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Reach the Mark course

Learn how to use your numbers to inform growth, level up your profitability and free up time to do what you love.

Your ultimate guide to nailing the accounting basics. 
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Introduction

Whether you…

 

  • Already have an accountant

  • Have a friend taking care of your bookkeeping

  • Are doing all of your finances and compliance yourself

 

…there are certain elements of accounting you have to understand as a business owner. 

 

It’s the only way you’ll be able to make informed, strategic decisions that drive growth and move you towards achieving your goals.
 

In this course, you’ll discover exactly what those elements are that you need to get to grips with. 

 

We’ll walk you through each one until you feel confident you understand them – and can begin to use your financial data to level up your business.

 

If you’re:

  1. an architect, engineer or contractor

  2. fulfilling contracts and have a steady stream of project work

  3. lacking clarity on where your cash is going and are leaving a lot to guesswork.

 

…this is the course for you. 

We’re going to teach you how to break out of that cycle and achieve financial clarity.

Each chapter has resources to read or watch. Make sure you complete each chapter thoroughly before moving to the next. 
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Chapter 1 

Why capturing transactions is so important

In this chapter we’ll cover:

  • Why capturing transactions is essential to profitability

  • The best practices for capturing transactions

  • How to save valuable time by using the right systems and technology

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You probably already know you need to capture all your transactions. But that doesn’t necessarily mean you’re doing it. 

 

Capturing transactions is quick and easy, but that means a lot of people will say they’ll “do it later”...and then they don’t.

 

It’s not just about compliance with the CRA, or even making your accountant happy. Yes, that’s important, but consistent transaction recording is a big aspect of your business’s development. 

 

When you regularly capture your transactions, you’re submitting data that tells you how your business is doing. 

 

It provides essential insight into your cash flow:

 

  • Your cash flow is the data that tells you how much money you have to spend, when you’ll get more and when you won’t. 

 

  • Every business has peaks and troughs of cash flow, but the most successful are those who utilize that date to inform business decisions.

 

  • If times are tight and margins are low, cash flow is your guide out of it. You can use it to map out a way to financial security.

 

  • Your cash flow could be way better than you realize. You could be investing in staff and assets to scale up your business.

 

These valuable insights all come down to capturing those little receipts and transactions.

 

Most importantly, capturing transactions is totally reliant on you. It leads to reliable books, which are the foundation of every business decision.
Receipts PDF updated

Read your guide through, and then you’re ready for Chapter 2!

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Chapter 2 

The best technology for capturing transactions

In this chapter we’ll cover:

  • The best apps and software for

    • Receipt capture

    • Business spending

 

Staying on top of your accounting doesn’t have to be hard work.

 

There’s technology that makes it easy, requiring minimal effort and freeing up more of your time. Having these systems in place gives you more hours to focus on strategy, grow your business and do the things you love.

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Hubdoc is a smartphone app that lets you quickly capture your receipts when you’re on-the-go. Whether you’re on site, out with clients or purchasing supplies, Hubdoc is simple and convenient.

A Float card is a simple way to track your (and your team’s) expenses. 

 

It allows you to spend, track, approve and reconcile your business transactions all on an easy-to-use platform. 

 

As covered in Chapter 1, it’s important to separate your personal and business spending. Having different bank accounts for each guarantees transactions don’t get mixed up.

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Read about how float and Hubdoc can help you, and then you’re ready for Chapter 3!

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Chapter 3

Keeping your financial information secure

In this chapter we’ll cover:

  • How to keep your sensitive information safe on digital platforms

  • Easy ways to protect yourself from hackers

  • Using encrypted password managers to maximize security 

 

Using digital accounting software brings countless benefits for small business owners, but it’s essential to understand how to keep your financial information safe online.

Watch & learn how to keep your information secure, and then you’ve completed the course!

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Next Steps

You now know how to:

 

  • Capture transactions quickly and efficiently

  • Use your cash flow data to make informed decisions

  • Harness technology to save time and effort

  • Keep your accounting information secure online

 

Once you’ve mastered these steps, your business growth will follow. As your profitability increases, you’ll find yourself dealing with larger transactions and complex financial structures that may feel overwhelming. 

 

This course has helped you master step 1. Keep moving through the steps towards being able to use your financial information to make informed decisions about your business. 

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This is a good time to bring in the help of a professional accountant.

 

Whether you’re an architect, engineer or contractor, one of the biggest decisions you and your accountant must make is the type of accounting system to use. 

 

This will determine how your business bookkeeping recognizes and reports business income and expenses which in turn affects your business taxes, financial statements, and overall financial health.

 

There are three important factors to consider when you’ve nailed the basics and are ready to move up to the next step and enter your data into your accounting system. Whether you’re doing it on your own, or getting support from an accountant, read these blog posts as your next steps: 

What are best practices for bookkeeping?
What is the best accounting method for the construction industry?
Which accounting software is best for my business?

The best accounting method for your business depends on the size of your company, your structure, the nature of your projects and your financial goals. 

 

The best way to determine which accounting method suits your business is to speak to an accountant who specializes in your industry.

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