InHouseCFO's Small Business Blog

This article was originally written for and published in the Globe and Mail - Report on Small Business, on May 20, 2014.

At InHouse CFO we're guilty of focusing on software that Canadian small business owners should use to run their business. If asked, you might think that the answer we'd give about which hardware to use would be is that we don't care, cloud-software works on all internet enabled devices and operating systems. Not true, we do care and for 6 very good reasons.

Time to set the record straight.

As Canadian small business chartered accountants, we spend a lot of our time worrying along with our client's about their business. Fortunately, often this worry converts into financial success. Unless proper decisions are made however, this success adds to the worry - trying to figure out what to do with these hard-earned savings.

Over the last 10 or so years, business banking has changed, unfortunately, for small business in Canada, not for the better. In this article I outline the role that banks play in a small business owner's world, and how they should be picked and then managed.

The CFO role has changed

To be able to answer the question whether you, as the owner of a small business in Canada, "need" a CFO, it's important to note that, like many other aspects of business, digital processing, the use of the Internet to make buying decisions (90% of all buyers now use it for research before buying), online computing ( the Cloud"), and new software applications have permanently altered the way business is being done. In turn, so has the role and the affordability of the CFO for small businesses.

A big part of running a  small business in Canada  effectively is choosing the right professional advisors to work on your behalf. When a legal need arises, whether by an issue arising that requires resolution, or through day to day activities of your small business, choosing the right lawyer is a lot like picking a medical specialist.

A big part of running an effective small business continues to be choosing the right professionals to work on your behalf, and that includes choosing your Public Accountant. We provide an 8 point checklist to use in going through the process.