Passion, pride, greater control over their professional life, many factors motivate Canadians to start their own business. But it’s safe to say that managing company finances and managing payroll aren’t high on the list.
“Ever since I was young, I knew I wanted to be an entrepreneur,” says Victoria-Rose Bozzelli, owner of Gray Willow Gifts. “What appealed to me the most as a business owner was building something from the ground up.”
Based in Mississauga, Ontario, Bozzelli’s company designs custom gift boxes for corporate clients. More importantly, she aims to positively impact not only those who receive her selections, but also those who craft the items that fill her boxes. “We live our three core values in everything we do: sourcing quality products from local Canadian artisans, supporting small businesses and BIPOC-owned businesses, and prioritizing sustainability. And for every gift box ordered, a tree is planted,” she says.
As a small business owner, bringing this vision to life and supporting it every day means wearing many hats. “The most exciting thing is not knowing what tomorrow will bring,” says Bozzelli. “I wake up every day excited to see what proposals have been approved, what new corporate information requests are coming in, and what new products I’m about to discover. Every day is different but that’s what makes it fun.
According to Intuit QuickBooks Canada, nearly two million Canadians became business owners between 2020 and 2021. With Canadian entrepreneurs citing money as the primary motivation for taking the entrepreneurial leap, 46% of entrepreneurs say they worry about their finance. Bozzelli warns that it’s not always about doing what you love.
“It’s extremely difficult to do everything. Marketing, finance and other functions are all essential to the survival of your business. You really can’t choose to take a break from one area because it will impact all other parts of your business downstream,” she says.
Fortunately, small business owners – or, as they might aptly be described, “CEOs” – have more tools than ever at their disposal to help them manage the many demands of running a business, from one-person businesses to larger workforces.
Consider tools that leverage AI, like those available in QuickBooks Online Advanced for more complex businesses. The all-new cloud-based product extends the capabilities of QuickBooks Online and is specifically designed for growing businesses. Among the features are custom roles, owners can now delegate to a growing team with improved processes and cross-departmental decision-making, reducing the burden of manual tasks that take time away from the primary purpose.
QuickBooks Online Advanced also offers business owners powerful strategic assistance, through the new Performance Center. Here, entrepreneurs can get a bird’s-eye view of all their key performance metrics and tap into valuable insights and personalized charts to make decisions that accelerate business performance and growth.
Small businesses can check out the billing and payroll features offered in the QuickBooks ecosystem. For example, the QuickBooks Online Payroll add-on includes the new Auto Payroll and E-Pay/E-File features that can help reduce much of the work associated with payroll and employee taxation.
Tools like these are essential for small business owners and entrepreneurs to achieve their dreams, and Bozzelli believes the resources QuickBooks offers can make a world of difference for other entrepreneurs.
“Having the right tools in place is critical to building a profitable business because a business owner’s time equals money,” she says. “When we have the right tools, we can do more, effectively and efficiently.”
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