Business Bootcamp | Are You Ready For The Bootcamp Money Giveaway?
Have you ever heard of the term business bootcamp? If you are a small business owner, and a particularly a new small business owner, this may be the perfect opportunity for you to and about all of the pros and cons and pitfalls and circumstances of owning a small business.
A business bootcamp will teach you how to mitigate risk. For example, one of the best ways to guard against financial losses is to hire and have on staff a bookkeeper. These bookkeepers will tell you that ideally it all comes down to decisions. You, as a business owner will be pulled into many directions and will need to make very adept, very educated decisions about a myriad of topics very quickly. As well there might very well be different departments in your business and you will need to know the ins and outs of all of them as they will have all different needs. A bookkeeper can tell you where your financial concentration should rest. As well, they may be able to release some of the stress and tension off of you and take some jobs from you to give you more time to concentrate on other aspects of the business.
When attending a business bootcamp they will talk about how it may not be such a great idea for your business to have your accountant your books for you. This would come down to timeliness and cost. The business boot camp will tell you more about it in the session.
A bad bookkeeper, you’ll learn in a business bootcamp, given the worst-case scenario will not be able to advise you if you make a bad decision in business or in staffing. For example, it is very common for business owners to get behind on such forms and files as GST, payroll, etc. The Canada revenue agency does not necessarily take very kindly to missing or late documents and situations that may not necessarily be transparent from within your business. The Canada revenue agency might in fact freeze your accounts.
When you attend a business Boot Camp they will tell you that it is not advisable to have just anyone including yourself work on your financials. They may not have your best interests at heart, the proper knowledge, experience, or education. Certain computer company software might have you believe that you can do this all on yourself. However, there are small idiosyncrasies and potential money savings that only a professional can counsel you on.
You canon fact ask your accountant to do this for you, but that is not either a very cost-effective way for you to get your books done. Accountants are far more expensive than bookkeepers. They may not be able to handle the little idiosyncrasies of your particular situation or your business.
Consider that small business is all about making decisions. When one on educated decision may in fact lead to the total failure of your business, it is best to leave all of your financial decisions to a professional.
What can a business Boot Camp do for you and your business, you ask? A business bootcamp can give you the tools to succeed in your small business, particularly if it is your first time going out on your own owning your own business. They can show you how to save money, how to file your taxes, deal with hiring and firing of staff, and everything else that goes in to maintaining a small business in terms of finances.
A business bootcamp can prioritize tasks for you to make your day today work and attempted to helping your business succeed. The first order of business potentially is to retain a bookkeeper. You may be able to hire bookkeeper as soon as you have the idea that you want to own your own business as they can help you find a building that will fit your budget, talk about hiring, can help you with bylaws and licenses etc. A bookkeeper is in fact an invaluable resource to have from the beginning of your journey as a small business owner all the way to the end.
Be forewarned, however, as you will learn in a business bootcamp, that it is not necessarily an easy road to finding a responsible and professional bookkeeper. As a matter fact, can be very hard road. Some good ideas would be to look at your referral network, talk to somebody who has a network and a team behind them, talk to people that have experience in retaining and working with bookkeepers from was within their business etc. You may also reach out to other business associations. Accountants are also a very good referral and resource in regards to finding a way in which you can find a good bookkeeper.
When attending a business bootcamp, they will teach you that accountants and bookkeepers are in fact similar. A couple differences are that accountants are budget driven. If all of the files are disorganized and out of place, with a lot missing, you will be paying far more in accounting fees than in bookkeeping fees for that accountant to do data entry and organizing the books to begin with instead of actually doing work on the file.
There are more benefits to retaining a proper bookkeeper in that they may be able to provide you with the quality of info in a timely and organized fashion. You may also be able to give some the tasks that you normally do to your bookkeeper so that will free up some more time for you the ability to free up your time will really help you, especially in the beginning stages of starting and running your own business.
Keep open and honest communication between you and your bookkeeper particularly if you cannot work with them before make sure that you know all of your numbers and make sure they are available to you at all times. Make sure there is a great relationship.