Many business owners, especially new ones, make the mistake of trying to do the books themselves or passing it on to someone who is less than qualified or trained to do so. At issue here is that bookkeeping is unlicensed here in Ontario and anyone with a calculator can call themselves a bookkeeper.
The reality is that a good and up-to-date set of books for every business is required by law and mandated by Canadian Revenue Agency. When an organization such as CRA has the power to levee penalties and interest when books fail to meet their standards and requirements, do you really want to entrust your books to just anyone? This is one overhead expense you may want to consider as critical and necessary.
Bookkeeping is vital to your business on a number of levels. The information a good and current set of books provides tells you how your business is performing and can be used as a management tool to make informed decisions. If cash flow is critical, as it is for most businesses, an effective bookkeeping system will help you track and manage your cash flow and keep you out of hot water with suppliers, staff and CRA.
Many busy business owners that operate without a bookkeeper in place allow the bookkeeping to get out of control. They may have the best of intentions of doing it themselves but this often gets pushed aside as other priorities pop up on an ongoing basis. Next thing they know the pile of unfinished bookkeeping can get out of control to the point of crisis. Most business owners would be better served by leaving the books to an experienced bookkeeper and concentrating on what they do best … running their business.
Hiring a contract bookkeeper is not as expensive as you might think. The bookkeeping package can be tailored and priced to suit your requirements and budget. At the end of the day you get the books you need to run the business and satisfy government requirements. As an added bonus, I get a finished product at year end that allows me to better take care of tax planning and filing for you.
By all means connect with Brian Petersen if you need guidance in putting the right bookkeeper in place for your business.