06 Oct 4 Ways Great Bookkeeping Provides a Platform for Small Business Growth
Avoiding financial headaches is one of the keys to having a great platform for growth. One of the easiest ways to set up for success is with excellent bookkeeping. Here are the top four reasons why:
- It frees time to work on growing our small business.
Let’s be real, great bookkeeping can happen only when the bookkeeper is well trained, and regularly supported by an accountant. Most small business owners are not great bookkeepers. This means to get great bookkeeping, it is out-sourced, and the small business owners gets to spend more time shining in their area of expertise.
- Peace of mind makes us more productive
With great bookkeeping, there are no worries about having to do bookkeeping, government audits, dealing with the government, and getting through the year-end accounting process.
- Understanding where we’re at helps us make informed business decisions.
Great bookkeeping results in accurate monthly financial reports that make sense to the non-accountant mind. The information in the statements can be used to make sound business decisions for your small business.
- Hard earned money is used to create more income, rather than wasted on government penalties.
Great bookkeeping means the information needed to file payroll remittances, GST returns and income tax returns, is ready in plenty of time to meet the Canada Revenue Agency (CRA) filing deadlines.