Monthly Tax Advisor Service VS. Transactional Accountant
Posted On: 17/01/25 - 0

The following article talks about the differences and benefits of a monthly tax advisor service versus a transactional accountant.

What Is Transactional Accounting?

Firstly, transactional accounting is the process of recording a business’s financial transactions. This would include sales, expenses and purchases. It’s an important part of accounting and is used by businesses to keep their books in order. This helps to ensure tax compliance with the CRA at the end of the business year. Many entrepreneurs prefer to bring their books in at the end of the year. This is usually done because they think they are saving money, but the reality is, it could really cost the business a huge amount of money. Owners may be oblivious to what is going on financially in that business for a full year (or more). Without it being caught for 12 months by your advisor, you could have lost a lot of money and profitability.

What Is A Monthly Tax Advisor Service?

Secondly, as tax advisors, we understand that clients don’t primarily value spreadsheets and financial statements. What entrepreneurs deeply value is the positive outcome of monthly tax advisory services. The partnership we bring to the table is a huge part of helping business owners get where they want to go. We understand that financial reports and data should support client conversations, not dominate them.

Many of our clients initially come to us for bookkeeping and tax services. After the fact transactional accounting. Often clients become an ongoing advisory client once they are ready to expand and grow their business profitably. Clients recognize us as partners that want to work with entrepreneurs not for them. We have the technology, programs, and team of experts to provide outstanding service to business owners that are serious about growing their business.

Examples Of Monthly Tax Advisory Solutions

Thirdly, the following are just a couple of many situations that can weigh your business down and cost you thousands in lost revenue. Recently, we had a client who came in at her year end for tax compliance work. She owns a business in the hospitality industry. She learned after a whole year in business that she lost a lot of money because the cost of doing business had increased significantly. There is no way to recoup those losses. However, the good news is she has adjusted processes in her business to change the situation moving forward.

Another recent example is a client who was very reluctant to hire a payroll service. This fellow owns a business in the automotive industry. He insisted on doing payroll himeself to save money each month. He would hang on to his books and records for months. The data would eventually appear in our office and he would do payroll based on our reporting. Several times, we discussed the importance of on time payroll reporting to the CRA. He finally agreed to hiring a payroll service, and now he will be saving thousands in late filing payroll penalties. This ia all due to embracing a monthly advisory service.

Key Monthly Advisory Advantages For Clients

Fourthly, many of our clients recognize us as a partner or integral part of their corporate team. We are here to reduce their stress about income and expense concerns and give them a sense of financial security for the future. Our monthly service provides a better understanding of their finances by providing real time information that helps to grow their business and provides them with peace of mind. A powerful aspect of advisory services is helping cleints design suitable workflows and skill sets to help them effectively address their financial tasks.

Ultimately, advisory services are all about guiding our clients to overcome their biggest problems and achieve their biggest goals. The are unique to every business.

We have found that many businesses don’t know what they need or what’s causing their biggest problems. They are too busy running the business to take time to do any investigation as to what the problems are. Often, clients won’t ask for help in an advisory capacity until it is too late.

What Monthly Advisory Services Can Do For You

Finally, advisory services are a fantastic opportunity to grow, both in terms of income, profitability and professional development. Tax advisory is a technology driven approach to accounting supported by a shared workflow between us and our clients.

If you are serious about growing your business and are looking for a tax advisory service that has several years of experience, call our office today. We engage in open, honest and responsive communication. We view our partnership as a collaboration, where our challenges and successes are shared.

12203-107 Avenue.
Edmonton, Alberta.
T5M 1Y9

Call us:
780.482.7297