I think marathon runners are super heroes. They defy the limits of human performance pushing their physiology to the limit and when they’re done they come back for more.

Why would anybody do this, and secondly, how do they do it?

The answer to the first question is simple: They run because they love it and when you love what you’re doing, you keep at it. Passion is a great starting place but it is their methodology and studied approach that brings them success.

A runner’s body is like a machine, every component measured and recorded. Calories in, calories out, pounds up, pounds down, 8 hours of sleep, 8 glasses of water today, 8 minute mile. Everything is measured, recorded and utilized to maximize the potential for success, and the outcome of that potential is determined by how successfully they are investing in their bodies. Additionally, a healthy runner looks great, feels healthy and fit, and is rewarded with the acclaim of his/her friends.

Surprisingly enough, reasons for bookkeeping are similar to reasons for running. Swap the 26-mile finish line with financial success and the parallel is obvious. A bookkeeper treats your finances the way a runner treats his/her body: dollars invested, dollars expended, networking groups joined, meetings attended, 8 new clients a month. Every component of your business’ anatomy can be tracked, analyzed and methodically planned out to predict the potential for success. Don’t forget the lucrative tax returns either. Every expense you make has the potential to benefit you financially. On top of all of this, a healthy business presents well to prospective clients, it reflects well on you and instills a feeling of pride.

Hiring a bookkeeper lets your clients and prospective clients know that you are taking your business seriously, that you are defying the limits of economics and can’t wait to keep growing. Whether you need assistance or a free consultation please contact us.

Julio Santos

Let’s say you’ve gone skiing. You’re sweeping across the slopes and you look awesome. Everyone is telling you how great you’re doing, and it feels amazing. It feels so good you decide to hit a double black diamond. You’ve never done it before, but you know the basics of skiing: boots on feet, skis on boots, snow on skis and keep moving. How hard can it be? You take off at the summit and before long you realize that not only are you totally unprepared, nobody knows you’re about to fail until you wipe out; and you do. You wipe out so hard your skis, boots, poles are everywhere. Total yard sale.

Accounting for your small business is no different. You start off with an idea, you incorporate, you design your business cards and your site, and you start meeting people. You even start making some money. Everything is great until; and that “until” can be anything. Until you realize you forgot to charge tax, until you realize you are spending more than you’re making, until you want to save more of what you’re making. It’s a financial yard sale, only this time nobody can see it from the outside.

This is why setting up an accounting system in your new business is so important. Before you even start generating profits, you incur tax-deductible expenses (meals, coffee, mileage, office supplies, cheques for bank accounts) and having someone there to help you will make running your business much easier. Moreover, having somebody there to set up a budget and prepare projections helps you in your own assessment, but it also encourages potential partners or lenders to have faith in your operation.

Put all of these ideas into practice by setting up a Chart of Accounts. It provides the framework for your accounting system, and customizing it ensures you are always at the peak of your business performance.

If you haven’t done this already, that’s ok. Grab your poles, put your skis back on and keep moving: preferably to an accredited accountant or bookkeeper as soon as possible or contact us for your free consultation.

Julio Santos

www.Dioguardi.ca Taxamnesty lawyers Paul and Philippe DioGuardi reveal the startling truth about tax amnesty in Canada and why a DioGuardi Tax Amnesty goes beyond the limitations of the Canada Revenue Agency’s (CRA) Voluntary Disclosure Program (VDP) to offer true legal protection.

Spoof commercial for the Canada Revenue Agency electronic tax filing program that crashed nationwide.