5 Reasons You Should Love your Bookkeeper
February is the month of love. Sure, it’s a potentially overpriced, heavily commercialized version of love, but love none the less! And let’s face it, with tax season fast approaching, there’s no better time to recognize your love for your bookkeeper. What’s that you ask? Why would I love my bookkeeper? There are literally hundreds of reasons . . . but here are the five main reasons you should love your Kelowna bookkeeping service:
1) Your Bookkeeper Provides a Crystal Clear Picture of Your Financial Health
How do you actually know if you’re making money unless someone is keeping proper track of your books? It’s important that your company’s financial performance, past and present, is thoroughly documented. Should you decide to sell or expand, accurate financial records are essential.
2) Bookkeepers Help You Plan for the Future
They’re not fortune tellers (well, some of them probably are), but a bookkeeper’s work helps plan future endeavours for your business. They have the ability to evaluate your business as a whole and make educated recommendations for its future. This in turn helps reduce risk for future growth and expansion.
3) Bookkeepers Keep the Money Moving in the Right Direction
Managing your cash flow can quickly get out of hand if you don’t know what you’re doing, or maybe you’re simply too busy trying to run your business. If invoices are delayed, payments begin to run behind, suppliers aren’t paid, follow-ups take longer, and eventually the system collapses. Bookkeepers can systemize your follow-ups and invoicing, make your payments on-time, while keeping an accurate record of everything.
4) Bookkeepers Help Keep the CRA Audit Team at Bay
Who wants an audit? Absolutely nobody ever in the history of time. In 2010, 14% of small businesses were audited by the CRA. Since then the CRA has only ever increased its compliance budget in order to expand on the number of audits they’re able to conduct. If your books are messy, you’re more than likely already in their sights. Bookkeepers can vastly reduce the chance of you being audited.
5) Your Bookkeeper Saves You Money
You heard it! Those wonderful people who pop in, work all sorts of magic spells on your financial books and then vanish in a puff of smoke, they’re actually saving you money. When done correctly, bookkeeping effectively consolidates all your financial records (invoices, expenses, receipts, etc.) into an easily useable and presentable format. This sort of meticulous and strategic recordkeeping means you can pay your taxes quickly and easily, with deductibles already calculated. This in turn allows you to save money.
In closing, we want to ask you one very important question: have you hugged your bookkeeper today? Maybe you should 😉
