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

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CFO Services | CFO Services Are a Great Way to Do More

CFO services suggests to be aware that when looking for a bookkeeper there are in fact discrepancies tween bookkeepers. There can be a very that vast difference in the education and experience of bookkeepers. In fact, there are just plain good and bad bookkeepers that you can retain and higher.

CFO services does in fact strongly suggest and advise you that you should hire a bookkeeper for your small business as this will be if not now an absolute necessity for you and your small business in the future. Ultimately in business there comes down to decisions. These decisions, as you are the owner of a small business, come down to you, and you must be educated and prepared at all times to make decisions that are in the best interest of your company. A proper bookkeeper will be able to properly age you in making those decisions an efficient and timely manner. If in fact you have retained a bookkeeper that does not have you and your company’s best interests at heart, be forewarned that there is no reset button on poor decisions. It could be the demise of your business.

CFO services says that you should think about hiring a bookkeeper, if you haven’t already for your small business, for sure once you have hired trained and have employees collecting a paycheck. Reason number one is that the payroll rules once you have retained employees can be complex and very specific.. Keeping current on the source reductions and paying them on time is of paramount importance once you have new employees. Having the payroll records are organized will allow you to be prepared in case the Canada revenue agency or other organizations need more information, forms, etc.

The second reason why would be a good reason to hire a bookkeeper after you have retained employees is when you finally get the employees, that is potentially when you’re business has gotten bigger than yourself or a novice number crunch or will be able to understand properly. Those business statements, forms for the government, and other such paperwork needs to be reviewed and filled out by a professional who knows what they’re doing.

It can in fact be tough to be able to understand the differences of and look for and hire a professional bookkeeper. Some hints about where to find a proper bookkeeper is in asking your referral network, or someone in your life, be it personal or professional, who has a network and a team behind them with the vast experience in working with a successful bookkeeper. Think, too, of asking your personal friends and family. Accountants are also a fantastic referral when you are looking to retain a bookkeeper.

Guard against you thinking that you or someone not trained from within your company do your financials. After all it is not a matter of just plugging in a couple of numbers are doing a few math equations.

There is always a good time to hire a bookkeeper when starting a new business, says CFO services. Ideally, they suggested that you should retain and work with a bookkeeper the second that you have thought about which small business that you are looking to get into. Bookkeepers can into can look into the past financials of that small business it if it has already been around. If it is a brand-new business from the ground up, CEO services recommends you work with a bookkeeper to start from the very beginning so that your books are organized and you know how much money is coming out of the business as you get it launched.

Another reason why bookkeepers are fantastic to work with our they will be able to understand and keep you on schedule when it comes to tax time and year and time. They will be able to get all the forms in order filled out properly and concisely and be able to submit them to the Canada revenue agency before the deadline. Bear in mind, the Canada revenue agency is very bullish on getting all the forms in on time and they normally do not accept late forms, applications etc.

You need quality interim bookkeeping records that your bookkeeper can give you as well, when you decide that you want to make an investment in to your business. This can include buying a new piece of equipment for your company or hiring new staff. Your bookkeeper will be able to tell you if in fact you can afford that new piece of equipment or if your company is bringing in enough money to afford more staff.

More benefits, says CFO services, to hiring a bookkeeper is that they will get you the info always in a timely manner so you can focus on other parts of your business. It will ideally offload most of the paperwork onto someone else so you can work hard at doing what you do best and growing your small business. The ability to free up your time is monumentally important as you will be pulled in many different directions. You don’t want to have to worry about paperwork as well as deadlines.

A bad bookkeeper, on the contrarywarns cfo services, worst-case scenario cannot guard against you making a bad business decision and you may potentially lose money. Or even worse you could lose your business altogether. A common practice, albeit not a popular one for successful businesses, is when business owners get behind in such forms as payroll or GST. Again, the CRA does not take lightly to late submissions, and they could freeze your accounts.

Have a discussion with your bookkeeper about how you want the books to look, the deadlines, etc. Make sure you’re getting at least quarterly updates, ideally weekly. A red flag of a poor bookkeeper is if those updates never come, then probably nothing is getting done or it’s getting done in a rush or in a disorganized manner.