As a small business owner, you wear a lot of hats—but that doesn’t mean you need to wear every hat. What you need to know is where to focus your attention which can reduce stress, improve decision-making, and allow your professional team to do their best work. Here’s a breakdown of the business details you must stay on top of, and what you can confidently hand off.
Must-Knows: The Essentials Every Owner Should Understand
These are the non-negotiables—the things you need to understand to make smart business decisions and stay compliant:
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Your Business Numbers at a High Level: You don’t need to memorize your financial statements, but you should be familiar with your monthly revenue, profit margins, and cash flow trends.
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Legal Structure and Registration Details: Know whether you’re a sole proprietor, partnership, or corporation—and understand what that means for your liability and taxes.
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Key Deadlines: Be aware of major filing and payment deadlines for taxes and payroll, even if your bookkeeper handles submissions. Late filings can still fall back on you.
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Business Goals and Strategy: Only you can drive your vision. Professionals help execute the plan, but you define the direction.
Nice-to-Knows: Leave It to the Experts (With Confidence)
These are important tasks—but they don’t need to take up your mental real estate. As long as you trust your team, you’re covered:
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HST/GST Filing Frequency: Your bookkeeper or accountant will track this and file accordingly. You just need to provide access to the necessary data.
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Payroll Calculations and Deductions: Let your payroll provider or bookkeeper manage the nitty-gritty. Just make sure your employees are paid on time and correctly.
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Accounting Software Settings: It’s nice to know what tool you’re using, but the backend setup? That’s your bookkeeper’s realm.
Trust is Key
When it comes to the nice-to-knows, the real key is trust. You need to be 100% confident in the competency of your experts and assured that they’re providing top-quality service with your business’s best interests front and center. If you’re going to delegate, do it wisely—and that means hiring the right professionals. If you don’t have the team you feel you need for bookkeeping, accounting, tax planning or advisory, reach out to us. We’re here to help.
