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As a small business owner, you are passionate about running your business and concentrating on the tasks you love doing. But there are certain business functions that you may need an expert to help you out. Business bookkeeping is one such function that needs a professional help. This is because inaccurate bookkeeping or calculative mistakes could lead to huge losses. Just imagine, you end up paying less tax because you missed some financial transaction. Once the Canadian Revenue Agency (CRA) identifies this, they will charge you a penalty. Hence, bookkeepers are hired to lighten the load on small business owners and prevent them from making costly mistakes.
Having an experienced and qualified bookkeeper on hand to manage the paperwork involved in running your small business allows you to free up your time and focus on revenue-generating activities. Not only can bookkeepers do your paperwork a lot faster and more accurately, but they are also up-to-date with all of the latest laws and regulations. Small businesses owners should consider hiring a bookkeeper for the following tasks as well.
Manage Financial DataA bookkeeper records all the financial transaa ctions in your accounting system. An updated balance sheet will help you know the financial position of your company. At the same time, it helps you to take a future course of action. For instance, if you notice that there’s a dip in the profit figure compared to the last year’s profit figure during the same time of the year, then you make amends to your marketing strategies or try to reduce costs to improve the current year’s revenue. Also, managing your financial data helps you in other processes like filing tax returns, increasing the payment of your employees, etc.
Manage Cash FlowSmall businesses are in a transition phase that needs more attention in running the business than accounting inflow and outflow of cash. A bookkeeper in Edmonton manages all of the cash flow data and ensures that the company does not face a liquidity crisis. As and when the payments are due, the accountant will raise an invoice. Accordingly, they will get in touch with the vendors and clear the expenses before the due date. Some responsibilities of a bookkeeper in Edmonton include:
Offer Payroll AssistanceSome bookkeepers offer payroll assistance to small business owners. They reduce the time spent on administration through developing and implementing a computerized payroll system that will facilitate timely payments and help in preparation of tax returns.
Offer Financial Consultancy
There is nothing more important than getting your money’s worth. Bookkeepers also provide financial advice that helps you take right financial decisions. Since bookkeepers have up to date knowledge about the law, they can translate financial regulations and assist you in legal decisions as well.
When you know where your money is going, you can freely focus on the other things where your expertise is needed more. Consult an experienced bookkeeper in Edmonton who can be trusted to undertake your small business bookkeeping.