As a business owner, it’s easy to think you can do it all. After all, you have to wear many hats, especially in the beginning as you embark on your business. For most, bookkeeping is a task one dreads and procrastinates doing yet is something that needs to be done.
Here are 8 reasons why your business needs a bookkeeper:
1) Saves time
You’re already wearing multiple hats, so let a subject matter expert take care of your books so you have more time to manage other parts of your business that requires your expertise and attention.
2) Monitor cash flow
An experienced bookkeeper that regularly manages your books will monitor cash flow and alert you ahead of any potential problems.
3) Updated financials
By completing your books monthly, you will always have the most updated financial reports that can guide you in making business decisions. Financial reports are also required when applying for bank loans or government programs.
4) Simpler tax season
By having your books uptodate, preparing tax returns will be much easier without the crazy mad rush in finding documents, receipts, etc.
5) Maximize tax deductions
Bookkeepers will know how to maximize your deductions as most business owners are not aware of all the tax credits and deductions they are eligible for.
6) CRA compliant
By running a business, you must adhere to the Canada Revenue Agency’s (CRA) tax laws. This includes filing sales tax and payroll remittances on time. A bookkeeper will ensure that you are complying with the CRA.
7) Subject matter expert
The CRA always updates and makes changes to legislation every year. It’s hard to keep up with it all (think COVID). Having a subject matter expert ensures that you are not caught off guard or left behind in any relevant changes that apply to your business.
8) Peace of mind
It’s a great feeling to know that your books are taken care of in a timely, accurate and professional manner.
Oftentimes, small business owners feel they are not yet ready to hire a bookkeeper, however, having an experienced bookkeeper ensures that your financials are always uptodate, which allows you to make informed business decisions.
Insightful Financial Connections have various bookkeeping packages to meet all your needs. Contact us to learn how we can help your business.