Are you tired of looking for reliable bookkeeping in Calgary? Look no further—we’ve got the solution you’re looking for right here.
If you are a small business owner in Calgary, you are most likely passionate about succeeding. After all, Calgary is a competitive city filled with opportunities and potential. But, much like other small businesses, you are probably not too sure about your accounting.
To succeed, you must know how your operations work and have an understanding of cash flow. This will lead to a more secure period of growth and financial stability. Who knew running a business would mean thinking about these things?
One of the factors you must consider is whether to bring in an expert to help you with this aspect of your business. Like most small business owners, you are probably reluctant to get an accountant. We’re here to tell you that you should at least get a professional bookkeeper to help you with the financial viewpoint of the business.
You already have your hands full in operating your business, and becoming a bookkeeper is not realistic. Yet, a dedicated bookkeeper can make sense of the numbers and enter data and interpret it. This is why having a great bookkeeper is important for your small business.
Besides helping you with your daily business accounts, bookkeepers can do a lot more. They can also manage company bank accounts and categorize transactions. For example, if you happen to use your credit card for a company expense: the mingling of personal and business expenses can lead to problems. A competent bookkeeper can categorize such transactions for reimbursement.
Also, bookkeeping firms offer administrative services such as managing payroll and processing paychecks. Besides that, they can also manage timesheets for your employees. It is common for firms to offer both bookkeeping and administration services at the same time.
How Much Are Bookkeeping And Accounting Service Fees?
One reason why most small businesses are reluctant to get a bookkeeper is because of the costs. It is true that bookkeeping services in Calgary can cost you money. We’d like to think of them as an essential part of your success; bookkeepers are an investment, not an expense.
Bookkeeping rates vary depending on what sort of services you need. Factors that affect bookkeeping rates are:
- Company size
- Number of monthly transactions
- Number of employees
- Payroll processing
- Number of expense accounts
- Number of credit cards
- Number of invoices to send out
- Number of bills to pay
- Balance sheets to reconcile
How Much Are Bookkeeping Services in Calgary?
The average hourly rate of full-time bookkeeping services in Calgary is $23.74. This rate can vary from as low as $17 to as high as $32. So while having an in-person bookkeeper may be a wise choice for some, many small businesses opt for an outsourced solution.
Outsourcing a bookkeeping service can be a bit daunting at first. Yet, it can be a low-cost and straightforward solution that helps your business expand. There are plenty of outsourcing options available. The prices for these options range from project-only rates to hourly and flat rates.
On top of that, there are virtual bookkeeping firms that can help you succeed no matter where you are. You can get a whole virtual bookkeeping staff without creating an in-house department. Whether you operate in Calgary or Edmonton, there are virtual bookkeeping services to cater to your business needs.
Finding Bookkeeping Firms In Calgary That Suit Your Needs (and Budget)
There are variations in what in-person and virtual bookkeeping can provide for your business. In-person or local bookkeeping is usually the go-to for small businesses. If you are a small business, you will most likely be more comfortable looking for someone within close proximity.
However, as of late, in-person and virtual bookkeepers are becoming alike in the service they offer. The critical difference in both is accessibility. Chances are, your bookkeeping options in Calgary are limited. With virtual bookkeeping, you can get the same service regardless of where you are on the globe.
What To Look For In A Bookkeeper?
To help you in finding a bookkeeper, virtual or in-person, here are a few criteria you should look for:
Paperwork
How do they deal with your paperwork? Do you have to deliver your paperwork by hand, or can you scan it and send it to them via email?
Finance Software Integration
Do they use off-the-shelf software or a customized app for your specific needs? For example, do you need to buy the software to access your books or download them on the go?
Experience
What are their experiences? Do they have experience in conventional as well as modern industries like e-commerce?
Taxes
Besides the usual tax adjustments, do they offer to fill your taxes for you, or do they hand it to a third-party accountant?
Payments
What are their payment methods? For example, do they charge by the hour or per month? Do they have a monthly minimum payment or do they offer a flat monthly rate?
Benefits of Having A Bookkeeper
An accurate measure of success or failure is possible with bookkeeping. It allows you to account for every dollar you make and spend—providing you with an insight into making wise financial decisions.
On top of that, having a good bookkeeper at your disposal means you will be compliant with business tax laws; there will be less to worry about when facing an audit. As an added benefit, having a bookkeeper allows you to spot suspicious transactions. There is always a possibility that your business experiences fraud and embezzlement, and having a trustworthy bookkeeper means they can detect anomalies in your finances.
Calgary is a thriving and bustling city filled with opportunities. Together with due diligence and the right kind of help, a small business like yours can flourish. Running a business is no easy feat; there are tons of factors to consider. If you are just getting your business off the ground, a lot will not make any sense, especially with your finances.
As a business owner, you have a lot on your plate in running your operations. Doing your own bookkeeping is extremely impractical. Getting the help of a bookkeeper allows you to concentrate on what is important: making sure the rest of your business runs smoothly.
In A Nutshell
Many small businesses are reluctant to hire a bookkeeper because of the costs but the benefits of having a bookkeeper outweigh the fees. Put it in mind that bookkeepers are an investment rather than an expense.
Other than the typical recording of transactions, bookkeepers can do so much more. Don’t limit yourself to the services available around you, and know that if you are looking for professional bookkeeping in Calgary or any other place in Canada, there are great options online to try.