There are many advantages to hiring an outside bookkeeping service. Maybe your company is growing, and you’re having trouble keeping track of all the documents related to your finances; maybe the programs you need to file taxes, take care of payroll, and handle HR have you at your wits’ end; and maybe you hate numbers!
In cases like these, the best advice is to hire a bookkeeping service. These specialists can handle all the daily financial work of your small business, freeing up more time and energy to concentrate on actually running your business. But the benefits don’t stop there!
Outside Bookkeepers Make Your Job A Lot Easier!
Professional bookkeepers do many of the jobs that are the least favourite among small business owners: keeping track of purchases, payments and receipts; recording daily financial data; and organizing and storing this information in various programs in a standardized way so that accountants can find the information for which they’re looking.
In short, they do a lot of the small things that, when put together, keep small business owners up at night! This is the main benefit of hiring a bookkeeping service – they take the regular financial activities like the recording of receipts, invoices and other transactions off your hands. If you’re a small business owner trying to balance these records with growing your business, you’re wasting valuable time that you could spend on the parts of the business you know so well!
When a business grows or contracts, everything has to scale with it. While you can handle the goods and services, you may have trouble keeping up with the receipts. This is another way hiring a bookkeeping service can help you stay focused on your business!
Scalability, Privacy, And Peace Of Mind
Hiring a bookkeeping service isn’t only for outsourcing the difficult parts of running a business. It’s a good way of keeping all the parts of your business on the same level. Hiring a bookkeeper makes it easy to scale the service up or down as your needs dictate. As a small business owner, you also wouldn’t have to hire new staff or train existing workers on complicated programs, letting you stay within your lane!
It’s also a great way to maintain privacy. Choosing a professional bookkeeping service with reliable references separates those in charge of your receipts from your business associates. This will help you maintain the books with discretion and objectivity, and a good bookkeeper should have a strict privacy policy for you to review.
When your books are in order, your accountant and the Canada Revenue Agency are happy. Professional bookkeeping services know how to work with the right software and prepare proper financial records so that they are ready at tax time. You’ll also get peace of mind knowing that all your books are in order and that the financial data is up-to-date and accurate.
It’s worth mentioning that bookkeeping services are different from accounting services. Accountants examine the financial records brought to them by business owners, usually at regular intervals like at the end of each quarter. Bookkeepers are the people who get those financial records in order on behalf of the business, doing the day-to-day work. Luckily, Trillium Bookkeeping & Accounting offers both services for you, making the trip between bookkeeper and accountant as short as across our offices!
