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E-Myth – “Why most small businesses don’t work & what to do about it”

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CFO Services | Are CFO Services Important In Your Eyes?

There are many pitfalls, trials and tribulations, however benefits in retaining a proper and efficient bookkeeper, says CFO services. If not now, your small business will definitely need the services of a bookkeeper who knows what they are doing and can provide you with financial answers in a timely manner.

Yes, one can assume that if you are good with numbers you may in fact be able to do your own finances. Equally you could potentially save money in passing those tasks on to one of the employees. As a matter fact, isn’t it just a matter of typing numbers into a computer or calculator program? That is not altogether true, as the computer companies may have you believe the automated software is a wonderful start to completing your books, however it is in fact not completion. Ideally you need a professional to fish finishing off and to make sure that everything is proper for all of the organizations that will ask you for your tax returns, your GST, etc.

Further, a proper bookkeeper can help you to guard against financial ruin if you hire too many employees, or if you buy a new piece of equipment your business that you just can afford. The difference between a good and bad bookkeeper could mean the ruining business, as you may potentially run a cash and you don’t even know it.

Yes, your accountant that you have retained since you had the idea of buying your own business can in fact be retained to be a bookkeeper as well. However, keep in mind that accountants are very expensive and may not be versed in the idiosyncrasies of your particular business your particular taxes are employees.

Coincidentally, says CFO services says that at the very latest you should retain a bookkeeper once you have employees working for you and are accepting a paycheck. There are two reasons for this. The first reason would be the payroll rules can be particularly confusing, long, and difficult to comprehend. Keeping current on the source reductions and paying your employees on time is extremely important for employee devotion and morale. Having the payroll records organized is also of great importance. Number two when you get the employees that’s when the business has efficiently grown and potentially grown out of the knowledge of a novice numbercrunching.

Ideally, yes it is very important, says CFO services, to retain the services of a bookkeeper. They can help you in making prudent and intelligent business decisions so that you don’t lose money and your business thrives. If you in fact do not have a bookkeeper and you make a poor decision, there is no reset button on poor decisions or money loss you can’t get that money back as you are attempting to grow a new business. That can in fact be the demise of your business altogether. Bear in mind that you won’t generally see any revenue coming into business for at least two years.

You should already have an accountant, says CFO services, as you wade through the beginning of starting a new business. This accountant will help you in starting your new business. However, bear in mind that accountants are budget driven. They will cost far more money as you retain them if you are to use them as well for your bookkeeping purposes. Do not fall in to the trap of doing your own books for just that purpose if they are disorganized or missing numbers, yes your account can fix them. However, you will be spending a lot of money in retaining that accountant for simply file keeping and organizing or data entry. It can also potentially be very inefficient. Bear in mind that your life savings and your financial future is on the line. You need to save as much money as you possibly can, the bookkeeper will cost a lot less and will know the intricacies of taxes and year and, month-end, your employees, yourself, etc.

How do you know if you have retained a bad bookkeeper, asks CFO services. Rule number one is if you lose money, it may potentially because your bookkeeper has not warned you against buying new piece of equipment for your company for hiring staff that you can afford. As well, a bad bookkeeper will not have all of your files organized, they may have numbers and equations missing or inaccurate, and they won’t be able to get you what you need in terms of files and documents in a timely fashion. Bear in mind that the Canada revenue agency is very bullish and strict when it comes to month-end and year-end financials, GST, and ultimately tax time. They may charge you finds for your tardiness.

You will need quality interim bookkeeping records that your bookkeeper can give you if you in fact run into this problem.

Yes it absolutely can be a long haul when you are trying to look for a bookkeeper if you don’t already have one. Talk to everyone you know, says CFO services. Talk to your family, your friends, your business partners, the company that you deal with on a daily basis, as you need advice again, in a timely, experienced, fashion.

Do not make the mistake of attempting to do complex books yourself if you are not fully trained. Likewise, do not pass this off to an employee who seems to think they are good with mathematics. There are specific equations and files that need to be filled out that bookkeeper will be able to get you before the deadline so that you do not run in to any issues. Also, when you have the idea of starting a new business, a good idea and one of the first things you should do is in fact a bookkeeper. They can help you make the right decisions in business. As there is no going back from poor financial business decisions. It can mean the beginning of the end your business.