Yes, it’s a necessary evil for tax season (yikes).
But proper bookkeeping can do way more than save you a nasty phone call from the CRA.
Taking a proactive approach to keeping your books in order can actually stretch your company’s cash flow and leave you with greater revenue. More money, less problems.
If you’re new to business, you probably work as your own bookkeeper. Maybe you’re at the stage of even hiring someone to manage your books.
Accurate bookkeeping is one of the biggest keys to the success of your business. It’s what keeps your personal money separate from your business money, after all. And as business owners, none of us like to make our personal assets vulnerable when it comes to legal issues, right?
Say you run your own business in Toronto. It’s going well! You’re looking forward to perhaps launching a new product at the end of the month. But you haven’t updated your income reports, balance sheets or cash flow statements properly in the last three years. Whoops, turns out your flow is actually coming up negative and you just don’t have the funds to justify your business expansion. Looks like you can kiss that launch that you’d really gotten your hopes up for goodbye.
In this case, an accountant to take care of your financial statement and bookkeeping could have saved you that stress and let you grow without worry.
Or maybe, you’re a Vancouver-based sole proprietor. Now, you want to incorporate and start a tattoo business but have no idea how to organize your books. You’re so flustered that you don’t know where to start. Maybe you realize you’re spending more time worrying about the ink on your invoices than the ink on your clients’ skin.
That stress directly cuts into your tattoo time. Consider the value of having a clear head in your business to deliver better art. A bookkeeper lets you offload stress and spend more time on what you’re passionate about and trained to do.
Cash flow forecast is vital. If your financial reports lack comparative data or don’t reflect reality, you won’t be able to make smarter distinctions for your business.
But I can’t afford a bookkeeper right now, you may be saying.
This is where fractional bookkeeping comes in. A fractional or part-time bookkeeper fulfils only the functions you need them to. It’s less commitment than a full-timer and at a fraction of the cost. A lot of fractional bookkeeping can also be done virtually, so what are you waiting for?
Always make sure to hire a good bookkeeper with previous experience. Someone who can handle finances, is trustworthy, a problem solver, and familiar with accounting software.
Scroll through our website and get to know our bookkeeping team. Think about whose qualifications resonate best with you. That’s a good sign to figure out which staff member will be able to best serve your business needs.
Fractional bookkeeping at a fair price? Yup, we do that! Email us at firstname.lastname@example.org to learn more about our fixed-rate full-cycle bookkeeping packages.