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The advice that comes out of a business bootcamp can be life-changing and can make or break your experience as a small business owner.
From within a business bootcamp, they will talk to you about how owning a business ultimately comes down to decisions. Those decisions can come down to a life of financial and time freedom for you and your family or it could come down to a lifetime of heartache, debt, and misery.
One way to mitigate damage to your business or not getting damaged in the first place is the tried tested to room method of hiring a bookkeeper. This bookkeeper will know all of the books, all of the numbers, and may be able to alleviate a lot of time and stress for you as they will be taking care of year-end, month-end, payroll,, GST, and other forms and necessities from the Canada revenue agency.
The question arises, can anyone do their financials? After all, it may potentially just be plugging expenses, numbers, revenue, and decimal points, into a computer program and letting it spit out an equation or an answer you can potentially blame the computer companies for that very easy yet completely false process. You may learn that the automated software is a fantastic start but ideally it is very prudent that you will need to retain our professional bookkeeper. This would be a good idea to always retain professionals otherwise the records just are going to stand up or are really worthy of making and helping you to make proper business decisions.
One of the main pieces of advice coming out of a business bootcamp is that poor decisions will be made. But these poor decisions have to be mitigated if in fact the decision is as severe, you might lose money or your business altogether.
A business bootcamp will talk about an accountant versus a bookkeeper. They are essentially the same thing yet there is very different as well. Accountants overall are just more expensive, a bookkeeper may be easier to communicate with, and they better understand your needs of finances, tax, and forms from the government.
It can fact be a tough go to look for a bookkeeper. Consider talking with other small business owners about where they have potentially retained their bookkeeper and people to help with their financial needs. Meetings and communities like that are wonderful resource that can allow you to gather much information that will help you in your own business.
You will also learn within the meeting about bad bookkeepers. Worst case scenario you will make a bad business decision, however bad bookkeeper will not be able to mitigate the damage nor will be able to caution you against making the same us again in fact, they may not have even know why it was that you made that decision.
Keep in close, open and honest contact with your bookkeeper he can make or break your business.
When joining a business bootcamp, thing about all the wonderful like-minded business owners that you will be able to meet and share stories and advice with. One of the best pieces of advice that will be shared at the business bootcamp will be to ensure that you have employed a bookkeeper for your business. This bookkeeper can help you to make educated smart business decisions based on actual numbers coming and going out of your business.
Make sure that it is a bookkeeper that you can engage in open and honest communication with. Make sure that you are getting at least quarterly updates from your bookkeeper. Maybe even weekly updates. The more information the better. Likewise, the more updated information the better. If in fact you don’t receive any quarterly updates, the business bootcamp will forewarn you that it could be one of many things. It could be because nothing is getting done from your bookkeeper, is getting done rushed, or it is completely disorganized.
A business bootcamp will also share secrets of how to properly find and retain a qualified responsible and professional bookkeeper. Consider asking and reaching out to your referral network, someone who has a network in a team behind them with much experience, and ask other business associations. Accountants as well, are a fantastic referral.
You need quality interim bookkeeping records that a qualified and responsible professional can give you when you decide to buy a new piece of equipment for your business or potentially hiring and firing employees.
They will also tell you the differences of a bookkeeper and accountant. Very quickly, some differences are that a bookkeeper is much cheaper and may as well be able to work much closer with you on your specific, individual in particular business. You will be a list save money potentially by employing a bookkeeper versus an accountant. Bear in mind to that accountants are budget driven. If there is any disorganization in your files and you have retained an accountant, that count will be spending too much time with data entry and organizing your books instead of actually working on your file. That is essentially a waste of money.
Do not leave your private and confidential financials to just anybody. It is not simple a matter of just plugging in numbers, digits, dashes, and revenue into a computer or a calculator program that sadly, you can blame on the computer companies that thought process the automated software is an amazing start but ideally you need a professional to work and to finish your taxes and financials so that they are ready the Canada revenue agency or any other organization that requires them.
Speaking of bookkeepers, if you end up retaining a bad bookkeeper, worst case scenario you made a bad business decision you lose money is very common for business owners to get behind on payroll and GST etc. The Canada revenue agency is not very kind on late files or accounts and they could freeze your accounts.
