Unless you’re a straggler – tax season is pretty much over! With only 12 days left before the Canada Revenue Agency (CRA) deadline to file, we’re hoping that by now you’ve crossed your ‘t’s, dotted your ‘i’s and paid any balance owed. If you were really early, you might even be treating yourself to something special with that tax return.
Time to sit back, relax and forget about your finances! Right? Wrong. If this tax season was a nightmare for you, now is the time to set yourself up for success next year. The clock has already run down on almost a third of the year and if you haven’t set up proper bookkeeping procedures for your business, you’re sure to run into more hurdles come next tax season. But, that’s not the only reason we think having a bookkeeper is so important. Let’s take a look at all the benefits your company will reap when you get a good handle on those books!
Making major decisions for your small business can be stressful and overwhelming for even the most seasoned entrepreneurs. And, while planning for the future is not a perfect science, having access to correct figures can certainly help you make smart decisions. This is difficult to do when your books are a mess. Your business could be failing and you might not even know it. On the other hand, you could be far more profitable than you think you are. For very obvious reasons, it’s crucial to know where you stand financially.
A bookkeeper can produce financial statements regularly. These reports can help you ensure that you are budgeting correctly and that you have a strong grasp of your revenue streams and key expenses. When you’re fueled with this information, you can make the right decisions for you and your company!
As an entrepreneur or small business owner, you know that on any given day you are juggling a million different tasks. All the while, you have questions, concerns, ideas and worries rolling around in the back of your mind. Owning a business means you are always carrying around a heavy mental load. Don’t let your bookkeeping and accounting weigh you down too.
Accounting and bookkeeping are the perfect task to offload to someone else. As discussed above, this will not only fuel you with the information you need to make key decisions, but it will also free you up to do what you do best. Run your business!
Hiring a bookkeeper now, means saving yourself many headaches come tax season next year. Not only are you required by law to keep accurate records of all of your business revenue and expenses, but it also makes tax preparation significantly easier. This will help you as you file your taxes and, importantly, will help you be prepared in the event that your business is audited by the CRA. Furthermore, with the help of a certified accountant, you can strategize on ways to reduce your tax burden throughout the year.
As the saying goes, the early bird gets the worm. The sooner you start organizing your finances with the help of a bookkeeper or a certified accountant, the sooner you’ll reap all the rewards we discussed above.