Why You Should Outsource Your Bookkeeping

As a small business owner, your primary focus is growing your business while keeping your expenses at a minimum. That being said, you may not have the resources or space to have an in-house accounting department. If this is the case, outsourcing your bookkeeping to a specialized firm is the ideal way to keep your books up to date while maintaining your budget.

Saving You Time and Money

If you’re a small business with a tight budget, you might be tempted to do your company’s books yourself, or have someone with some basic accounting knowledge on your team take care of it. Consider the length of time it would take to balance the company’s books, process invoices, or write cheques. Cumulatively, this could take up to 10, 15, or 20 hours – time you could be spending on marketing your business and ensuring you are delivering quality service.
At this point you may be thinking that you will need to hire an in-house accountant on a full-time basis—but that’s not necessary. There’s a viable solution to this: An outsourced accounting service can take care of these tasks for you and ensure they are done properly, but would only work when they are needed, keeping your costs down.
So, before you make the decision to save on costs, ask yourself:

  • How much is my time worth?
  • How much time will it take me to do my own accounting?
  • Will this help maximize my profits?

As an entrepreneur, the ability to delegate is crucial in your path to success; otherwise, you risk being overstressed and overburdened, with little energy left to accomplish the rest of your responsibilities. By trusting professionals to handle other aspects of your business, you are free to devote yourself to the bigger picture.

Helping Your Business Grow

Qualified and experienced accountants can be exceptionally helpful to you as you grow your business in its early stages. Besides managing your payroll and income taxes, they can also help with loan applications, forming a business plan, and providing tips on how to improve cash flow.
That’s where the team at Clarified Accounting comes in. In addition to offering expert bookkeeping, we can help you grow your business, saving you time and money with reliable outsourced accounting services.
Our team of experts can help with the following, and more:

  • List the benefits of incorporation versus sole-proprietorship
  • Provide tips on how to handle and improve cash flow
  • Keep a checklist for income taxes
  • Help to properly record/track mileage
  • Notify you and implement any product updates
  • Help you to avoid penalties and interest
  • Prepare and mail T4 slips before the deadline
  • Advise you on RRSPs versus TFSAs
  • Advise you on credits versus deductions
  • Help you understand business remittance requirements (HST, payroll, workers compensation, etc.)
  • Advise you on audits, reviews, and notices
  • Help you to select the appropriate financing options (operating versus capital)
  • Present you with government funding options
  • Inform you on taxable benefits

To get a free quote on day-to-day accounting services and more, contact us today at Clarified Accounting. Let’s discuss how we can help your business thrive while respecting your budgetary needs.