How a professional bookkeeper can help your small business.

Why not having a good bookkeeper puts your business at risk.

Have you ever received a call from a vendor about a bill that isn't even in the system? Or reached out to a client asking for payment on an invoice that was settled weeks ago? Do you have a clear picture of how much your business has earned or how much inventory you've used in the past month?

Answering these questions doesn’t have to be complicated. As a small business owner, you likely focus on improving customer service and enhancing your products, but often overlook one of the most crucial aspects of running a modern business—clean financials. Without accurate financial records, it’s impossible to estimate cash flow, analyze receivables and bad debts, assess historical profits and revenues, identify cost drivers, and much more.

Read on to learn how a skilled accountant or bookkeeper can help streamline your financial processes and support the growth of your business.

Measure your financial health.

As businesses frequently take out very expensive loans or incur unjustifiable costs, owners do not understand that these financial decisions can lead to cash flow issues and cause the collapse of the business. A good accountant will be able to tell you if you can afford a specific loan, or whether your cost of goods sold is too high for the revenue you bring in. Getting clarity on these questions will determine whether your business succeeds or fails.

Keep track of your documents.

Are you ready for the tax season? Can you confidently say that all of your invoices, bills, receipts, and HST/GST documents are ready for review by the CRA? A good accountant will make sure that all of your business paperwork is in order and prepare you for the tax season and any reviews. If your business gets audited, you will never have to stress where your documentation is and will be able to provide it at a moment's notice to remain compliant.

Reduce your time commitment.

As a business owner, your most important cost is opportunity cost. When you spend hours every week tracking your financials, organizing your documentation, and preparing financial statements, you sacrifice precious time that you can dedicate to growing your client base, improving customer service, or optimizing your business. A good accountant will save hours of your time and ensure that all of your financial documentation is in perfect shape.

The right accountant makes all the difference.

Having your books in amazing shape will set your business up for incredible success. As we do what we do best - prepare your statements, analyze your business's health, and keep track of your important documents, you can focus on your clients, products, bottom line, or simply your work-life balance.

If you want to learn more about how our firm can help your business achieve new heights, schedule a free consultation. Let's connect!

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