Bookkeeping Services for Your Small Business
Bookkeeping services are often undervalued for new and established business owners. With an abundance of options for on-the-go receipt tracking apps, doing your own monthly bookkeeping looks easy and hassle-free. However, running your business and keeping up with the books is typically easier said than done.
It’s true that there are apps that can help you organize your finances. This is especially helpful for keeping employee expenses on track for timely client billing. We won’t deny there are advantages to implementing tools to keep you organized. We will argue that there is a time when outsourcing some business activities can actually make you more efficient. Let’s take a look at when business bookkeeping services will start to work for you.
1. Up-To-Date Financials Help With Better Business Decisions
When it comes to making decisions about where to re-invest your profits, it helps to know that your finances are not only up to date, but more importantly, accurate. For many companies, having an idea of how much you spend with each supplier on a yearly basis can help with price discounts and negotiations. Knowing the numbers helps guide you when making large purchases or expanding your team. Increasing the value of your business can only happen if you have the right information available. Leverage your resources by working with your bookkeeper and planning your success.
2. CRA Compliance for Peace of Mind
There are a lot of rules when it comes to business finances and it’s highly likely you’re not familiar with all of them. Think of filing GST and possibly PST, there are Payroll deductions, WorkSafe BC reporting, and T-slip reporting to name a few. Bookkeeping services help keep you compliant so you don’t have to worry about audits, appeals or collections. Knowing your business finances are in order and CRA compliant gives you peace of mind so you can focus on more productive business building activities.
3. Gives You Time to Focus On Your Business
Unless you’re an accounting firm, you didn’t start your business to crunch numbers. More likely you started your business because you had a passion or a skill you could capitalize on. Time is a valuable resource that is better spent doing the things you’re good at. Bookkeepers and other outsourced support staff give you that time back. Services like a virtual assistant and payroll support have changed the way modern businesses operate for a reason. As the old adage goes, you need to be working on your business, not just in it.
If your bookkeeping services provider also has accountants available, you can easily do your taxes and get professional advice on tax questions, planning and returns. Contact us today if you’re feeling overwhelmed with your business operations and need some affordable support. We have four locations to service businesses from Victoria to Langford.