Get your pressing tax and financial questions answered by @WatkinSBS
When: Friday, June 6th at 1 pm EST via the #WIBN Hashtag
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Susan Watkin owns and operates a boutique financial services firm, Watkin Small Business Services. Through her company, Susan and her team become the “accounting department” for many small businesses that don’t need or can’t afford and house full time staff to manage their finances. Susan holds a Bachelors degree in mathematics and physics from Laurentian University and is currently completing a Masters of Information from the University of Toronto, specializing in Business and Entrepreneurial information. As her company continues to grow, Susan has begun to personally focus more on educating small business owners on how to to effectively manage their business’ finances. In addition to regular clients, Susan teaches Financial Literacy and Basic Bookkeeping to the participants of the Ontario Self Employment Benefits program.
How does your business help entrepreneurs and professional women?
Along with my team, we work to help our clients develop sound business and financial strategies, maintain accurate financial records and plan for future growth for their business. The firm is made up of current and previous small business owners who understand what it is like to own a business selling services and products and can relate to the needs of our clients.
Many of our clients are looking to improve their accounting practices so that they can stay on top of remittances, outstanding payables, and monitor their cash flow. With our clients we come up with an action plan that consists of what they are looking to achieve with their business records and how we can help them get there. We ensure that our clients stay compliant with government regulations and reporting and we make sure that their business records are consistently up to date so that at any time they can get an accurate financial picture of their business.
We have set up the firm to allow for both in-house and virtual services. Our in-house services work well for those clients that like to see someone in their office on a regular basis and are large enough to have need and space to accommodate one of us. Virtually, we can provide any accounting service that a small business needs without them having to “make space” for us; we appreciate that many of our clients still operate their administration out of their home and we work in such a way that we don’t infringe on their personal space.
What are you passionate about in your business and what steps are you taking to make it profitable?
In my business, I am most passionate about educating small business owners in how to manage their accounting so that they can accurately and effectively make decisions about the future goals of their business. Far too many small businesses put little to no emphasis on maintaining accurate records. The reality is that without them you will never be able to grow or expand, as anyone from a bank to an investor will require up to date financial statements before loaning you any money. Basic bookkeeping habits can be incredibly simple and incredibly beneficial. I am currently contracted to teach Financial Literacy and Basic Bookkeeping to Ontario Self Employment Benefits program participants so that they start their businesses with an understanding of what they must do, should do and could do with respect to their finances. Though my firm focuses on all aspects of accounting for clients, myself personally, I am moving more to working as an educator in small business finance so that I can help more businesses be successful, rather than watch them close due to mismanagement of their money.
What is your favourite business tool
I can’t live without Excel! I use QuickBooks primarily for all of my clients, but when it comes down to it, I