Clear Warning Signs That Your Business Needs a Professional Bookkeeper
If you are busy growing a business, you might be too focused on bringing in new customers and trying to meet your revenue targets that some of the administrative work tends to get pushed to the side.
Even more established businesses have to spend most of their time on operational matters, cost control, and keeping the business running well. Still, many business owners make things harder for themselves by trying to take care of their own books just to save costs.
However, there’s a reason why keeping up-to-date books is a full-time job. Any bookkeeping error, small or big, can cause cash-flow-related problems and could even get you into trouble with tax authorities. In the end, not getting a bookkeeper might cost you more money than you’d hoped to save.
Here are some common warning signs that you should be looking for
bookkeepers near you instead of trying to handle everything by yourself.
Your Books Are Never Updated
It’s hard to have a clear overview of what’s going on in your business if your books aren’t constantly updated. Remember that whatever you can’t measure, you can’t manage. Any business owner who is unaware of the actual income and expenditure of his/her business is just asking for trouble.
If you find yourself not even knowing if your business is in the green or in the red, or if you tend to miss payment deadlines, you need a qualified bookkeeper onboard.
You Don’t Have Enough Time
As a business owner, your primary focus should be on managing your people, making sure business operations are running smoothly, and bringing in more business. If you find yourself short on time to attend to such matters since you’re constantly poring over your financial statements and books, then you might have to rethink your decision not to outsource your bookkeeping needs.
Books Are Only Being Updated Before Tax Season
There's no question that the tax reporting season is indeed crucial for individual and corporate taxpayers alike. Without a bookkeeper, you’d have to work double-time to fill out numerous forms and file all the appropriate returns your business needs to comply with. Without updated books, backtracking through old records and receipts will not only take massive amounts of time but cause mountains of stress.
Given the last-minute rush to meet the tax return deadlines, errors may be made both on the revenue and expense side. If you constantly experience such pressure right before the tax season, it might be time to hire someone to provide
bookkeeping services for your business.
You Miss out on Tax Deductions
When running a business, every cent counts. Failing to claim tax deductions for which you are eligible means you are forgoing the opportunity to boost your profits by reducing your tax liabilities.
In any business, every incurred expense should be categorized properly. By doing so, the person providing bookkeeping services can identify obvious deductible expenses. If you find your business missing out on these tax perks, you need to start looking for a bookkeeper.
Your Business Cash Flow Is Unpredictable
As discussed earlier, confusion over how much money is coming in and out of business can not only cause liquidity problems but may make your business more vulnerable to issues such as fraud.
A business owner needs accurate numbers to make important business decisions. Without a predictable cash flow, you would be grappling in the dark trying to make things work for your business.
Talk to a Bookkeeping Expert Today
Time is your most valuable asset as a business owner. If you are spending most of it trying to make sense of your financial situation, you’d be left with so little time to focus on business growth. By outsourcing your accounting needs to qualified and experienced bookkeepers, you can focus on revenue-generating activities.
If your business requires bookkeeping in Ottawa, our professionals at Charles Ghadban Accounting would surely be able to help.
To find out what kind of services we can provide for your business, give us a call at 613-234-7856 or
get in touch with us through our website. We look forward to growing your business with you.
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