It’s the latest entry in our series on business finance, and this week we’re chatting about the ways an accountant can save your business money – year-round.
Entrepreneurs are famous for their desire to do it all themselves. Why pay someone to perform a service or task when you can do it just as well yourself? This frame of mind is one of the key pillars needed in an entrepreneur. However, it can cause issues when it comes time to do taxes, payroll and other bookkeeping tasks.
Staying on Top of Accounting Tasks
Owning a business means handling an ever-increasing amount of busy work each week. It can be all too easy to put off financial paperwork until it absolutely has to be done. Come tax season, what started as a small to-do pile can turn into a mountain of paperwork that’s tough to bring under control.
Sure, you might feel comfortable with bookkeeping software and running your own payroll. Unfortunately, trying to go it along can do your business more harm than good. Here are four ways an accountant can improve the financial health of your business.
Manage Your Profit Margin
Owning a small business often means working with razor-thin profit margins, and a professional bookkeeper can keep track of these margins while offering insight on how to leverage them into larger returns on operating expenses.
A bookkeeper can also manage your monthly transactions, handle payroll, take care of government remittances and ensure that bills are paid on time, freeing you up to concentrate on growing your business.
One Less Task to Perform
Those start-up years are no easy task and many small business owners struggle to make ends meet. This can lead to juggling multiple tasks at once and working long hours. Rather than stressing over the mountain of tasks and neglecting administration, hand it over to a professional bookkeeper like our friends at Bench.
No Stress at Tax Season
You could power Canada for a month with the collective nervous energy of business owners around tax season. We would all like to avoid it, but taxes are a necessary part of business. Employing a bookkeeper, even on a temporary basis, means accurate and timely reporting of your expenses, write-offs, salaries and budgets.
It’s Only Temporary
The majority of small business owners can get away with outsourcing their bookkeeping operations, which allows you to save money. And, unless your business employs over 30 employees or your revenues exceed $1 million annually, it’s unlikely you will have enough work to employ a full-time bookkeeper. Calling in the help of a bookkeeper for tax season can be a beneficial and temporary solution to this.
Ready to Help
Need advice on starting your business the right way? Contact Us and find out how we can lessen the load.