Many small businesses in Canada are run entirely by their owners, including day-to-day operations, and managing the finances. With respect to the latter, this may be due to budgetary constraints, or the mistaken belief that bookkeeping and accounting are simple tasks that anyone with a head for business can easily handle.
But whichever way you look at it, and whatever your reason for trying to handle your company’s finances and tax responsibilities singlehandedly, it is almost always never a sensible idea.
With bookkeeping in Surrey, however, small business owners can receive the professional advice, guidance and support that they need, while avoiding all of the 5 problems listed below:
- Always forgetting to pay bills
Ensuring that bills are paid in a timely fashion is of the utmost importance to small business owners, whether it be utilities, rent. Taxes, or loan payments; late payments typically lead to fines and penalties, not to mention damage to the company’s reputation.
Continually forgetting to pay bills, or paying them late, is a surefire sign that you would benefit from the services of a bookkeeper, even if only on a part time basis.
- Not having enough time to properly track finances
Tracking finances, such as income and expenses, is a great way to understand the financial health of a business, as is preparing financial statements. But if, as the owner of the business, you’re always busy doing other things related to the running of the company, and aren’t able to make, or find the time to track your finances, it could quickly spell disaster for the future of the company.
With a bookkeeper’s help, however, you can get a much clearer understanding of your financial picture, helping you make better-informed decisions, and freeing up your time to focus on other aspects of the business.
- Falling behind on taxes
No business wants to fall behind on its taxes, but sometimes, when you’re the owner of a business who’s trying to wear a multitude of different hats, finding time to plan, prep and file taxes, gets lost among everything else.
Having a bookkeeper on hand throughout the year (and not just at tax time), can help you plan for your taxes to maximize your deductions, avoid interest and penalties, and keep your business in healthy financial shape.
- Constantly stressing about money
Helping you track your income and all of your expenses; while also helping you prepare financial statements and the like; a bookkeeper’s assistance can be invaluable if you’re finding yourself constantly stressed out about money and the financial health of your business. In fact, having a bookkeeper to share concerns with and to rely on to keep track of money going in and out, can be an enormous weight off of your shoulders as a busy company owner.
Most small business owners recognize when it’s time to choose a bookkeeper from Surrey accounting firms to hire, and once they take them on, they start reaping the rewards almost immediately. So why struggle with late payments, fees, and an all-round lack of time to devote to your finances, when you can simply hire an experienced bookkeeper, and over time, get a great return on your investment.