Managing your own business is no small task. From the onset, your immediate job description would be to ensure that the whole business runs smoothly. From your daily operations to the backend support, plus everything in between. While it might be manageable in the beginning, as you scale, it will become more difficult for you to keep track of everything.
The accounting side of your business may seem to be one of the most basic aspects of support to manage. To the untrained eye, it simply means keeping track of your financials—but anyone who has dabbled in accountancy knows that it’s more integral to a business than one would think. One basic, but no less important aspect of managing your financial records, is bookkeeping.
What is bookkeeping?
Bookkeeping is the task of keeping your books straight and in order. This means the organization, recording, and reporting of all financial transactions that go in and around your business. It is also critically important to work within the guidelines presented by the Canada Revenue Agency. This will help protect you come tax time.
Why do I need bookkeeping services for my business?
Bookkeeping is not a flashy nor enormous task, but it can become exceedingly tedious and time-consuming. As your business keeps growing, this may seem minor as compared to handling your day-to-day operations. What happens more often than not, is that these tasks get pushed back or forgotten about. “I’ll do it later” – does this sound familiar?
By taking on bookkeeping services from a licensed accountant, you can off-load this support task for more efficiency. To ensure you hire the right team or individual, check out our article on the 3 essential guidelines to consider when hiring a bookkeeper.
To cement this point, here are two major reasons you should look at professional bookkeeping services for your business.
Concentrate on running your business
The most immediate benefit of taking on a bookkeeping service is that you can focus on other aspects of your business. Bookkeeping is not a task that you can put off—it should be done on a near-daily basis to ensure proper recording. Due to its tedious and time-consuming nature, it can make you less efficient as a manager to keep handling on your own. With someone else handling it, you can take a step back and focus on the bigger picture: driving your business towards success.
A dedicated eye on cash flow
A bookkeeper won’t infringe on your non-financial operations. They will focus on keeping your books straight and ensuring that everything is in place. Now, it is possible to hand off your record-keeping internally within your organization. This may also not be cost-effective for you. Think about the costs related to training and managing these employees. It’s likely going to be more expensive than that of an online accounting firm and can bring more headaches.
An expert’s eye won’t just be beneficial to keep things straight, they can also give valuable input about it as well. Seeing how your finances move in and out allows them to provide ways to stem expenses while maximizing profit. This makes their purpose not just administrative, but also one linked to an advisory role.
Your business’ accounting and record-keeping isn’t one to take lightly. You’ll need the services of a trained professional to ensure that your business will be safe in the long run. By taking on a bookkeeper, you can ease up some of your managerial workloads and improve your business’ financial flow.
Are you looking for bookkeeping services in Halifax to help you out with your business handle your financial matters? At Kinden, we’re an online accounting firm that provides you with stress-free solutions to ease you along the financial process. Get in touch with us today and see how we are changing the game when it comes to helping small businesses.