We know what it takes to succeed and have helped countless Edmonton and area business owners to do so. As a small to medium-size business owner, your time should be spent on the most valuable task of GROWING your business. Stuart and Company offers full bookkeeping services to manage your company finances.
Here are ten reasons you should consider our bookkeeping services, according to Entrepeneur VIP contributor, Peter Daisyme, (10 Reasons You Should Hire a Bookkeeper for Your Startup , March 2017):
Keep your focus on core business needs.
A startup needs the attention of its founder, including his or her attention to growing the idea into a viable product or service. That means that, as that founder, your time should be devoted to strategy, marketing, funding and other key areas that require your focus over the daily operational tasks of a business.
Stay out of what you don’t really know or understand.
Not many founders have backgrounds in finance or even a working knowledge of accounts payable, accounts receivable and taxes. It’s better that a professional who took courses and was certified in these areas handle those aspects of the business.
Calibrate a work-life balance.
While you could focus on core business needs and handle everything else in your startup, the problem is you’ll have no time left at the end of the day or week for yourself or your loved ones. Therefore, you’ll be missing that balance every person needs in order to stay healthy and not burn out on what you are doing.
Get a different perspective on the business.
Your bookkeeper can put the financials in order and run reports showing how you are doing each month, where the funds are going and how your efforts are paying off (or might need improving upon). He or she will give you that “big picture” through the numbers being crunched.
Escape the tedious aspects of business.
It’s hard to imagine that the financial aspects of your business make you excited. You likely have no passionate feelings about tallying up payroll or writing checks to pay the bills.
However, your bookkeeper may enjoy those tasks, so it makes sense to hand over these areas to someone who does them — and does them well — because of that motivation.
Make sure everything is paid on time.
Between traveling, keeping the startup moving forward, putting out the daily fires that pop up and staying balanced, something most likely gets left out along the way. And that often ends up being the bills that need to get paid.
You don’t want your credit impacted by late or forgotten payments, so put a bookkeeper in charge to give you the confidence that everything has been handled on time.
Ensure correct tax filings.
The last thing you want is to get audited or have the taxman after you just because you forgot those quarterly or annual tax filings. Depending on the type of business structure you’ve created for your startup, you will have various tax requirements, including estimated tax payments, corporate tax payments, and other filings.
Maintain cash flow.
Because you are so busy, you may not realize that there are outstanding payments from your client base. Any late payments here could infringe upon the cash flow you need to keep your startup humming along.
Resolve conflicts of interest with any business partners.
With more than one founding partner, issues could arise where each partner has some idea of how the money should be spent and how to easily access it. Otherwise, conflict could arise that could impede the progress of your startup.
Reduce the cost of financial obligations.
Although you may think you save money by doing everything yourself, the fact is that a professional bookkeeper actually saves you more. That’s because there is a reduced level of risk for human error, lack of knowledge, missed payments and tax obligation due dates and delayed accounts receivable.
Engaging Stuart and Company to do your bookkeeping ensures that records are kept exact, allowing you to receive up-to-date information quickly and accurately.
Contact us to discuss your bookkeeping needs.