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The main reason successful business are successful is the owner’s understanding that it is more important to grow your company’s bottom line then to spend relentless hours sorting receipts, categorizing them and ensuring they are entered into a proper accounting software that would make sense to your tax accountant at year end. Outsourcing your bookkeeping is a smart way to save hundreds, even thousands of dollars a year, just by being organized and accurate with your numbers. Your tax accountant will thank you!
Benefits of Bookkeeping Services:
The Three key features are:
Tax planning
Cash flow management
Management controls |
Three benefits the features offers:
Reduce tax liabilities
Peace of mind
Higher profits |
Tax Planning -
How would you like to be the coach of a basketball team, but were not allowed to see the score, nor the statistics until the end of the game? Does it surprise you that many small business owners run their businesses this way?
Many small business owners just collect all their financial information in a box during the year. After the year is over, they will drop these on a tax preparer’s desk, and hope the tax person can figure the assortment of papers out. The tax preparer then does his/her best to sort through the materials, and arrive at the information the CCRA is looking for. Then a phone call to the wearied business owner will notify him/her of the damages.
It doesn’t take much imagination to realize that this is no way to manage a business. With information available throughout the year, a business can take advantage of tax deductions and tax planning concepts that will reduce taxes for the owner. It’s not unusual to save the business more on taxes than you charge them in fees for a year.
Cash Flow -
Every business owner knows that cash is the ‘life blood’ of the business. Without it the business suffers, and in many cases is forced to close. On the other hand, with proper cash flow management, a business owner can make the best use of his/her cash, and anticipate cash needs in time to arrange for financing, if necessary.
Furthermore, knowing the bank balance is not enough. A business can have a sizable bank balance, but be in terrible shape. Our role is to go beyond the bank balance, and see further cash needs and resources.
Not only will you be able to provide the business owner with accurate lists of cash resources (current assets), but you will also assist them in collecting accounts receivable, reducing their tax burden, and acquiring financing through preparing all the necessary documentation for the bank, investor, or finance company. The fact that you are helping them with their accounting will improve the chances of them getting a loan, as banks deeply recognize the value of good financial record keeping.
Management Controls -
Would you ever drive your car blind-folded? Of course not, that would be not only foolish but probably have tragic consequences. Yet, so many businesses have the blindfold on when they operate their business. They have no idea where they’ve been, where they’re at, or where they plan to go. Is there any wonder why one-third of all businesses close in the first 6 months of existence?
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