Did you know that in Canada, you are required by law to keep adequate bookkeeping records?
Bookkeeping is one of those tasks that always seem to be pushed aside by entrepreneurs and small businesses in favor of other business tasks that appear more lucrative. Lack of bookkeeping knowledge and extremely busy schedules are some of the driving factors that force bookkeeping to the back burner.
Bookkeeping is totally inevitable if you want to see your business move ahead. Furthermore, if you are carrying on a business or engaged in a commercial activity in Canada, you are required by law to keep adequate records. Your records have to provide enough details to determine your tax obligations and entitlements. Furthermore, your records have to be supported by original documents. Not only are you likely to encounter legal issues for failing to keep adequate records, your small business is likely to undergo cash flow difficulties which can become extremely difficult to manage.
Do you know how much money is being spent and earned?
In addition to small businesses that have been in operation for some time, new small businesses face a very similar challenge when it comes to their bookkeeping habits. Along with the typical knowledge gap and time constraints faced by established businesses, new businesses face the challenge of limited capital, lack of human resources and a perceived loss of control. Mitigation to these challenges comes in the form of a strong bookkeeping infrastructure that will assist the new business owner in understanding how much money is being spent and earned. Outsourcing the bookkeeping function is an excellent alternative for any small or start-up business.
Some of the benefits of outsourcing the bookkeeping function include:
- More cost effectiveness
- Quality information
- Accuracy and security of your data
With a strong bookkeeping backbone the daunting task of accounting and tax preparation become much more streamlined, thus ensuring that the operational costs are reduced to a greater extent.
Concentrate on bringing more customers to your business
Instead of employing bookkeepers, you can depend on Fred Albi, Chartered Professional Accountant; a firm that is already providing this service to many of its clients. We provide high-quality bookkeeping services via our knowledgeable and experienced team of accountants and bookkeepers. Transferring the bookkeeping function to our firm will enable any entrepreneur or small business owner to concentrate on drawing more customers to their organization.
We provides a whole host of bookkeeping services that include:
- Accounts payable and receivables
- Expense report processing
- General ledger management
We provide the financial information that helps make effective business decisions along with assisting in complying with all the required government regulations. We strive to provide a bookkeeping service that will allow our clients to have more flexibility, optimized financial reporting, and data availability. Our clients receive their information when desired rather than when required.
Contact us for a complimentary consultation and discover how we can help you manage your records so you can build your business.