most

Entrepreneurship is a difficult road with emotional peaks and valleys. The fear of failure, imposter syndrome, and not knowing if you’re making the right decisions are just a few emotions experienced by entrepreneurs daily. 

As a small business owner, a standard 9-5 work day doesn’t exist. Even when you’re not working, you’re “on.” Not everyone understands that there’s a lot you give up as an entrepreneur and a lot of weight you carry. Entrepreneurship isn’t for the faint of heart. 

At the same time, if you’re like most entrepreneurs, you don’t see another option. There’s personal fulfillment on the line and usually a big goal and purpose that drives you to keep going. 

When you’re working seven days a week on all the details that keep your business running, at times, it’s hard to find the mental space to think through financial strategy, questions and concerns. Sure, you can call your accountant and set a meeting, but when financial questions arise, they often need addressing immediately. At the very least, having someone like a sounding board at the moment would help you sleep better at night. 

For your business to work and to achieve those big goals in business and in life, you need to make informed and timely financial decisions all the time. With extensive emotional and financial capital at stake, entrepreneurs need unhindered access to expert financial advice. 

As an entrepreneurial accountant:

  • We are not just a tax accountant you need once a year to prepare a tax return. 
  • We are financial experts who have been on the same entrepreneurial journey our clients are on. 
  • We understand how to navigate the emotional and financial roadblocks that impact your business and your personal life at each stage of the entrepreneurial journey.

Is your relationship with your accountant limited to tax time? Do you hesitate to send questions to your accountant for fear of another bill? If so, you aren’t getting the support you need to make the right financial moves in your business and life. A Provision Entrepreneurial Accountant would love to be in your corner.

2. Entrepreneurs need a Financial Coach and Advocate for moments big and small

There’s a reason that the best golfers in the world all have a coach, and the most successful business owners in the world have advisors. Even though you know your business better than anyone and even if you have advanced financial acumen, everyone needs an outside perspective. After all, you can’t see the whole picture when you’re in the frame. 

As a business owner, your energy is focused on ALL aspects of the business: HR, operations, marketing, finances, and more. Having an outsider’s objective opinion from an accountant that can coach you on the financial impacts of decisions is what every business owner needs. Sure, you can do it alone, but you can do it better with an accountant. 

However, it’s equally important that your accountant isn’t just a number cruncher. Making a good financial decision requires an understanding of the entire business and the personal goals and values of the Entrepreneur. An obtuse and overly risk-averse financial perspective that doesn’t align with the Entrepreneur’s values will lead to missed opportunities and advice that doesn’t feel right. Provision CPA and our entrepreneurial accountants offer financial strategy and an intimate understanding of the entrepreneurial experience to be the coach you need. 

3. We have entrepreneurial insight we’ve gained from our network of business leaders, top of mind for you to leverage

Entrepreneurs and their business decisions are unique in different ways; however, most decisions you’re considering have been made by countless other entrepreneurs who have gone before you. Provision CPA has been an accounting, tax and financial strategy coach for hundreds of Vancouver entrepreneurs and has seen it all. The learnings from these decisions and the resulting outcomes have provided us valuable insight when offering small business owners financial advice. Chances are we’ve probably even experienced some of your challenges firsthand.  

If you want to learn more about how Provision CPA can help with decision-making, check out our blog. 

You want more than a bookkeeper, and you need an accountant that gets where you’re coming from; you need on-call support from an Entrepreneurial CPA in your corner.

The entrepreneurial journey is a lonely one where success or failure will be the sum of the decision and actions taken over time. With each decision either building or eroding the wealth of a business, it’s crucial to have a financial expert at your side to make better decisions. 

Provision CPA is an accounting firm where our accountants are also entrepreneurs. We know where you are in your business because we have been there ourselves. If you want to have confidence in your financial numbers and the direction of your business, Provision CPA is here for you.

Contact us today to learn more about how we can help you grow your business.

Image credit: Yan Krukov on Pexels.