Why did you start your business? To keep your business books or to do what you love to do? Your answer to this determines the need for a small business owner in Canada to hire a bookkeeper.
Bookkeeping tasks are time-sucker! It isn’t what you are good at, rather it takes you away from your main interest. Most small business owners in Canada feel like they can’t afford or don’t need to hire a bookkeeper. In fact, the advantages of hiring a bookkeeper extend to almost every level of your business. It is a decision you cannot afford to ignore.
If you try to handle all aspects of the business yourself, the amount of work on your hands will increase every day. Being a business owner, you can’t afford to get yourself swamped under a pile of paperwork. Delegating necessary tasks that slow you down can massively benefit your business, and bookkeeping is no exception. We know how much this can elevate your efficiency and effectiveness, which is just one reason Filing Taxes offers professional bookkeeping and accountant's services.
Here are some reasons why small business owners should hire a bookkeeper and be more present in their business.
- Your business needs you. Your business might be at any stage of development, it needs the attention of its owner. No one else can run your business as you do, so you need to be there for it. It means that as the owner your time should be devoted to strategy, marketing, funding, and other key areas that require your focus. Give it your time and energy and leave your bookkeeping to professionals.
- Escape the tedious aspects of the business. No matter which business you are running, the devil is in the details. Bookkeeping can get mind-numbing and the business success demands its owner to be alert and proactive. Let someone who is good at the details and who is motivated by details do the work – and do it well.
- Save time. As a business owner, time is one of your primary concerns. When you hire a bookkeeper, you bring on an expert whose efficiencies and systems will free you up to grow your business. The do-it-yourself approach will make you spend days preparing your books, costing you more time and money. Every minute you or your accountant spend chasing down receipts is time not spend on doing what you or your accountant are best at. A professional bookkeeper can do this tiresome task for you in a better time-efficient manner.
- Money saver. Business owners generally perceive that hiring a bookkeeper is going to cost money, but at the end of the day, it’s the opposite. A bookkeeper will mitigate your risk of late payments, errors, tax penalties, cash flow issues, audit. Many of these issues will cost you way more than hiring a bookkeeper.
- Plays the role of a mediator. A bookkeeper serves as a mediator in case a conflict arises regarding certain business expenses or finances among different parties (business partners, vendors, customers, government body). A bookkeeper organizes the books, maintains records, sets guidelines, and creates rules for the approval process leaving less grey areas for an unresolved conflict.
- Guards the business against running out of cash. A bookkeeper manages the cash flow, which is a sign of the overall fiscal health of your business. It indicates how much money is available to run the business, pay staff, grow and invest back into the business.
- Ensure on-time payments. Another aspect of the business that can slip past your notice if you are not too careful is the bills. If you don’t want your credit impacted by late or forgotten payments, so place a bookkeeper in charge to give you peace of mind and confidence that everything has been settled on time.
- Proactively prepares you for tax season. The last thing any business owner wants is to get audited by Canada Revenue Agency (CRA) because you forgot or made erroneous tax filings. Depending on the way your business is set up, you will have various filing requirements. You should consider hiring a professional bookkeeper with tax preparation experience to make you well-prepared for tax time.
Conclusion
If you wish to infuse your business with expert financial advice, save time, and gain direction for the future of your business, then you should hire a bookkeeper in Mississauga, Oakville, Hamilton, and Toronto. Your only other alternative is to become a trained bookkeeper yourself so that you understand every aspect of your business!
There are many aspects of a business that can increase the complexity of a business’s books and increase the amount of time needed to maintain them. Here at Filing Taxes, we are always excited to help out small business owners. We would love to get behind your success. If you have any queries feel free to reach out to Filing Taxes at 416-479-8532? Schedule an NTR engagement appointment with us and take the first step towards proper management of your finances.