How Much is 5-10 Hours of Your Time Worth?
The average small business spends 5-10 hours a month doing their own books. What’s that worth to you?
At the beginning, you may want to save money. If so, ask yourself:
- Why would I waste my time doing this?
- How much does doing the books myself contribute to the bottom line of my business?
- Wouldn’t I rather bill someone for my time and energy?
Less Stress and More Peace-of-mind
Using a bookkeeping professional helps you to reduce stress. You no longer have to worry about whether you’re doing everything right, or if you'll receive a big fine for a late tax payment, payroll remittance or inaccurate payroll.
Good bookkeeping is critical in managing the financial aspects of your farm or small business.
One common mistake small business owners make is that they don’t pay enough attention to doing their books or keeping them up-to-date.
Accurate and up-to-date bookkeeping can help you:
- Be more profitable
- Make timely and informed business decisions
- Secure loans or attract new business partners
- Complete GST/HST/PST returns
- Prepare accurate and complete tax returns, both personal and business
- Ensure you're protected when dealing with CRA and audit situations
- Complete applications for grants and rebates
A timely and consistent payroll system can ensure:
- Employees are paid on time
- CRA remittances are accurate and on time to avoid penalties
Bookkeeping could be the second most important thing you need to do to manage a successful business. The most important thing you need to focus on is creating revenue by obtaining new customers and serving existing customers.
Unfortunately, bookkeeping and payroll tasks can be very time consuming and take you away from more important things. Wouldn’t it be great if someone tackled this stuff for you?
Choosing the Right Bookkeeping Solution for Your Farm or Small Business
Whether you want a basic paper record keeping system, a professional bookkeeper to handle all your record keeping and payroll, or just want an online accounting system to help you with your small business bookkeeping (FBC Members receive access to Kashoo for free), we have a solution that will meet your needs.
Call us today at 1-800-265-1002 to get started.
FBC has the solution that will meet your bookkeeping needs. We’ll manage your books so you can focus on what you do best.
Good records will make preparing your taxes a lot easier and a lot less stressful whether you do them yourself or you work with a tax professional from FBC.