Five Reasons You Need a Bookkeeper

Every business starts with a bright idea, a creative notion, an awareness of a business opportunity in your community.  It’s exciting stuff!  Along with all the bright ideas and creative notions, comes the day-to-day part of business ownership, such as having accurate and up to date books.   It’s dealing with accountants and the Canada Revenue Service, it’s keeping up with payroll legislature, and knowing how to file your GST.   Whilst every business owner will start out completely confident that their idea is going to work, the proof is the books.You need to have your books done correctly for several reasons.

1.     Most importantly is so you know how your company is doing.  Having accurate financial reports allows you as a business owner to see where your company’s strengths and weaknesses are.   

2.     An accurate and up to date set of books will help you with any financing goals that you have. 

3.     Staying compliant with all CRA & payroll legislature gives you peace of mind.   As your company grows, so does the paperwork. 

4.     Cloud accounting software programs take the data entry aspect out of bookkeeping, but you cannot automate the big picture.   Proper analysis of your financial statements should be completed to ensure accuracy. 

5.     To help you stay on top of deadlines and legal requirements - much of it is very specialized knowledge - and you can soon find yourself stressing over paperwork details that distract from you doing what you do best.

Hiring a good bookkeeping service will alleviate so much of the stress of running your own business.  You will avoid missing deadlines and you will stay on the good side of the CRA (who doesn’t want that!!).    Your books will be accurate and up to date, you will have financial reports that make sense, and you will know how your business is truly doing.