Passion, pride, greater control over their work lives—many factors motivate Canadians to start their own business. But it’s safe to say that managing business finances and running payroll is not at the top of the list.
“Ever since I was young, I knew I wanted to be an entrepreneur,” says Victoria-Rose Bozzelli, owner of Grey Willow Gifts. “What attracted me most to being a business owner was building something from the ground up.”
Based in Mississauga, Ont., Bozzelli’s company designs custom gift boxes for corporate clients. More importantly, she aims to have a positive impact not just on those receiving her selections but also on those who make the items that fill her boxes. “We live our three core values in all that we do: sourcing quality goods from local Canadian artisans, supporting small and BIPOC-owned businesses and prioritizing sustainability. And for every gift box ordered, one 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,” Bozzelli says. “I wake up every day excited to see which proposals have been approved, what new corporate inquiries will come in and what new products I’ll 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 that money is the primary motivator for making the entrepreneurial leap, 46 per cent of entrepreneurs report worrying about finances. Bozzelli cautions that it’s not always about doing what you love.
“It is extremely difficult to do it all. Marketing, finance, and other functions are all crucial to the survival of your business. You really can’t choose to take a break from one area because it will have a downstream impact on every other part of your business,” she says.
Fortunately, small business owners—or as they could aptly be described, “Chief Everything Officers”—have more tools than ever before at their disposal to help manage the many requirements of running a business from single-employee businesses to larger workforces.
Consider tools that leverage AI, like ones available in QuickBooks Online Advanced for more complex businesses. The newest cloud-based product expands on the capabilities of QuickBooks Online and is purpose-built for growing businesses. Amongst the features is Custom Roles, owners can now delegate to an expanding team with improved processes and cross-department decision-making, reducing the burden of manual tasks that take time away from the core purpose.
QuickBooks Online Advanced also gives business owners some powerful strategic help, via the new Performance Centre. Here, entrepreneurs can get a bird’s-eye view of all their key performance metrics, and tap into valuable insights and custom charts for a hand in making decisions that accelerate business performance and growth.
Small businesses can look at invoicing and payroll capabilities offered in the QuickBooks ecosystem. For example, the Payroll add-on in QuickBooks Online includes the new Auto-Payroll and E-Pay/E-File features that can help reduce much of the work associated with employee pay and taxation.
Tools like these are vital for small business owners and entrepreneurs to achieve their dreams—and Bozzelli believes that the resources QuickBooks offers can make all the difference for other entrepreneurs alike.
“Having the right tools in place is essential to build 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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