Disclaimer: Please note this article is not financial advice. The purpose of our blog is purely educational, so please consult a professional accountant or financial advisor before making any financial decision.
One of the struggles of small business owners is handling a mountain of never-ending tasks by themselves or with a few pairs of hands. Some of the signs that you need a bookkeeper are when you no longer have time to make invoices, set budgets, and categorize your expenses. It’s tempting to forgo these tasks when you’re just starting out, but it could lead to problems in the long run.
Very few people make a successful business grow by doing everything by themselves. So, as with any other field, having a team to keep you on track and motivated makes a company last. Include in your group a professional bookkeeper to keep track of your finances for you! Find the right team for your brand that offers professional bookkeeping Ottawa services to help your small business grow. Here is a short guide on how a bookkeeper can help you and your commerce journey.
Help Track Business Finances to Avoid Failure
It takes beyond human focus and energy to keep things in order and follow your plans exactly as you imagined them. It may work for a few weeks or months but working too hard alone is not sustainable for you and your business. When you start experiencing signs of burnout and demotivation, your business will be affected. And once your brand starts to slow in growth, you might not be lucky enough to get it running as it used to.
One of the top reasons why businesses fail is having poor money management and having disorganized finances. Small Business Administration or SBDC consultants shared tips for small business owners to avoid failure. One of those tips is making and building a strong team which includes a CPA or someone to handle the financial side, like a bookkeeper. Ottawa bookkeeping services or remote accounting can help your business stay afloat and grow.
Bookkeepers Can Help You Have More Time for Other Things
A successful brand is, of course, the goal, but if it causes health issues and a lack of time for family, will it still be worth it? Work-life balance is important for a healthy body and mind.
The bookkeeper will be handling many financial aspects of your business, so you don't have to. They will dedicate hours to sort out the mountains of data, so your company's finances are sorted and organized, while you enjoy more time for other things that matter too!
What Tasks Can the Bookkeeper Do?
Don't make a mistake hiring a CPA when you need a bookkeeper. They are both in the accounting field but have different roles. So how will you know if a bookkeeping service is what you're looking for? Here are some of the bookkeeping tasks you need to know:
- Categorize expenses and income and link them to the company bank account
- Set a system for the invoice
- Send an invoice for your clients (can send outstanding invoices too)
- Pay your bills for you
- Set payroll or communicate with your third-party payroll company
- Prepare monthly financial statements and discuss them with you
- Some bookkeepers can make a year-end report for when you need to pay tax. However, not all of them include a tax service in their list of services.
These are the common tasks a bookkeeper will be in charge of. However, it's still best to discuss with Ottawa bookkeeping solutions what services you expect and what they can offer.
Conclusion
Being a business owner can be a daunting position, especially if you handle most work for your brand or firm, and it’s growing every day. In addition, there are not many hours in a day for you to possibly take on every financial task, something that requires the most critical eye. So for you to give your full focus and energy to the things that can build your business, why not look into bookkeeping firms in Ottawa or remote solutions to get your finances down.
With the help of professional accounting services like Unloop, you'll have an expert by your side who will work tirelessly to make sure all your accounts are in order and that you stay compliant with any necessary regulations. So keep your online business on the right financial track with Unloop!