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Michael Pignatelli, CPA
CEO, Unloop

All resources

Energy, money, and time. Most businesses problematize saving these resources since they are quite challenging to make and maintain. Without a sufficient amount of these resources, your business’s movement will be limited.

Inadequate resources will weigh down your business, but there is a way to get around this with bookkeeping and tax preparation services. Having the right bookkeeper for your business will significantly improve the status of your business direction without costing you too much.

If you’re a startup business or online seller who’s seeking leads for affordable bookkeeping without compromising service or product quality, this is the perfect read for you. In this article, we will discuss a few tips to save your business resources and how bookkeeping in Mississauga can be a game-changer for your career. These are proven tips that have worked for countless institutions and corporations out there. Read to find out more about Mississauga bookkeeping services.

Tips to Save Business Resources: Bookkeeping in Mississauga

Running a business comes with a lot of responsibilities, including your obligation to spend on equipment, facilities, productions, and manpower. As time goes by, you might find yourself questioning if your business is capable of succeeding. This gets even worse when you become problematic about spending more yet are earning less.

Regardless of your business landscape, there is a remedy to this issue. Below are five (5) key strategies to save more on valuable resources. Keep in mind that the goal of this article is to promote convenient and worthy investing solutions, and not to cultivate the idea of asking for cheap or free services and items.

  • Take a look at your connections: Small and medium businesses find ways to survive the harsh competition by contacting friends and business partners who can link them to services that meet their needs and budget.

Should you lack connections, there are websites where experts come together and offer commissions at relatively lower costs.

  • Negotiate with suppliers: It’s not a secret that you could be paying less as long as your suppliers are willing to accommodate your requests. In case bargaining for a better deal will cause you more trouble than it should, there are companies online that keep their services from 15–20% off.

You may conduct a background check and book a consultation to make the necessary arrangements.

  • Shift to a paperless setup: Amidst technological advancements, there is no point in restocking biodegradable office supplies. Not only do they add to expenses, but they also accumulate physical waste and compel individuals to manually write documents instead of typing them.

If you want a fast and practical option for note-taking, evaluations, and typing of agreements, there are seamless and interactive online document sites where you can simply upload a digital word or PDF file, share it with your respective audience, and have it electronically signed or edited.

  • Incorporate assistive technology: Use various software, artificial intelligence, automated extensions, robots, and other virtual personal assistants. The purpose of these technologies is not to replace human labor but to help them in tasks that seem impossible to do on their own.

This process also makes repetitive assignments quicker to finish like rescheduling an appointment, transcribing long paragraphs, and answering redundant questions from potential clients. By incorporating these, you will reduce burnout among employees and move your business forward without spending too much.

  • Hire a bookkeeper: These professionals can take charge of your finance department when employing an accountant is out of your budget. Bookkeepers assist online sellers, managers, and business owners by suggesting financial decisions to take.

At the same time, they keep track of your spending limit and allocation of resources. In the next section, you will find out how a bookkeeper can save your business.

Bookkeeping Services
A money box and electronic calculator

Saving With Bookkeeping in Mississauga

The backbone of successful financial planning comes from reliable accountants and bookkeepers. They ensure that your business’s legal responsibilities are well taken care of with bookkeeping tax services, they also organize your finances during audits. These experts are highly sought after and can be affordable; when you work hand in hand with them, you’ll be amazed by how far a small budget can go.

So how does a bookkeeper save your business and allocate your resources? The bookkeeper conducts research, assesses circumstances, and discusses recommendations, leaving the final decision up to the business owner. Before you disregard a bookkeeper’s advice, here’s what you should know about their job and how they save businesses:

  1. Bookkeepers handle your company’s tax savings obligations
  • They improve bookkeeping support services by adding a banking account.
  • They prevent missed or delayed payments by preparing and recording returns.
  • They stop the occurrence of “bad books” which will damage the business.
  1. Bookkeepers ensure that there is protection for your audits
  • They set a separate checkbook aside for transparent financial reports.
  • They improve your business’s chances of surviving without risking it.
  • They prepare for an IRS audit and prevent personal expenses on the business.
  1. Bookkeepers create less stressful and more sane management
  • They keep your books organized and simplify the way your finances are handled.
  • They clear your mind when something seems to be wrong with your finances.
  • They suggest feasible financial ideas when dealing with your resources.
  1. Bookkeepers improve the company’s decision-making process
  • They keep track and consider where the resources are entering and going.
  • They keep accurate records of the amount and reason behind the expenses.
  • They have a clear picture of your financial situation and can explain it further.
  1. Bookkeepers provide an exceptional analysis of your business
  • They inspect all your resources and observe if things are still worth financing.
  • They weigh the performance of your resources.
  • They translate and explain the costs of your business’s needs and plans.
  1. Bookkeepers make it easier for investors to see your value
  • They eliminate the risks from investing in another company’s services.
  • They provide valid and strong points when attracting investors to your business.
  • They present clear and concise data of your business’s financial standing.
  1. Bookkeepers enhance the general cash flow of your business
  • They fill up your monthly bank and financial statements in the right folder.
  • They inform you about which invoices have been and still need to be paid.
  • They settle financial disputes and give accurate predictions of your finances.

Bookkeeping services in Mississauga perform beyond what we have listed above. The message that we mainly want to send across is that financial success happens when we entrust this to the experts in that field. It’s nearly impossible to come up with a strategy and launch a business plan without thinking about what keeps and brings your resources together—finances. At the end of the day, factoring bookkeeping services into your expenses will be a great investment for your business. 

Was this article helpful? What other tips and strategies do you incorporate to save resources in your business? Share your insights by commenting below. We would love to hear from you!

Bookkeeping in Mississauga: How Businesses Save Resources
Watch Now

Energy, money, and time. Most businesses problematize saving these resources since they are quite challenging to make and maintain. Without a sufficient amount of these resources, your business’s movement will be limited.

Inadequate resources will weigh down your business, but there is a way to get around this with bookkeeping and tax preparation services. Having the right bookkeeper for your business will significantly improve the status of your business direction without costing you too much.

If you’re a startup business or online seller who’s seeking leads for affordable bookkeeping without compromising service or product quality, this is the perfect read for you. In this article, we will discuss a few tips to save your business resources and how bookkeeping in Mississauga can be a game-changer for your career. These are proven tips that have worked for countless institutions and corporations out there. Read to find out more about Mississauga bookkeeping services.

Tips to Save Business Resources: Bookkeeping in Mississauga

Running a business comes with a lot of responsibilities, including your obligation to spend on equipment, facilities, productions, and manpower. As time goes by, you might find yourself questioning if your business is capable of succeeding. This gets even worse when you become problematic about spending more yet are earning less.

Regardless of your business landscape, there is a remedy to this issue. Below are five (5) key strategies to save more on valuable resources. Keep in mind that the goal of this article is to promote convenient and worthy investing solutions, and not to cultivate the idea of asking for cheap or free services and items.

  • Take a look at your connections: Small and medium businesses find ways to survive the harsh competition by contacting friends and business partners who can link them to services that meet their needs and budget.

Should you lack connections, there are websites where experts come together and offer commissions at relatively lower costs.

  • Negotiate with suppliers: It’s not a secret that you could be paying less as long as your suppliers are willing to accommodate your requests. In case bargaining for a better deal will cause you more trouble than it should, there are companies online that keep their services from 15–20% off.

You may conduct a background check and book a consultation to make the necessary arrangements.

  • Shift to a paperless setup: Amidst technological advancements, there is no point in restocking biodegradable office supplies. Not only do they add to expenses, but they also accumulate physical waste and compel individuals to manually write documents instead of typing them.

If you want a fast and practical option for note-taking, evaluations, and typing of agreements, there are seamless and interactive online document sites where you can simply upload a digital word or PDF file, share it with your respective audience, and have it electronically signed or edited.

  • Incorporate assistive technology: Use various software, artificial intelligence, automated extensions, robots, and other virtual personal assistants. The purpose of these technologies is not to replace human labor but to help them in tasks that seem impossible to do on their own.

This process also makes repetitive assignments quicker to finish like rescheduling an appointment, transcribing long paragraphs, and answering redundant questions from potential clients. By incorporating these, you will reduce burnout among employees and move your business forward without spending too much.

  • Hire a bookkeeper: These professionals can take charge of your finance department when employing an accountant is out of your budget. Bookkeepers assist online sellers, managers, and business owners by suggesting financial decisions to take.

At the same time, they keep track of your spending limit and allocation of resources. In the next section, you will find out how a bookkeeper can save your business.

Bookkeeping Services
A money box and electronic calculator

Saving With Bookkeeping in Mississauga

The backbone of successful financial planning comes from reliable accountants and bookkeepers. They ensure that your business’s legal responsibilities are well taken care of with bookkeeping tax services, they also organize your finances during audits. These experts are highly sought after and can be affordable; when you work hand in hand with them, you’ll be amazed by how far a small budget can go.

So how does a bookkeeper save your business and allocate your resources? The bookkeeper conducts research, assesses circumstances, and discusses recommendations, leaving the final decision up to the business owner. Before you disregard a bookkeeper’s advice, here’s what you should know about their job and how they save businesses:

  1. Bookkeepers handle your company’s tax savings obligations
  • They improve bookkeeping support services by adding a banking account.
  • They prevent missed or delayed payments by preparing and recording returns.
  • They stop the occurrence of “bad books” which will damage the business.
  1. Bookkeepers ensure that there is protection for your audits
  • They set a separate checkbook aside for transparent financial reports.
  • They improve your business’s chances of surviving without risking it.
  • They prepare for an IRS audit and prevent personal expenses on the business.
  1. Bookkeepers create less stressful and more sane management
  • They keep your books organized and simplify the way your finances are handled.
  • They clear your mind when something seems to be wrong with your finances.
  • They suggest feasible financial ideas when dealing with your resources.
  1. Bookkeepers improve the company’s decision-making process
  • They keep track and consider where the resources are entering and going.
  • They keep accurate records of the amount and reason behind the expenses.
  • They have a clear picture of your financial situation and can explain it further.
  1. Bookkeepers provide an exceptional analysis of your business
  • They inspect all your resources and observe if things are still worth financing.
  • They weigh the performance of your resources.
  • They translate and explain the costs of your business’s needs and plans.
  1. Bookkeepers make it easier for investors to see your value
  • They eliminate the risks from investing in another company’s services.
  • They provide valid and strong points when attracting investors to your business.
  • They present clear and concise data of your business’s financial standing.
  1. Bookkeepers enhance the general cash flow of your business
  • They fill up your monthly bank and financial statements in the right folder.
  • They inform you about which invoices have been and still need to be paid.
  • They settle financial disputes and give accurate predictions of your finances.

Bookkeeping services in Mississauga perform beyond what we have listed above. The message that we mainly want to send across is that financial success happens when we entrust this to the experts in that field. It’s nearly impossible to come up with a strategy and launch a business plan without thinking about what keeps and brings your resources together—finances. At the end of the day, factoring bookkeeping services into your expenses will be a great investment for your business. 

Was this article helpful? What other tips and strategies do you incorporate to save resources in your business? Share your insights by commenting below. We would love to hear from you!

Read more

Businesses are not like certain plants that thrive with minimal to no supervision. As long as they’re left under the sun and rain, plants can survive. However, suppose you want your business to succeed and continue expanding. In that case, you need to monitor your sales constantly, the effects of your marketing campaigns, your areas for improvement, store optimization, and customer reviews—quite high-maintenance if you ask us.

You also need to check the money coming in and out of your business. Even if you can easily manage the tasks mentioned above, you can’t afford to multitask on financials. It may be best to delegate bookkeeping to experts, someone who’s trained in the field and can focus on tracking all your transactions.

We’ll explain why and get into more details about bookkeeping and the bookkeeping business services you can avail of.

The Role Of Bookkeepers and Accountants

There are two key people in a business you rely on upon regarding finances and money—the bookkeeper and the accountant. Unfortunately, many people think that the two are just the same and the roles they play are similar, but we’re here to let you know that the two are, in fact, separate roles. 

As the job title suggests, a bookkeeper keeps all the records of a company’s transactions on a physical or digital book or ledger. Some of the details a bookkeeper tracks are the following: assets, liabilities, equity, invoice, purchase records, receipts, bank transactions, loans, revenue, costs, expense, and revenue. 

Meanwhile, an accountant does all these: data analysis to check the health of a business, assistance for business owners to make sound decisions based on the company’s finances, and regular reports you can check to see the business's financial status. 

While the accountant may have bookkeeping knowledge and skills, the two are usually hired separately. For example, some companies have an in-house bookkeeper, delegating the analysis to a third-party accounting firm, while others hire both in the same way. Whichever your choice will be, a person should be tasked to monitor all transactions made within your business to provide accurate and timely financial records. 

The Importance of Bookkeeping In Your Business

There are several reasons why bookkeeping services for business are essential, especially if you do not have background knowledge on the tasks. Here are some of them:

Organized documentation

You may try to be your bookkeeper to save costs, but it's easy to get lost with all the tasks on your plate. Of course, there will be costs in hiring a bookkeeper, but the investment is well worth it. 

Valuable data for investors and loan application

If your bookkeeper correctly tracks all your assets, liabilities, expenses, and income, you’ll have data to pull during an investors’ meeting, loan application, or a similarly important event. 

Accurate accounting reports

A fine-looking sheet from a bookkeeper will help an accountant create a business report quickly. You’ll have the confidence that all details are accurate with a detail-oriented bookkeeper managing the tracking task. 

Forecasting and business plans

The reports created by the accountant from the raw data provided by the bookkeeper can help you, and your accountant forecasts your spending for the next month, quarter, or year. Through this, you can decrease the liabilities, increase assets, and increase profit. Furthermore, you don’t have to make uninformed guesses on important business decisions as all the complex monetary data are laid in front of you. 

bookkeeping business service

The Bookkeeping Software You Can Use

Advocates of traditional bookkeeping may have difficulty letting go of the notebook, the calculator, and even the excel file that took days to optimize, but technology is unstoppable. Today, you can even access the software on phones to make every bookkeeper's task to track easier. 

Quickbooks

Whether you are on your personal computer or your phone, you can access your books conveniently. For $1-$3.40/month, you can organize your company’s invoice, expenses, VAT, and generate reports. 

Freshbooks

Another software perfect for small to medium enterprises, freelancers, and even established businesses is Freshbooks. Your $6-$20 or customized pricing can go a long way when it comes to expenses, time, payments, and invoice tracking. Freshbooks can also generate all these data quickly into reports.

Xero

The thing about printed receipts is that in time, they fade, but not with Xero, as it allows you to save these receipts through a function called Hubdoc. Your quotes, invoices, bank transactions, and money in different currencies are all covered by Xero, so your $20-$40 investment is worth it. 

If you not yet ready to let go of conventional bookkeeping, you can use it in combination with this new software:

Bookkeeping Services: Calgary and Canada-based Firms

The software above is also designed for personal use, so it will be beneficial if you welcome the possibility of being your bookkeeper. Nonetheless, if you delegate your tasks to firms offering bookkeeping, Calgary-based or remotely. Here are some bookkeeping firms, Calgary-based, within Canada, or remote. 

  • Achen Henderson CPAs
  • Enkel Calgary Bookkeeping Services
  • Jibe Accounting
  • Versatile Accounting
  • All-Pro Bookkeeping Services
  • Geib and Company
  • FBC
  • EveryEntry
  • SAR Accounting & Tax Solutions
  • Andersen Tax

These firms have experienced bookkeepers and accountants you can partner with to help your business. Just make sure to give them a clear view of your business, so their reports and recommendations are more relevant. You can also rely on these firms for bookkeeping consulting services if you have in-house bookkeepers. 

Partner With Us!

If you are looking for accountants and bookkeepers to assist you, we, here at Unloop, got just what you need. 

We specialize in assisting Amazon and eCommerce sellers, retail sellers on Shopify, Walmart, and Woocommerce. As a business that sprouted from the field of eCommerce, we are well-versed in the challenges of tracking sales, orders, supplier payment, and expenses. Our skills are honed by experience, and our insights come from real-life situations we have experienced. 

As accountants and bookkeepers, we stay objective and rely on what the numbers show. 

We’d love to discuss our offers further, so don't hesitate to get in touch with us or give us a call. Our services are remote so that we can assist you anywhere you are in the world!

Facts About Bookkeeping Services Calgary Businesses and Startups Should Know
Watch Now

Businesses are not like certain plants that thrive with minimal to no supervision. As long as they’re left under the sun and rain, plants can survive. However, suppose you want your business to succeed and continue expanding. In that case, you need to monitor your sales constantly, the effects of your marketing campaigns, your areas for improvement, store optimization, and customer reviews—quite high-maintenance if you ask us.

You also need to check the money coming in and out of your business. Even if you can easily manage the tasks mentioned above, you can’t afford to multitask on financials. It may be best to delegate bookkeeping to experts, someone who’s trained in the field and can focus on tracking all your transactions.

We’ll explain why and get into more details about bookkeeping and the bookkeeping business services you can avail of.

The Role Of Bookkeepers and Accountants

There are two key people in a business you rely on upon regarding finances and money—the bookkeeper and the accountant. Unfortunately, many people think that the two are just the same and the roles they play are similar, but we’re here to let you know that the two are, in fact, separate roles. 

As the job title suggests, a bookkeeper keeps all the records of a company’s transactions on a physical or digital book or ledger. Some of the details a bookkeeper tracks are the following: assets, liabilities, equity, invoice, purchase records, receipts, bank transactions, loans, revenue, costs, expense, and revenue. 

Meanwhile, an accountant does all these: data analysis to check the health of a business, assistance for business owners to make sound decisions based on the company’s finances, and regular reports you can check to see the business's financial status. 

While the accountant may have bookkeeping knowledge and skills, the two are usually hired separately. For example, some companies have an in-house bookkeeper, delegating the analysis to a third-party accounting firm, while others hire both in the same way. Whichever your choice will be, a person should be tasked to monitor all transactions made within your business to provide accurate and timely financial records. 

The Importance of Bookkeeping In Your Business

There are several reasons why bookkeeping services for business are essential, especially if you do not have background knowledge on the tasks. Here are some of them:

Organized documentation

You may try to be your bookkeeper to save costs, but it's easy to get lost with all the tasks on your plate. Of course, there will be costs in hiring a bookkeeper, but the investment is well worth it. 

Valuable data for investors and loan application

If your bookkeeper correctly tracks all your assets, liabilities, expenses, and income, you’ll have data to pull during an investors’ meeting, loan application, or a similarly important event. 

Accurate accounting reports

A fine-looking sheet from a bookkeeper will help an accountant create a business report quickly. You’ll have the confidence that all details are accurate with a detail-oriented bookkeeper managing the tracking task. 

Forecasting and business plans

The reports created by the accountant from the raw data provided by the bookkeeper can help you, and your accountant forecasts your spending for the next month, quarter, or year. Through this, you can decrease the liabilities, increase assets, and increase profit. Furthermore, you don’t have to make uninformed guesses on important business decisions as all the complex monetary data are laid in front of you. 

bookkeeping business service

The Bookkeeping Software You Can Use

Advocates of traditional bookkeeping may have difficulty letting go of the notebook, the calculator, and even the excel file that took days to optimize, but technology is unstoppable. Today, you can even access the software on phones to make every bookkeeper's task to track easier. 

Quickbooks

Whether you are on your personal computer or your phone, you can access your books conveniently. For $1-$3.40/month, you can organize your company’s invoice, expenses, VAT, and generate reports. 

Freshbooks

Another software perfect for small to medium enterprises, freelancers, and even established businesses is Freshbooks. Your $6-$20 or customized pricing can go a long way when it comes to expenses, time, payments, and invoice tracking. Freshbooks can also generate all these data quickly into reports.

Xero

The thing about printed receipts is that in time, they fade, but not with Xero, as it allows you to save these receipts through a function called Hubdoc. Your quotes, invoices, bank transactions, and money in different currencies are all covered by Xero, so your $20-$40 investment is worth it. 

If you not yet ready to let go of conventional bookkeeping, you can use it in combination with this new software:

Bookkeeping Services: Calgary and Canada-based Firms

The software above is also designed for personal use, so it will be beneficial if you welcome the possibility of being your bookkeeper. Nonetheless, if you delegate your tasks to firms offering bookkeeping, Calgary-based or remotely. Here are some bookkeeping firms, Calgary-based, within Canada, or remote. 

  • Achen Henderson CPAs
  • Enkel Calgary Bookkeeping Services
  • Jibe Accounting
  • Versatile Accounting
  • All-Pro Bookkeeping Services
  • Geib and Company
  • FBC
  • EveryEntry
  • SAR Accounting & Tax Solutions
  • Andersen Tax

These firms have experienced bookkeepers and accountants you can partner with to help your business. Just make sure to give them a clear view of your business, so their reports and recommendations are more relevant. You can also rely on these firms for bookkeeping consulting services if you have in-house bookkeepers. 

Partner With Us!

If you are looking for accountants and bookkeepers to assist you, we, here at Unloop, got just what you need. 

We specialize in assisting Amazon and eCommerce sellers, retail sellers on Shopify, Walmart, and Woocommerce. As a business that sprouted from the field of eCommerce, we are well-versed in the challenges of tracking sales, orders, supplier payment, and expenses. Our skills are honed by experience, and our insights come from real-life situations we have experienced. 

As accountants and bookkeepers, we stay objective and rely on what the numbers show. 

We’d love to discuss our offers further, so don't hesitate to get in touch with us or give us a call. Our services are remote so that we can assist you anywhere you are in the world!

Read more

In the path to business success, the light that will guide your way is accounting. A well-managed cash flow is the way to grow your business and achieve the profit you are aiming for. That’s why among all other tasks you should do to make your business thrive, accounting should be at the top of your priorities. It will give you a full view of the money you are spending and earning, and you can check if your business is indeed profitable. 

accounting firms in Calgary

If you do not have a background in accounting, good news: you can always delegate the task to accounting firms in Calgary. Here are the top choices. 

Versatile Accounting & Tax

Location

Suite 302A, 301 14 St NW, Calgary, AB T2N 2A1

Services Offered

Ideally, you should register for tax the moment you open for business. However, many entrepreneurs choose to delay this step until tax season comes. 

You can save yourself from the stress: Versatile Account & Tax is an accounting firm in Calgary that can handle your corporate tax, goods and services tax, personal tax planning, filing, and compliance.

The firm’s bookkeeping services include monitoring your business or nonprofit organization’s financial status and helping you make sense of it. You can also delegate the payroll processing task to them. Aside from these, they offer audit and review engagement. 

MMT Chartered Professional Accountants 

5212–7005, Fairmount Drive SE, Calgary, AB, T2H 0K4

Location

Services Offered

Whether you are a doctor, a lawyer, a dentist, a real estate agent, or a business owner, if you are looking for a chartered account in Calgary, you’ll find the services offered by MMT Chartered Professional Accountants satisfactory to your needs. 

  • Assurance and accounting
  • Business and corporate tax filing
  • Business advisory
  • Trust and estate tax
  • Financing advisory
  • Personal tax filing

These services include everything you need if you are starting a business. The firm offers bookkeeping, financial projections, business plans, and more. It will also handle tax, which is one of the most tedious tasks to accomplish in a business, especially with ever-changing tax regulations

Shajani LLP Professional Accountants

Location

#200, 1721 10 Avenue SW, Calgary, AB, T3C 0K1

Services Offered

In running a business, analyzing, planning, and forecasting your finances are just as essential as monitoring your cash flow and staying on top of your taxes. You can get all these services from Shajani LLP Professional Accountants. A Calgary-based chartered accountant from the firm can assist you with the following:

  • Tax planning
  • Financial statements, including compilation, review, and audit
  • Consultation
  • Bookkeeping

These are the essential accounting services you need, especially when starting a business. The firm is a one-stop shop for finance monitoring, analysis, and forecasting. 

accounting firm in calgary

Jibe Accounting

Location

2032 33 Ave SW #204, Calgary, AB T2T 1Z4

Services Offered

Businesses, whether they are a startup or a big one, should always have accounting. If you have a fledgling enterprise, accounting ensures sound decision-making and the growth of your business. For larger businesses, accounting ensures stability and longevity. 

Jibe Accounting caters to both physical and online startups and small businesses. Consultants, real estate brokers, and investors, on the other hand, can access these services:

  • Corporate and personal tax
  • Tax planning and incorporation
  • Financial statements
  • Bookkeeping

Geib and Company

Location

#1020–10201 Southport Rd SW, Calgary, AB T2W 4X9

Services Offered

Family businesses tend to be informal, but that doesn’t mean you do not need to track your expenses, income, losses, and profit. Geib and Company can assist with family business accounting as well as other services.

  • Corporate accounting
  • Small business accounting
  • Professional accounting
  • Construction accounting

Under each leading service are several tasks such as bookkeeping, assurance and financial reporting, cash flow and budget management, and payroll to assist you in your current business status.

KD Professional Services

Location

102, 221 18th Street SE, Calgary, AB, T2E 6J5

Services Offered

KD Professional Accounting Services (Calgary) will help you with your accounting needs, decision-making, and strategy formulation. It covers services about business and insurance, turning money into gold, and other benefits. 

The firm is also extremely helpful for small to medium businesses.  

  • Corporate services
  • Tax planning
  • Bookkeeping
  • Audit support
  • Personal tax services
  • Incorporating registry

Other services include analysis, reports, and consultation, so you can expect the firm to check your business finances consistently. 

Unloop

Location

Calgary, Alberta, Canada/Remote Service Around Canada

Services Offered 

If you are looking for accountants who speak your language and have firsthand experience in e-commerce business management, Unloop has them. 

Unloop is a company that has established a successful accounting business and wants to replicate its success to other startups and small business owners. What sets their services apart is their experience and technical expertise.

  • Accounting and bookkeeping
  • Financial statements
  • Technological integration of reports
  • Monthly reporting

Unloop lets you try their service for free, and you can cancel anytime. 

Work with Unloop

Accounting brings many benefits, especially when done as soon as you open your business. It will keep track of your finances through the reports, and you can use the data you got for decision-making. If there are any financial challenges, you will detect them easily, if not in advance, because of forecasting. With that, you can mitigate the problem or prevent it from occurring through proper planning. 

We have listed the top Calgary accounting firms. The next step is to choose who will provide the services you need and create a partnership.

Unloop can just be the accounting firm you are looking for. Contact us at 877-421-7270 so that we can discuss our services.

Entrust Your Company Finances to the Best: Top 7 Accounting Firms in Calgary
Watch Now

In the path to business success, the light that will guide your way is accounting. A well-managed cash flow is the way to grow your business and achieve the profit you are aiming for. That’s why among all other tasks you should do to make your business thrive, accounting should be at the top of your priorities. It will give you a full view of the money you are spending and earning, and you can check if your business is indeed profitable. 

accounting firms in Calgary

If you do not have a background in accounting, good news: you can always delegate the task to accounting firms in Calgary. Here are the top choices. 

Versatile Accounting & Tax

Location

Suite 302A, 301 14 St NW, Calgary, AB T2N 2A1

Services Offered

Ideally, you should register for tax the moment you open for business. However, many entrepreneurs choose to delay this step until tax season comes. 

You can save yourself from the stress: Versatile Account & Tax is an accounting firm in Calgary that can handle your corporate tax, goods and services tax, personal tax planning, filing, and compliance.

The firm’s bookkeeping services include monitoring your business or nonprofit organization’s financial status and helping you make sense of it. You can also delegate the payroll processing task to them. Aside from these, they offer audit and review engagement. 

MMT Chartered Professional Accountants 

5212–7005, Fairmount Drive SE, Calgary, AB, T2H 0K4

Location

Services Offered

Whether you are a doctor, a lawyer, a dentist, a real estate agent, or a business owner, if you are looking for a chartered account in Calgary, you’ll find the services offered by MMT Chartered Professional Accountants satisfactory to your needs. 

  • Assurance and accounting
  • Business and corporate tax filing
  • Business advisory
  • Trust and estate tax
  • Financing advisory
  • Personal tax filing

These services include everything you need if you are starting a business. The firm offers bookkeeping, financial projections, business plans, and more. It will also handle tax, which is one of the most tedious tasks to accomplish in a business, especially with ever-changing tax regulations

Shajani LLP Professional Accountants

Location

#200, 1721 10 Avenue SW, Calgary, AB, T3C 0K1

Services Offered

In running a business, analyzing, planning, and forecasting your finances are just as essential as monitoring your cash flow and staying on top of your taxes. You can get all these services from Shajani LLP Professional Accountants. A Calgary-based chartered accountant from the firm can assist you with the following:

  • Tax planning
  • Financial statements, including compilation, review, and audit
  • Consultation
  • Bookkeeping

These are the essential accounting services you need, especially when starting a business. The firm is a one-stop shop for finance monitoring, analysis, and forecasting. 

accounting firm in calgary

Jibe Accounting

Location

2032 33 Ave SW #204, Calgary, AB T2T 1Z4

Services Offered

Businesses, whether they are a startup or a big one, should always have accounting. If you have a fledgling enterprise, accounting ensures sound decision-making and the growth of your business. For larger businesses, accounting ensures stability and longevity. 

Jibe Accounting caters to both physical and online startups and small businesses. Consultants, real estate brokers, and investors, on the other hand, can access these services:

  • Corporate and personal tax
  • Tax planning and incorporation
  • Financial statements
  • Bookkeeping

Geib and Company

Location

#1020–10201 Southport Rd SW, Calgary, AB T2W 4X9

Services Offered

Family businesses tend to be informal, but that doesn’t mean you do not need to track your expenses, income, losses, and profit. Geib and Company can assist with family business accounting as well as other services.

  • Corporate accounting
  • Small business accounting
  • Professional accounting
  • Construction accounting

Under each leading service are several tasks such as bookkeeping, assurance and financial reporting, cash flow and budget management, and payroll to assist you in your current business status.

KD Professional Services

Location

102, 221 18th Street SE, Calgary, AB, T2E 6J5

Services Offered

KD Professional Accounting Services (Calgary) will help you with your accounting needs, decision-making, and strategy formulation. It covers services about business and insurance, turning money into gold, and other benefits. 

The firm is also extremely helpful for small to medium businesses.  

  • Corporate services
  • Tax planning
  • Bookkeeping
  • Audit support
  • Personal tax services
  • Incorporating registry

Other services include analysis, reports, and consultation, so you can expect the firm to check your business finances consistently. 

Unloop

Location

Calgary, Alberta, Canada/Remote Service Around Canada

Services Offered 

If you are looking for accountants who speak your language and have firsthand experience in e-commerce business management, Unloop has them. 

Unloop is a company that has established a successful accounting business and wants to replicate its success to other startups and small business owners. What sets their services apart is their experience and technical expertise.

  • Accounting and bookkeeping
  • Financial statements
  • Technological integration of reports
  • Monthly reporting

Unloop lets you try their service for free, and you can cancel anytime. 

Work with Unloop

Accounting brings many benefits, especially when done as soon as you open your business. It will keep track of your finances through the reports, and you can use the data you got for decision-making. If there are any financial challenges, you will detect them easily, if not in advance, because of forecasting. With that, you can mitigate the problem or prevent it from occurring through proper planning. 

We have listed the top Calgary accounting firms. The next step is to choose who will provide the services you need and create a partnership.

Unloop can just be the accounting firm you are looking for. Contact us at 877-421-7270 so that we can discuss our services.

Read more

Not many people realize how important it is to have an accountant in their business until they’re faced with challenging situations that require the wisest financial decision. However, it’s never too late to comprehend how much impact an accountant can have on your company.

Small Business Accounting

Any institution that operates on a budget and hires employees needs an accountant, from massive corporations, academic institutions, and government units to startups. It may seem intimidating, but don’t worry: we’re here to help. This article will give you small business accounting advice and tips your brand should employ in this digital generation.

Importance of Small Business Accounting

Only 30% of small businesses can afford to hire an accountant to address various financial concerns. It explains why many startups are unstable: they have no expert to consult to scrutinize the distribution of financial resources. If you’ve met an accountant before, their objectives are largely grounded in the principle of avoiding costly mistakes. Every expense in the financial statement is there for a reason.

Budgeting is another area where many startups fail because they mix their business finances with personal financial needs, blurring the line between what they should be spending on and what they are spending on. Before these small businesses realize what they are doing, they have blown out their budget at the expense of their employees’ salaries.

Nobody wants unforeseen expenses, and, in the context of organizations, we all want transparency. Accountants can deliver in this regard, and they are motivated to drive a company toward its most advantageous financial position. 

Do you think that’s all there is to it? Here are some reasons why it’s important that you work hand in hand with an accountant. 

  • They always choose the best business structure. This crucial step significantly impacts how your business should pay its taxes, what paperwork needs to be filed, and what your personal liabilities are. Remember that each time you change into a different business structure, it results in tax consequences and other corporate complications.
  • They are reliable when it comes to fixing budgeting, forecasting, and cash flow management issues. Accountants are responsible for developing, projecting, and optimizing the flow of cash. At the same time, they analyze, interpret, and recommend how a business spends its money to rebalance its budget and debt. With their help, you will go down the path of business success.
  • They effectively process the company’s payroll system. Understanding how much to pay your employees is difficult if you are operating without an accountant. To effectively run your business and fairly distribute finances and potential liabilities, the accountant will compute the payroll deductions (depending on each individual’s withholdings) and present a payslip to show the salary breakdown.
  • They are in charge of tax planning assignments. Other than performing their legal duties to your business, an accountant is in charge of making tax planning strategies. There are different kinds of tax strategies, such as deferring or accelerating income, deferring or accelerating expenses, and implementing a retirement account. At the end of the day, your accountant provides you with the lowest tax liabilities, which should cut down your company’s expenses.
  • They apply their professional knowledge to other departmental concerns. You may come across accountants that perform duties beyond the ones we mentioned above. These duties include business consulting, employee benefits and HR handling, management of accounts payable or accounts receivable, and software recommendations.

With this information, you can see how reliable accountants are in addressing time-consuming and stressful tasks. They serve as advisors, and seeking their professional services is the most practical way to surpass challenges in the business world. Next, we will look at some business accounting tips used across the e-commerce industry.

business-accounting

Tips for Small Business Accounting

It is becoming an outdated practice to use spreadsheets in small business accounting when there are more efficient and more technologically advanced alternatives. 

Encoding data into a specific accounting system has never been easier with the help of AI. Before you know it, you’re making more money while reducing the amount of time it takes to generate the data.

In the e-commerce landscape, AI is powered by cloud accounting systems. They help in storing and organizing the financial data of your company. 

Does your accountant love to go paperless? If so, you have more reasons to check out the accounting tips we’ve gathered below:

  1. Take note of rules related to categorization. This tip applies to both AI- and non-AI-assisted accounting procedures. Categorization is the foundation of most cloud accounting systems. Hence, your accountant should be conscious of any small business accounting documents because some transfers are under “owner distributions” while others are for “reimbursements” and so on.
  1. Focus on the expenses of your business. As you set up the rules of each recorded transaction using your AI-based system, you need to examine the categories of these expenses. By looking at the type of spending, you can identify its category and take care of the complex transactions.
  1. Use a maximum of 20 categories. Having more than 20 categories will be difficult to keep up with as you seek small business accounting help. Your accountant should focus on up to three primary performance indicators, while the other categories can be anchored on satisfying tax obligations.

As categories are made, the naming convention should be general enough to cover most types of expenses. Keeping documents organized is also a must for accountants.

  1. Be sure to keep your bank connections live. Various bugs and integration errors can happen. These need to be fixed quickly, alongside your bank connection.

Refresh all these lines and make routine reconnections of your business’s bank connection. Should the process be unsuccessful, you need to retry before requesting technical assistance.

  1. Facilitate a verification for your general ledger. Understanding your general ledger is not an easy task on the first try. You need to conduct a review of all the transactions happening in the accounting system based on category or account.

As you compare your data against the computer’s records, you can skip the detailed review for bank and credit accounts and go right over to the income and expenses category. 

You will need a keen eye for a thorough investigation and evaluation of the transactions to detect any errors. There are AI systems that can aid accountants in this step, but nothing can replace the manual process itself.

  1. Double-check for any duplicated accounts. When using an AI system in the accounting field, it might prompt you to match a banking transaction with an invoice or bill.

It is a convenient feature that streamlines reconciliations. Just ensure that there are no duplicated accounts. Also, check the bank account register for any manual transactions and confirm if there are some things that do not match with the bank statement.

There are so many reasons to hire an accountant. Their skills drive the direction of businesses forward, so we need to appreciate them more. After all, small businesses would not expand without taking the necessary step of employing an accountant. 

Did this article teach you anything new about small business accounting? Share your insights by commenting below. We would love to hear from you!

Small Business Accounting: Your Guide to Taking the Next Step with a Professional Accountant
Watch Now

Not many people realize how important it is to have an accountant in their business until they’re faced with challenging situations that require the wisest financial decision. However, it’s never too late to comprehend how much impact an accountant can have on your company.

Small Business Accounting

Any institution that operates on a budget and hires employees needs an accountant, from massive corporations, academic institutions, and government units to startups. It may seem intimidating, but don’t worry: we’re here to help. This article will give you small business accounting advice and tips your brand should employ in this digital generation.

Importance of Small Business Accounting

Only 30% of small businesses can afford to hire an accountant to address various financial concerns. It explains why many startups are unstable: they have no expert to consult to scrutinize the distribution of financial resources. If you’ve met an accountant before, their objectives are largely grounded in the principle of avoiding costly mistakes. Every expense in the financial statement is there for a reason.

Budgeting is another area where many startups fail because they mix their business finances with personal financial needs, blurring the line between what they should be spending on and what they are spending on. Before these small businesses realize what they are doing, they have blown out their budget at the expense of their employees’ salaries.

Nobody wants unforeseen expenses, and, in the context of organizations, we all want transparency. Accountants can deliver in this regard, and they are motivated to drive a company toward its most advantageous financial position. 

Do you think that’s all there is to it? Here are some reasons why it’s important that you work hand in hand with an accountant. 

  • They always choose the best business structure. This crucial step significantly impacts how your business should pay its taxes, what paperwork needs to be filed, and what your personal liabilities are. Remember that each time you change into a different business structure, it results in tax consequences and other corporate complications.
  • They are reliable when it comes to fixing budgeting, forecasting, and cash flow management issues. Accountants are responsible for developing, projecting, and optimizing the flow of cash. At the same time, they analyze, interpret, and recommend how a business spends its money to rebalance its budget and debt. With their help, you will go down the path of business success.
  • They effectively process the company’s payroll system. Understanding how much to pay your employees is difficult if you are operating without an accountant. To effectively run your business and fairly distribute finances and potential liabilities, the accountant will compute the payroll deductions (depending on each individual’s withholdings) and present a payslip to show the salary breakdown.
  • They are in charge of tax planning assignments. Other than performing their legal duties to your business, an accountant is in charge of making tax planning strategies. There are different kinds of tax strategies, such as deferring or accelerating income, deferring or accelerating expenses, and implementing a retirement account. At the end of the day, your accountant provides you with the lowest tax liabilities, which should cut down your company’s expenses.
  • They apply their professional knowledge to other departmental concerns. You may come across accountants that perform duties beyond the ones we mentioned above. These duties include business consulting, employee benefits and HR handling, management of accounts payable or accounts receivable, and software recommendations.

With this information, you can see how reliable accountants are in addressing time-consuming and stressful tasks. They serve as advisors, and seeking their professional services is the most practical way to surpass challenges in the business world. Next, we will look at some business accounting tips used across the e-commerce industry.

business-accounting

Tips for Small Business Accounting

It is becoming an outdated practice to use spreadsheets in small business accounting when there are more efficient and more technologically advanced alternatives. 

Encoding data into a specific accounting system has never been easier with the help of AI. Before you know it, you’re making more money while reducing the amount of time it takes to generate the data.

In the e-commerce landscape, AI is powered by cloud accounting systems. They help in storing and organizing the financial data of your company. 

Does your accountant love to go paperless? If so, you have more reasons to check out the accounting tips we’ve gathered below:

  1. Take note of rules related to categorization. This tip applies to both AI- and non-AI-assisted accounting procedures. Categorization is the foundation of most cloud accounting systems. Hence, your accountant should be conscious of any small business accounting documents because some transfers are under “owner distributions” while others are for “reimbursements” and so on.
  1. Focus on the expenses of your business. As you set up the rules of each recorded transaction using your AI-based system, you need to examine the categories of these expenses. By looking at the type of spending, you can identify its category and take care of the complex transactions.
  1. Use a maximum of 20 categories. Having more than 20 categories will be difficult to keep up with as you seek small business accounting help. Your accountant should focus on up to three primary performance indicators, while the other categories can be anchored on satisfying tax obligations.

As categories are made, the naming convention should be general enough to cover most types of expenses. Keeping documents organized is also a must for accountants.

  1. Be sure to keep your bank connections live. Various bugs and integration errors can happen. These need to be fixed quickly, alongside your bank connection.

Refresh all these lines and make routine reconnections of your business’s bank connection. Should the process be unsuccessful, you need to retry before requesting technical assistance.

  1. Facilitate a verification for your general ledger. Understanding your general ledger is not an easy task on the first try. You need to conduct a review of all the transactions happening in the accounting system based on category or account.

As you compare your data against the computer’s records, you can skip the detailed review for bank and credit accounts and go right over to the income and expenses category. 

You will need a keen eye for a thorough investigation and evaluation of the transactions to detect any errors. There are AI systems that can aid accountants in this step, but nothing can replace the manual process itself.

  1. Double-check for any duplicated accounts. When using an AI system in the accounting field, it might prompt you to match a banking transaction with an invoice or bill.

It is a convenient feature that streamlines reconciliations. Just ensure that there are no duplicated accounts. Also, check the bank account register for any manual transactions and confirm if there are some things that do not match with the bank statement.

There are so many reasons to hire an accountant. Their skills drive the direction of businesses forward, so we need to appreciate them more. After all, small businesses would not expand without taking the necessary step of employing an accountant. 

Did this article teach you anything new about small business accounting? Share your insights by commenting below. We would love to hear from you!

Read more

Financial management plays an essential role in the growth of a business. You have to spend your money wisely and keep a healthy cash flow at the same time. As your company grows, financial responsibilities increase, and trying to handle everything by yourself might give you a hard time. When you’re in such a situation, you could efficiently use business bookkeeping services to handle your company finances. 

bookkeeping company business partners meeting about finances

But before going straight ahead into hiring a bookkeeping company, it will be helpful to consider a couple of significant factors in hiring the right people. Do you need a bookkeeping firm or a bookkeeping freelancer? What are your bookkeeping expectations, and what services do bookkeepers provide? How can you recognize a reliable company? These are some essential points you should ponder about.  

Let us go over the basics of bookkeeping first and make the final decision after. 

What Are Bookkeeping Services?

A bookkeeper takes charge of the overall management of a business's financial processes. They’re responsible for promoting a secure, healthy budget and uniformity in the company's financial tasks. 

Some of the jobs done by a bookkeeper include (but aren’t limited to) the following:

  • Handling regular account management
  • Tracking and processing financial transactions (deposits, payroll, payables, receivables, and more)
  • Creating an accounting data file that conforms to your business needs
  • Producing consistent financial reports every month
  • Bookkeeping and tax preparation services, such as noting changes in taxes and withholding
  • Conducting bank statement reconciliation to ensure accuracy of the account balance
  • Assisting in IRS audits/reports
  • Reviewing and issuing reports to solve critical issues and maintain bookkeeping accuracy

Bookkeeping vs. Accounting

Bookkeeping and accounting are commonly thought to be one and the same. While both matter greatly to a business, they have a significant difference you should understand. 

Bookkeepers handle administrative and transactional tasks, such as payments, receipts, and sales. Accountants, on the other hand, interpret, analyze, and report insights from the bookkeeping data.

How to Know If You Need a Bookkeeping Firm

Even though bookkeeping services are considered a business necessity, you might still wonder why your business, in particular, needs them. 

There are two main types of bookkeeping services: firm and freelance. It’s best to have justifiable reasons for choosing to hire a firm instead of a freelancer. Here are some key differences.

Freelance Bookkeeping

Freelance bookkeepers are suitable for simpler processes. Compared to bookkeeping companies, they charge lower hourly or flat rates. Note that they have more freedom with their schedule. It means they won’t be regularly available and you’ll have less control over their working hours. You also need to make sure that they’re using the same bookkeeping tools as your company. 

If you’re looking for a freelancer, it will be great to work with one who is experienced in businesses like yours. They should also be attentive to details to avoid errors and miscommunication. 

Bookkeeping Company

On the other hand, a firm has diverse bookkeeping teams to offer instead of just one person. A bookkeeping firm, unlike a freelancer, is regularly available to work with. However, you will need to pay more, usually an hourly or monthly charge. Since they have a range of bookkeepers, their expertise may vary, so it's crucial to know about their capability beforehand. 

Now that you know the differences between bookkeeping services, let's find the right people.

Characteristics of a Good Bookkeeping Company

If you're looking for a reliable company for bookkeeping services, here are factors to consider when making your hiring decision.

Day-to-Day Availability

One of the primary characteristics of bookkeeping companies that set them apart from freelancers is availability. They have multiple employees, so they’re less likely to leave you hanging.

Excellent Communication

Communication is key, and that applies to financial management too. Find a company with excellent bookkeeping support services. They should discuss the most complex matters in easily understood ways, listen to your opinions, and be proactive in following up.

Upon your first consultation, see if the company asks for vital business information that will help them provide a good service. They should respect your pace of learning and adjust accordingly to it.  

bookkeeping company software quickbooks

Updated Technological Know-How

Look for a company that uses the latest business software to best accomplish bookkeeping tasks. If data is needed to create a bookkeeping and tax services business plan, your bookkeeper should use tools that accurately process income statements, expense receipts, tax deductions, and more. The tools they use show how much the company wants to be as efficient a bookkeeper as possible.  

Industry Experience

Bookkeepers with extensive experience in your industry certainly have more to offer. When it comes to ensuring secure, healthy finances, they provide customized reports for your niche. From bookkeeping tax services reports to key performance indicators fitting your industry, hiring bookkeepers with industry expertise is a smart move. 

Bookkeeping Certifications

Certifications are not legally required for bookkeeping. However, it's still helpful to ask for these documents since they reflect their expertise level. You can ask for either an American Institute of Professional Bookkeepers (AIPB) certification or a National Association of Certified Public Bookkeepers (NACPB) certification.

Conclusion

Finding a good company for bookkeeping needn't be difficult. However, it will be helpful if you understand the essential information about bookkeeping before sealing the deal. Overall, having bookkeeping experts help with your business finances is good, so do not hesitate to look for one! 

Keep Your Finances Intact with the Right Bookkeeping Company
Watch Now

Financial management plays an essential role in the growth of a business. You have to spend your money wisely and keep a healthy cash flow at the same time. As your company grows, financial responsibilities increase, and trying to handle everything by yourself might give you a hard time. When you’re in such a situation, you could efficiently use business bookkeeping services to handle your company finances. 

bookkeeping company business partners meeting about finances

But before going straight ahead into hiring a bookkeeping company, it will be helpful to consider a couple of significant factors in hiring the right people. Do you need a bookkeeping firm or a bookkeeping freelancer? What are your bookkeeping expectations, and what services do bookkeepers provide? How can you recognize a reliable company? These are some essential points you should ponder about.  

Let us go over the basics of bookkeeping first and make the final decision after. 

What Are Bookkeeping Services?

A bookkeeper takes charge of the overall management of a business's financial processes. They’re responsible for promoting a secure, healthy budget and uniformity in the company's financial tasks. 

Some of the jobs done by a bookkeeper include (but aren’t limited to) the following:

  • Handling regular account management
  • Tracking and processing financial transactions (deposits, payroll, payables, receivables, and more)
  • Creating an accounting data file that conforms to your business needs
  • Producing consistent financial reports every month
  • Bookkeeping and tax preparation services, such as noting changes in taxes and withholding
  • Conducting bank statement reconciliation to ensure accuracy of the account balance
  • Assisting in IRS audits/reports
  • Reviewing and issuing reports to solve critical issues and maintain bookkeeping accuracy

Bookkeeping vs. Accounting

Bookkeeping and accounting are commonly thought to be one and the same. While both matter greatly to a business, they have a significant difference you should understand. 

Bookkeepers handle administrative and transactional tasks, such as payments, receipts, and sales. Accountants, on the other hand, interpret, analyze, and report insights from the bookkeeping data.

How to Know If You Need a Bookkeeping Firm

Even though bookkeeping services are considered a business necessity, you might still wonder why your business, in particular, needs them. 

There are two main types of bookkeeping services: firm and freelance. It’s best to have justifiable reasons for choosing to hire a firm instead of a freelancer. Here are some key differences.

Freelance Bookkeeping

Freelance bookkeepers are suitable for simpler processes. Compared to bookkeeping companies, they charge lower hourly or flat rates. Note that they have more freedom with their schedule. It means they won’t be regularly available and you’ll have less control over their working hours. You also need to make sure that they’re using the same bookkeeping tools as your company. 

If you’re looking for a freelancer, it will be great to work with one who is experienced in businesses like yours. They should also be attentive to details to avoid errors and miscommunication. 

Bookkeeping Company

On the other hand, a firm has diverse bookkeeping teams to offer instead of just one person. A bookkeeping firm, unlike a freelancer, is regularly available to work with. However, you will need to pay more, usually an hourly or monthly charge. Since they have a range of bookkeepers, their expertise may vary, so it's crucial to know about their capability beforehand. 

Now that you know the differences between bookkeeping services, let's find the right people.

Characteristics of a Good Bookkeeping Company

If you're looking for a reliable company for bookkeeping services, here are factors to consider when making your hiring decision.

Day-to-Day Availability

One of the primary characteristics of bookkeeping companies that set them apart from freelancers is availability. They have multiple employees, so they’re less likely to leave you hanging.

Excellent Communication

Communication is key, and that applies to financial management too. Find a company with excellent bookkeeping support services. They should discuss the most complex matters in easily understood ways, listen to your opinions, and be proactive in following up.

Upon your first consultation, see if the company asks for vital business information that will help them provide a good service. They should respect your pace of learning and adjust accordingly to it.  

bookkeeping company software quickbooks

Updated Technological Know-How

Look for a company that uses the latest business software to best accomplish bookkeeping tasks. If data is needed to create a bookkeeping and tax services business plan, your bookkeeper should use tools that accurately process income statements, expense receipts, tax deductions, and more. The tools they use show how much the company wants to be as efficient a bookkeeper as possible.  

Industry Experience

Bookkeepers with extensive experience in your industry certainly have more to offer. When it comes to ensuring secure, healthy finances, they provide customized reports for your niche. From bookkeeping tax services reports to key performance indicators fitting your industry, hiring bookkeepers with industry expertise is a smart move. 

Bookkeeping Certifications

Certifications are not legally required for bookkeeping. However, it's still helpful to ask for these documents since they reflect their expertise level. You can ask for either an American Institute of Professional Bookkeepers (AIPB) certification or a National Association of Certified Public Bookkeepers (NACPB) certification.

Conclusion

Finding a good company for bookkeeping needn't be difficult. However, it will be helpful if you understand the essential information about bookkeeping before sealing the deal. Overall, having bookkeeping experts help with your business finances is good, so do not hesitate to look for one! 

Read more

The financial aspect of a business plays a significant part in the overall issues of most companies. Whether you're a startup or a vastly growing company, adjustments in managing business costs can be a daunting task. Moreover, financial management is only a part of the many factors that keep a business running. That could be overwhelming if the same few people are dealing with all aspects. 

bookkeeping business takes part

This is where a bookkeeping business takes part. If you find it difficult to work things out financially and still have other issues to take care of, bookkeeping business services can help you. Here's a discussion on how they help you handle a business's financial concerns.

What is a Bookkeeping Business?

Bookkeepers are responsible for managing a business's financial, administrative, and transactional processes. They ensure accurate and updated records and documents of all transactions processed in and out of the organization.  

Some of these jobs include regular account management, tracking financial transactions, producing monthly reports, conducting bank statements, and other related tasks. However, unlike accounting, bookkeeping services for business focus on collecting and documenting data instead of interpreting or analyzing them. That's the critical difference between bookkeeping and accounting: a bookkeeper collects data, while an accountant provides insights based on the data. 

What are the Different Types of Bookkeeping Businesses?

There are different types of bookkeeping services with different strengths and weaknesses to fit specific business needs. Below are the most common types of services.

In-House Bookkeeping

A bookkeeper works as a regular company employee and handles all bookkeeping responsibilities. Therefore, you don't have to outsource. It would be easier to communicate necessary financial information and monitor the assignee immediately. However, this is not the best idea for a tight budget because of the cost. 

Virtual Bookkeeping

How about going for cloud-based bookkeeping? If you're a company with simple financial transactions, prefer monthly fees over hourly billing, and find it efficient to communicate via online or phone, this is perfect for you. You will be connected through bookkeeping and accounting software to access financial reports and transactions.  

Local Bookkeeping 

Local bookkeepers are outsourced individuals or teams. They are classified into two types: freelancers and bookkeeping firms.

Firm

Bookkeeping firms have teams that serve more than one company/client. They are regularly available and capable of immediate substitutes, which means you don't have to worry about staff shortages. However, they cost more than a freelance bookkeeper and are usually paid monthly instead of hourly. Nevertheless, if you're up for it, they're worth the investment since they offer a lot of assurance.

Freelancer

Freelance bookkeepers work individually. They charge lower rates than a bookkeeping firm, but that also comes with a carefree schedule. As a result, they could be unavailable when you need them, which leaves you hanging with your bookkeeping issues. But don't fret; as long as you pick a freelance bookkeeper with excellent expertise in your industry, things will do well for you. 

During your consultation, discuss all essentials to ensure you're working with someone who can be of great help. For example, ask about the bookkeeping software. See if the freelancer communicates well. Ensure that the bookkeeper is keen on details to avoid committing errors. 

Most Common Financial Issues of a Business and How Bookkeepers Deal With Them

Some business owners, especially those who run small businesses, would often try to do the bookkeeping independently. It is not entirely wrong if you have the basic skills for it, but sooner or later, other business aspects will need your attention, too. As a business owner, you are responsible for supervising overall operations, training employees, and expanding the network. 

Bookkeeping tasks take up a lot of your time, which interferes with your other important duties. Fortunately,  you can get bookkeeping and administration services to handle your financial management. Leave this task to a professional team of bookkeeping and consulting services.

bookkeeping business meeting hands only

Source  

Making a Mistake in the Data Entry

Humans make mistakes; that's a known and acceptable fact. However, your business is a different matter, and even a tiny error can cause a massive loss in your finances. You can make an error for various reasons: either you're distracted with other aspects of your business, not familiar with the bookkeeping tool, or misinterpreted the bookkeeping data. 

Bookkeeper's Solution: With the help of a bookkeeping business, you can avoid such mistakes. Bookkeepers have a proactive approach by carefully reviewing data and seeking rooms for improvement to prevent errors.  

Not Enough Bookkeeping/Accounting Knowledge

Not having enough knowledge in bookkeeping tasks is a problem, especially key information. Of course, you can start learning the basics and familiarize yourself with the terms and documents, but that takes up a lot of time. 

Bookkeeper's Solution: Bookkeeping professionals already mastered basic and advanced knowledge, so that can save up a lot of your time. They can explain complex subjects in ways that you can easily understand. Having a bookkeeper doesn't prevent you from learning; it saves you time and makes learning easier.

The Records are Inconsistent

Proper and regular documentation of a business's financial records is a must. Constantly updated books are very important because they show current numbers you need to plan your next approach. But the lack of staff or knowledge in the documents to track leads to inconsistent records. 

Bookkeeper's Solution: A team dedicated to a specific job will do so much better and make you worry less about inconsistent records. One of the bookkeeper's tasks is to regularly update books and present them to you in a monthly report (or another specific schedule you agreed on).  

The Systems Used are Outdated 

You might not realize that the bookkeeping software you're using is already out of date. Since bookkeeping is not your primary job, it's understandable that you're not updated about it. An outdated bookkeeping system can't provide you instant and accurate reports, thus you experience redundant errors.

Bookkeeper's Solution: With a bookkeeper around, you don't need extensive research on systems. Professionals know the most recent and efficient tools to use for your books and can explain and demonstrate to you how the software helps conduct efficient bookkeeping tasks. 

The Cash Flow is Inconsistent

Managing the amount of money that goes in and out of your business can be very stressful, but they are significant aspects of a business. 82% of businesses fail because of poor cash flow. Therefore, you must work on them properly and ensure they serve as accurate sources of forecasting the cash flow.  

Bookkeeper's Solution: Worry no more with a dedicated bookkeeping business. They will be the ones to track account payables, receivables, payroll, inventory, and more. In addition, they will ensure that your books are consistently organized and updated, and the strategies you build from these data can address cash flow and profitability issues.

Irregular Monitoring of the Reports 

When you complete a financial report, that doesn't mean it's the end, and you can't be bothered looking into it anymore. You have to look at reports from time to time and compare them to plan your next move. There are different financial reports, and it can be overwhelming to monitor them all at once.

Bookkeeper's Solution: Bookkeepers usually set a consistent schedule for each report so they can regularly monitor all of them. Whether it's an income statement, a cash flow statement, or a balance sheet, bookkeepers have it all prepared with accurate information for reference.

Overlooking Small Transactions

Despite their quantity, small amounts of money matter significantly to a company's overall financial management. A business owner with ample responsibilities on his hands might overlook the minor details, which is not good. Every transaction makes a difference to the cash flow, so if you're unable to track that, you will end up with inaccurate data. 

Bookkeeper's Solution: Trying to figure out where and when that particular $10 or $20 were spent? The bookkeeper records every transaction involving the cash flow, so you get quick and precise answers when you find yourself asking, "where did the money go?" 

Unable to Comply with Set Dates

Failure to comply with due dates set for payment is a ticket to doom. You have to keep track of dates to pay loan covenants, deal with customer payments, review your financial statement, and other related appointments. If you can't process them on time, there will be some serious violations for you. In addition to that, you already have so much to do. You certainly don't want more issues to come up, especially being put in hot waters with the people you work with. 

Bookkeeper's Solution: Your bookkeeping department will prevent these dreadful scenarios from happening. Bookkeepers keep a regularly updated calendar for all of their tasks—daily, weekly, monthly, annual, and specific appointments are all covered. Rest assured that they will pass on these appointments to you in advance.

Conclusion

Before things get out of hand, trying out bookkeeping consulting services is a wise choice. Think ahead of the game and find a dedicated team to ensure your financial reports are organized and accurate. If you think it's costly to hire one, you can always choose from various services and find what works best. Think of it as a good investment in the long run. Instead of waiting for errors in your digits, prepare the solution beforehand with reliable bookkeeping and business services.

Troubleshooting Common Bookkeeping Woes With a Bookkeeping Business
Watch Now

The financial aspect of a business plays a significant part in the overall issues of most companies. Whether you're a startup or a vastly growing company, adjustments in managing business costs can be a daunting task. Moreover, financial management is only a part of the many factors that keep a business running. That could be overwhelming if the same few people are dealing with all aspects. 

bookkeeping business takes part

This is where a bookkeeping business takes part. If you find it difficult to work things out financially and still have other issues to take care of, bookkeeping business services can help you. Here's a discussion on how they help you handle a business's financial concerns.

What is a Bookkeeping Business?

Bookkeepers are responsible for managing a business's financial, administrative, and transactional processes. They ensure accurate and updated records and documents of all transactions processed in and out of the organization.  

Some of these jobs include regular account management, tracking financial transactions, producing monthly reports, conducting bank statements, and other related tasks. However, unlike accounting, bookkeeping services for business focus on collecting and documenting data instead of interpreting or analyzing them. That's the critical difference between bookkeeping and accounting: a bookkeeper collects data, while an accountant provides insights based on the data. 

What are the Different Types of Bookkeeping Businesses?

There are different types of bookkeeping services with different strengths and weaknesses to fit specific business needs. Below are the most common types of services.

In-House Bookkeeping

A bookkeeper works as a regular company employee and handles all bookkeeping responsibilities. Therefore, you don't have to outsource. It would be easier to communicate necessary financial information and monitor the assignee immediately. However, this is not the best idea for a tight budget because of the cost. 

Virtual Bookkeeping

How about going for cloud-based bookkeeping? If you're a company with simple financial transactions, prefer monthly fees over hourly billing, and find it efficient to communicate via online or phone, this is perfect for you. You will be connected through bookkeeping and accounting software to access financial reports and transactions.  

Local Bookkeeping 

Local bookkeepers are outsourced individuals or teams. They are classified into two types: freelancers and bookkeeping firms.

Firm

Bookkeeping firms have teams that serve more than one company/client. They are regularly available and capable of immediate substitutes, which means you don't have to worry about staff shortages. However, they cost more than a freelance bookkeeper and are usually paid monthly instead of hourly. Nevertheless, if you're up for it, they're worth the investment since they offer a lot of assurance.

Freelancer

Freelance bookkeepers work individually. They charge lower rates than a bookkeeping firm, but that also comes with a carefree schedule. As a result, they could be unavailable when you need them, which leaves you hanging with your bookkeeping issues. But don't fret; as long as you pick a freelance bookkeeper with excellent expertise in your industry, things will do well for you. 

During your consultation, discuss all essentials to ensure you're working with someone who can be of great help. For example, ask about the bookkeeping software. See if the freelancer communicates well. Ensure that the bookkeeper is keen on details to avoid committing errors. 

Most Common Financial Issues of a Business and How Bookkeepers Deal With Them

Some business owners, especially those who run small businesses, would often try to do the bookkeeping independently. It is not entirely wrong if you have the basic skills for it, but sooner or later, other business aspects will need your attention, too. As a business owner, you are responsible for supervising overall operations, training employees, and expanding the network. 

Bookkeeping tasks take up a lot of your time, which interferes with your other important duties. Fortunately,  you can get bookkeeping and administration services to handle your financial management. Leave this task to a professional team of bookkeeping and consulting services.

bookkeeping business meeting hands only

Source  

Making a Mistake in the Data Entry

Humans make mistakes; that's a known and acceptable fact. However, your business is a different matter, and even a tiny error can cause a massive loss in your finances. You can make an error for various reasons: either you're distracted with other aspects of your business, not familiar with the bookkeeping tool, or misinterpreted the bookkeeping data. 

Bookkeeper's Solution: With the help of a bookkeeping business, you can avoid such mistakes. Bookkeepers have a proactive approach by carefully reviewing data and seeking rooms for improvement to prevent errors.  

Not Enough Bookkeeping/Accounting Knowledge

Not having enough knowledge in bookkeeping tasks is a problem, especially key information. Of course, you can start learning the basics and familiarize yourself with the terms and documents, but that takes up a lot of time. 

Bookkeeper's Solution: Bookkeeping professionals already mastered basic and advanced knowledge, so that can save up a lot of your time. They can explain complex subjects in ways that you can easily understand. Having a bookkeeper doesn't prevent you from learning; it saves you time and makes learning easier.

The Records are Inconsistent

Proper and regular documentation of a business's financial records is a must. Constantly updated books are very important because they show current numbers you need to plan your next approach. But the lack of staff or knowledge in the documents to track leads to inconsistent records. 

Bookkeeper's Solution: A team dedicated to a specific job will do so much better and make you worry less about inconsistent records. One of the bookkeeper's tasks is to regularly update books and present them to you in a monthly report (or another specific schedule you agreed on).  

The Systems Used are Outdated 

You might not realize that the bookkeeping software you're using is already out of date. Since bookkeeping is not your primary job, it's understandable that you're not updated about it. An outdated bookkeeping system can't provide you instant and accurate reports, thus you experience redundant errors.

Bookkeeper's Solution: With a bookkeeper around, you don't need extensive research on systems. Professionals know the most recent and efficient tools to use for your books and can explain and demonstrate to you how the software helps conduct efficient bookkeeping tasks. 

The Cash Flow is Inconsistent

Managing the amount of money that goes in and out of your business can be very stressful, but they are significant aspects of a business. 82% of businesses fail because of poor cash flow. Therefore, you must work on them properly and ensure they serve as accurate sources of forecasting the cash flow.  

Bookkeeper's Solution: Worry no more with a dedicated bookkeeping business. They will be the ones to track account payables, receivables, payroll, inventory, and more. In addition, they will ensure that your books are consistently organized and updated, and the strategies you build from these data can address cash flow and profitability issues.

Irregular Monitoring of the Reports 

When you complete a financial report, that doesn't mean it's the end, and you can't be bothered looking into it anymore. You have to look at reports from time to time and compare them to plan your next move. There are different financial reports, and it can be overwhelming to monitor them all at once.

Bookkeeper's Solution: Bookkeepers usually set a consistent schedule for each report so they can regularly monitor all of them. Whether it's an income statement, a cash flow statement, or a balance sheet, bookkeepers have it all prepared with accurate information for reference.

Overlooking Small Transactions

Despite their quantity, small amounts of money matter significantly to a company's overall financial management. A business owner with ample responsibilities on his hands might overlook the minor details, which is not good. Every transaction makes a difference to the cash flow, so if you're unable to track that, you will end up with inaccurate data. 

Bookkeeper's Solution: Trying to figure out where and when that particular $10 or $20 were spent? The bookkeeper records every transaction involving the cash flow, so you get quick and precise answers when you find yourself asking, "where did the money go?" 

Unable to Comply with Set Dates

Failure to comply with due dates set for payment is a ticket to doom. You have to keep track of dates to pay loan covenants, deal with customer payments, review your financial statement, and other related appointments. If you can't process them on time, there will be some serious violations for you. In addition to that, you already have so much to do. You certainly don't want more issues to come up, especially being put in hot waters with the people you work with. 

Bookkeeper's Solution: Your bookkeeping department will prevent these dreadful scenarios from happening. Bookkeepers keep a regularly updated calendar for all of their tasks—daily, weekly, monthly, annual, and specific appointments are all covered. Rest assured that they will pass on these appointments to you in advance.

Conclusion

Before things get out of hand, trying out bookkeeping consulting services is a wise choice. Think ahead of the game and find a dedicated team to ensure your financial reports are organized and accurate. If you think it's costly to hire one, you can always choose from various services and find what works best. Think of it as a good investment in the long run. Instead of waiting for errors in your digits, prepare the solution beforehand with reliable bookkeeping and business services.

Read more

One of the many growing pains of your small business is the increasing volume of administrative tasks, particularly in bookkeeping. As a result, you face the dilemma of choosing whether to get bookkeeping services or do it yourself.

Growth is a good problem to have for small business owners like you. However, the decision of whether to outsource bookkeeping or not can make or break the growth of your business. We’re here to tell you that professional bookkeeping supports you and your business. Read on to find out why.

Bookkeeping as a Challenge for Growing Small Businesses

Bookkeeping touches on a lot of other challenges facing you as a small business owner. You want to be sure you’re getting an accurate reflection of your small business’s performance, which heavily relies on bookkeeping.

As your business grows, the volume of transactions follows. The bookkeeping workload increases too. As the data to be recorded increases, the more prone you are to missing a few transactions. 

Soon you will realize it’s becoming time-consuming to record all the transactions of your growing business. You may even dread doing it because you’re overwhelmed or you’d rather get back to looking for clients and selling, which you’d stopped doing for some time. Thus, your business ends up with poor bookkeeping, inaccurate financial reporting, and tax payments.

When bookkeeping becomes a challenge to small business owners, they tend to do it themselves or delegate it to an employee who has some bookkeeping skills. You, however, don’t have to do it yourself or get one of your employees to do it. Instead, you can find a reliable team of bookkeeping professionals who can go the extra mile.

What Do Bookkeepers Do Exactly

What Do Bookkeepers Do Exactly?

When you hear the word bookkeeper, your mind probably conjures an image of someone recording debits and credits, crunching numbers, and finding missing pennies. While this image is accurate, bookkeepers offer more than that. Here’s a quick rundown of a bookkeeper's services and what they can do for you.

Primary Bookkeeping Services

In the bookkeeping business, a bookkeeper is responsible for the following duties:

  • Classifying and analyzing transactions — Bookkeepers classify transactions according to their types, such as revenue, expenses, receivables, payables, acquisition, sale of company assets, withdrawal, or infusion of capital, before they put them down on a journal.
  • Recording — Commonly using the double-entry method, bookkeepers record the abovementioned transactions in two books: a journal and a ledger. These transactions will be used to make financial statements such as income statements, balance sheets, and cash flow statements.
  • Updating and correcting entries — Bookkeepers prepare all the unadjusted transactions recorded during the accounting period and find any discrepancies in the recording to keep the journal and the ledger entries up to date.
  • Reconciling and balancing entries — Bookkeepers conduct a trial balance and ensure that everything is accurate before handing it over to the accountant.

Additional Services

These are the duties bookkeepers can do that more or less overlap with their primary duties.

  • Bank account reconciliation — Bookkeepers reconcile the business’s bank accounts to ensure that the cash balance recorded in the books is in sync with the bank balances.
  • Payable and receivable supervision Bookkeepers oversee the ratio of payable and receivable transactions. They do this to ensure a healthy balance between the amounts owed and the amounts yet to be received.
  • Payroll — Bookkeepers can also do the company payroll to ensure the accuracy of the salary being disbursed.
  • Financial reporting — While an accountant usually does this, a bookkeeper can also perform this function when requested by an accountant or in the absence of one.

With all these duties broken down, it’s easy to see how much work a professional bookkeeper can take off your plate. Still not convinced? We explore its importance further in the next section. 

Importance of Bookkeeping Services for Small Business Growth

The Importance of Bookkeeping Services for Small Business Growth

Professional bookkeeping is invaluable for your business to grow and keep growing. Here are the reasons why.

  • It saves you time and money. You know the adage, “Time is money.” The task of keeping transaction records and everything in between is time-consuming. When bookkeeping sidetracks you from growing your business, profit slips through your fingers. Imagine how much time and money you can save when you hire a bookkeeper.
  • You get to know how your business is doing. For an owner of a growing business, knowledge is essential. You will want to know if you’re increasing your bottom line, keeping your costs low, and maintaining a healthy debt level with your growth efforts. Professional bookkeeping helps you find out all these things so that you can manage them effectively.
  • It keeps you in line with your taxes. As a business owner, it is your responsibility to ensure you’re paying the correct taxes and you’re following government regulations when doing so. Taxes can be complicated, so it’s a load of weight lifted off your shoulders when you get a booker to do that for you.

Unloop: A Bookkeeping Company That Helps Your Business Grow

Now you know how important it is to have a bookkeeper. That’s great, but you don’t want to just hire any accounting and bookkeeping services to do the job. You’ll want your bookkeeper to be as invested in the growth of your business as you are. You’ll want a partner, not an employee.

If this is the kind of bookkeeper you want, consider Unloop.

Unloop is a bookkeeping company that understands you because we are founders, too. We know how to help you grow your business by providing the following:

  • Low-cost but high-value bookkeeping solutions Unloop is not only your virtual bookkeeper but also your business partner. That’s why we keep the cost low while maintaining a high quality of service. 
  • Financial reports on a consistent basis — You don’t have to hire an accountant to prepare your financial statements. That’s part of what Unloop does, and we will send it to you consistently. As your partner, we will let you know if your business is growing.
  • Tech-savvy and efficient bookkeeping Unloop is well-versed in bookkeeping and accounting software, which allows us to record data and provide it to you on-demand. All you have to do is ask, anytime, anywhere.

If this gets you excited, try Unloop’s bookkeeping services for one month for free. Get to know how committed we are to the growth of your business today.

How Bookkeeping Services Support Small Business Growth
Watch Now

One of the many growing pains of your small business is the increasing volume of administrative tasks, particularly in bookkeeping. As a result, you face the dilemma of choosing whether to get bookkeeping services or do it yourself.

Growth is a good problem to have for small business owners like you. However, the decision of whether to outsource bookkeeping or not can make or break the growth of your business. We’re here to tell you that professional bookkeeping supports you and your business. Read on to find out why.

Bookkeeping as a Challenge for Growing Small Businesses

Bookkeeping touches on a lot of other challenges facing you as a small business owner. You want to be sure you’re getting an accurate reflection of your small business’s performance, which heavily relies on bookkeeping.

As your business grows, the volume of transactions follows. The bookkeeping workload increases too. As the data to be recorded increases, the more prone you are to missing a few transactions. 

Soon you will realize it’s becoming time-consuming to record all the transactions of your growing business. You may even dread doing it because you’re overwhelmed or you’d rather get back to looking for clients and selling, which you’d stopped doing for some time. Thus, your business ends up with poor bookkeeping, inaccurate financial reporting, and tax payments.

When bookkeeping becomes a challenge to small business owners, they tend to do it themselves or delegate it to an employee who has some bookkeeping skills. You, however, don’t have to do it yourself or get one of your employees to do it. Instead, you can find a reliable team of bookkeeping professionals who can go the extra mile.

What Do Bookkeepers Do Exactly

What Do Bookkeepers Do Exactly?

When you hear the word bookkeeper, your mind probably conjures an image of someone recording debits and credits, crunching numbers, and finding missing pennies. While this image is accurate, bookkeepers offer more than that. Here’s a quick rundown of a bookkeeper's services and what they can do for you.

Primary Bookkeeping Services

In the bookkeeping business, a bookkeeper is responsible for the following duties:

  • Classifying and analyzing transactions — Bookkeepers classify transactions according to their types, such as revenue, expenses, receivables, payables, acquisition, sale of company assets, withdrawal, or infusion of capital, before they put them down on a journal.
  • Recording — Commonly using the double-entry method, bookkeepers record the abovementioned transactions in two books: a journal and a ledger. These transactions will be used to make financial statements such as income statements, balance sheets, and cash flow statements.
  • Updating and correcting entries — Bookkeepers prepare all the unadjusted transactions recorded during the accounting period and find any discrepancies in the recording to keep the journal and the ledger entries up to date.
  • Reconciling and balancing entries — Bookkeepers conduct a trial balance and ensure that everything is accurate before handing it over to the accountant.

Additional Services

These are the duties bookkeepers can do that more or less overlap with their primary duties.

  • Bank account reconciliation — Bookkeepers reconcile the business’s bank accounts to ensure that the cash balance recorded in the books is in sync with the bank balances.
  • Payable and receivable supervision Bookkeepers oversee the ratio of payable and receivable transactions. They do this to ensure a healthy balance between the amounts owed and the amounts yet to be received.
  • Payroll — Bookkeepers can also do the company payroll to ensure the accuracy of the salary being disbursed.
  • Financial reporting — While an accountant usually does this, a bookkeeper can also perform this function when requested by an accountant or in the absence of one.

With all these duties broken down, it’s easy to see how much work a professional bookkeeper can take off your plate. Still not convinced? We explore its importance further in the next section. 

Importance of Bookkeeping Services for Small Business Growth

The Importance of Bookkeeping Services for Small Business Growth

Professional bookkeeping is invaluable for your business to grow and keep growing. Here are the reasons why.

  • It saves you time and money. You know the adage, “Time is money.” The task of keeping transaction records and everything in between is time-consuming. When bookkeeping sidetracks you from growing your business, profit slips through your fingers. Imagine how much time and money you can save when you hire a bookkeeper.
  • You get to know how your business is doing. For an owner of a growing business, knowledge is essential. You will want to know if you’re increasing your bottom line, keeping your costs low, and maintaining a healthy debt level with your growth efforts. Professional bookkeeping helps you find out all these things so that you can manage them effectively.
  • It keeps you in line with your taxes. As a business owner, it is your responsibility to ensure you’re paying the correct taxes and you’re following government regulations when doing so. Taxes can be complicated, so it’s a load of weight lifted off your shoulders when you get a booker to do that for you.

Unloop: A Bookkeeping Company That Helps Your Business Grow

Now you know how important it is to have a bookkeeper. That’s great, but you don’t want to just hire any accounting and bookkeeping services to do the job. You’ll want your bookkeeper to be as invested in the growth of your business as you are. You’ll want a partner, not an employee.

If this is the kind of bookkeeper you want, consider Unloop.

Unloop is a bookkeeping company that understands you because we are founders, too. We know how to help you grow your business by providing the following:

  • Low-cost but high-value bookkeeping solutions Unloop is not only your virtual bookkeeper but also your business partner. That’s why we keep the cost low while maintaining a high quality of service. 
  • Financial reports on a consistent basis — You don’t have to hire an accountant to prepare your financial statements. That’s part of what Unloop does, and we will send it to you consistently. As your partner, we will let you know if your business is growing.
  • Tech-savvy and efficient bookkeeping Unloop is well-versed in bookkeeping and accounting software, which allows us to record data and provide it to you on-demand. All you have to do is ask, anytime, anywhere.

If this gets you excited, try Unloop’s bookkeeping services for one month for free. Get to know how committed we are to the growth of your business today.

Read more

Accounting may cause a lot of headaches and become a source of stress, especially for business owners wanting to set up their books for the first time. With great business comes great accounting, which means the larger the business, the more challenging it is to manage its finances.

One of the fundamental decisions you must make in setting up your finances is deciding which type of accounting to use—cash basis or accrual basis. This article aims to explain the difference between these two and help you choose the best fit for your business needs.

How revenue and expenses are recognized and recorded spells out the main difference between cash and accrual accounting. Let’s take a closer look, shall we?

Cash Basis Accounting

Although cash basis accounting is relatively easy and simple to use, it also has its disadvantages and may not be appropriate for some businesses.

This type of accounting recognizes revenue only as soon as you’ve received the payment and not upon earning it. Meanwhile, it recognizes expense only once it’s been paid and not when it was incurred or billed by your supplier.

Basically, you get to easily track your cash flow with actual amounts that go in and out of your bank account. However, note that this alone does not provide an accurate picture of whether your business is doing well or not.

Accrual Basis Accounting

Accrual basis accounting, on the other hand, is more complicated than the former but offers more accurate and reliable information to aid you with your financial decisions.

Here, revenue is recognized the moment it is earned, regardless of whether or not the payment is already received; whereas, expense is recognized once it is incurred, following the same condition.

This follows the matching principle, an important concept in accrual accounting, wherein expense is recognized and recorded in the same period when the revenue is earned.

Now that you have the basic concepts of cash and accrual accounting, let’s understand these concepts better with the help of some examples.

Example 1:

The company made a credit sale on August 29 and sent an invoice to its customer on the same day, stating that the payment is due after 30 days. Although the payment is still due on September 29, the customer has already paid the amount due on September 25. In the company’s books, when will the revenue be recognized using cash basis accounting and accrual basis accounting?

In cash basis accounting, you will only recognize the revenue from the above sale on September 25—when you’ve received the payment from the customer and neither on the date you sent the sales invoice (i.e., August 29) nor on the payment’s due date (i.e., September 29).

However, in accrual basis accounting, you will already recognize the revenue on August 29 because this is when you have made the sale, although not necessarily the payment.

Example 2:

The company is billed by its lessor for its rent on March 23. The company only made its payment on April 30, when the payment was due. When will the company need to recognize the rent expense following cash basis accounting and accrual basis accounting?

In cash basis accounting, the company will need to record its rent expense on April 30—when the actual payment was made to the lessor.

For accrual basis accounting, the company will already have to record the rent expense on March 23—when the lessor billed the company. During this date, the expense is already considered as incurred regardless of its payment status.

Example 3:

In December, the company purchased its inventory of pajamas for $300 and sold them for a total amount of $700. How much is the related cost of goods sold during the same month when the sales were only $420 and 60% of the total inventory was sold? Note that the company uses accrual basis accounting.

In this example, following the matching principle under accrual basis accounting, the company should only record $180 [$300 x 60%] as the cost of goods sold to match the amount of sales of $420. Gross profit will be $240.

The company should not record the whole purchase amount of $300 as its cost of goods sold during the month. Accrual basis accounting will only allow you to expense those related to your current sales.

Assuming that the company both paid for the purchase of inventory and received payment for its sales in the month of December, the company will record its revenue for $420 but will also record the whole amount of $300 under cash basis accounting. This will generate a gross profit of $120 in the company’s books.

Moreover, let’s assume that in the next month (i.e., January), the company sold the remaining inventory (40% of total inventory) for $280. The same matching principle applies to accrual basis accounting; hence, the cost of goods sold will still be recognized based on the amount of sales. For sales amounting to $280, the corresponding cost of goods sold is $120 (40% of $300), yielding a gross profit of $160.

In cash basis accounting, the company will show a greater gross profit of $280 for the month of January since no additional purchases were made during this month. However, it does not mean that the company did better and is more profitable in January compared to December. 

Refer to the table below to compare the gross profit between the two types of accounting for Example 3.

DecemberJanuary
AccountCash BasisAccrual BasisCash BasisAccrual Basis
Sales$420$420$280$280
Cost of Goods Sold$300$180-$120
Gross Profit$120$240$280$160

This shows one of the disadvantages of cash basis accounting, wherein the amounts fluctuate depending on the cash inflow and outflow. These fluctuations may interfere with more consistent data, making it unideal for long-term analyses, such as profitability trends.

Conclusion

Ultimately, deciding which type of accounting to use for your business depends on your needs. Some may only need to track their actual cash flow; hence, cash basis accounting may be a better fit. Otherwise, if you need more detailed information about your numbers and performance, you’re better off with accrual basis accounting.

Cash Accounting vs. Accrual Accounting
Watch Now

Accounting may cause a lot of headaches and become a source of stress, especially for business owners wanting to set up their books for the first time. With great business comes great accounting, which means the larger the business, the more challenging it is to manage its finances.

One of the fundamental decisions you must make in setting up your finances is deciding which type of accounting to use—cash basis or accrual basis. This article aims to explain the difference between these two and help you choose the best fit for your business needs.

How revenue and expenses are recognized and recorded spells out the main difference between cash and accrual accounting. Let’s take a closer look, shall we?

Cash Basis Accounting

Although cash basis accounting is relatively easy and simple to use, it also has its disadvantages and may not be appropriate for some businesses.

This type of accounting recognizes revenue only as soon as you’ve received the payment and not upon earning it. Meanwhile, it recognizes expense only once it’s been paid and not when it was incurred or billed by your supplier.

Basically, you get to easily track your cash flow with actual amounts that go in and out of your bank account. However, note that this alone does not provide an accurate picture of whether your business is doing well or not.

Accrual Basis Accounting

Accrual basis accounting, on the other hand, is more complicated than the former but offers more accurate and reliable information to aid you with your financial decisions.

Here, revenue is recognized the moment it is earned, regardless of whether or not the payment is already received; whereas, expense is recognized once it is incurred, following the same condition.

This follows the matching principle, an important concept in accrual accounting, wherein expense is recognized and recorded in the same period when the revenue is earned.

Now that you have the basic concepts of cash and accrual accounting, let’s understand these concepts better with the help of some examples.

Example 1:

The company made a credit sale on August 29 and sent an invoice to its customer on the same day, stating that the payment is due after 30 days. Although the payment is still due on September 29, the customer has already paid the amount due on September 25. In the company’s books, when will the revenue be recognized using cash basis accounting and accrual basis accounting?

In cash basis accounting, you will only recognize the revenue from the above sale on September 25—when you’ve received the payment from the customer and neither on the date you sent the sales invoice (i.e., August 29) nor on the payment’s due date (i.e., September 29).

However, in accrual basis accounting, you will already recognize the revenue on August 29 because this is when you have made the sale, although not necessarily the payment.

Example 2:

The company is billed by its lessor for its rent on March 23. The company only made its payment on April 30, when the payment was due. When will the company need to recognize the rent expense following cash basis accounting and accrual basis accounting?

In cash basis accounting, the company will need to record its rent expense on April 30—when the actual payment was made to the lessor.

For accrual basis accounting, the company will already have to record the rent expense on March 23—when the lessor billed the company. During this date, the expense is already considered as incurred regardless of its payment status.

Example 3:

In December, the company purchased its inventory of pajamas for $300 and sold them for a total amount of $700. How much is the related cost of goods sold during the same month when the sales were only $420 and 60% of the total inventory was sold? Note that the company uses accrual basis accounting.

In this example, following the matching principle under accrual basis accounting, the company should only record $180 [$300 x 60%] as the cost of goods sold to match the amount of sales of $420. Gross profit will be $240.

The company should not record the whole purchase amount of $300 as its cost of goods sold during the month. Accrual basis accounting will only allow you to expense those related to your current sales.

Assuming that the company both paid for the purchase of inventory and received payment for its sales in the month of December, the company will record its revenue for $420 but will also record the whole amount of $300 under cash basis accounting. This will generate a gross profit of $120 in the company’s books.

Moreover, let’s assume that in the next month (i.e., January), the company sold the remaining inventory (40% of total inventory) for $280. The same matching principle applies to accrual basis accounting; hence, the cost of goods sold will still be recognized based on the amount of sales. For sales amounting to $280, the corresponding cost of goods sold is $120 (40% of $300), yielding a gross profit of $160.

In cash basis accounting, the company will show a greater gross profit of $280 for the month of January since no additional purchases were made during this month. However, it does not mean that the company did better and is more profitable in January compared to December. 

Refer to the table below to compare the gross profit between the two types of accounting for Example 3.

DecemberJanuary
AccountCash BasisAccrual BasisCash BasisAccrual Basis
Sales$420$420$280$280
Cost of Goods Sold$300$180-$120
Gross Profit$120$240$280$160

This shows one of the disadvantages of cash basis accounting, wherein the amounts fluctuate depending on the cash inflow and outflow. These fluctuations may interfere with more consistent data, making it unideal for long-term analyses, such as profitability trends.

Conclusion

Ultimately, deciding which type of accounting to use for your business depends on your needs. Some may only need to track their actual cash flow; hence, cash basis accounting may be a better fit. Otherwise, if you need more detailed information about your numbers and performance, you’re better off with accrual basis accounting.

Read more

Running a business may seem overwhelmingly rewarding, especially in today's outlook. With small businesses thriving online and successful low-capital startups emerging everywhere, one can say that it must be easy to run a business. Many business industries scale and expand so quickly once they find the right niche or product to sell. However, note that the cost of having great success also comes with the great responsibility of making sure all business records and financial data are intact and correct. 

Accurate bookkeeping can help the stakeholders make crucial business decisions. Reliable financial data is key to identifying the next step for the business venture. Apart from having the necessary data available, there should be a system, which ensures that all transactions are appropriately categorized for financial reports to be prompt and accurate. 

The following business elements explain why bookkeeping is important:

Cash 

Cash is the lifeblood of the entire operation. Everything in a business for profit is driven by cash, so it is imperative to ensure that all cash receipts and disbursements are accounted for. Constant reconciliations must be made between the movements in the bank statements and the books. We are in an age wherein almost all cash transactions are done via bank transfer or credit card. Although the bank statements automatically show the merchant or recipient for such transactions, the habit of appropriately categorizing it right after it takes place goes a long way when it is time to summarize those financial reports.

Inventory and Cost of Goods Sold 

When you buy inventory from a supplier, you need to account for it against the cost of goods sold. This amount is not just the sum total of all the payments incurred to the supplier. A $5.00 mug you have been sourcing from a reliable supplier may look profitable if you sell it for $20.00, but have you considered how much it costs to ship it to the warehouse and the customer? How about the customs fees and the various third-party salaries behind the shipment? There are numerous factors to consider when computing the actual selling price of a product and it will only get more complicated as the number of products or services increases. Having a reliable system for computing the cost of goods would be advantageous when reviewing the profitability per product or determining if the business is better off without it. 

Receivables and Payables 

Keeping track of one’s own dues and collections is still a manageable task for small businesses, but once the business starts to scale, overlooking new and old transactions flooding your ledgers becomes a whole ‘nother ballpark. Knowing which customers are prompt and reliable would be helpful in making a major decision, especially if the cash flow is currently tight. Setting time to organize a list of your supplier’s terms and due dates would maximize your cash position. Take advantage of early-bird discounts from specific vendors.

Sales

All cash receipts may pertain to revenue or sales, but you must also keep track of which ones to be recognized as other income. Some cash inlay may pertain to interest income, which should not be part of your main revenue. Setting unique tags and keywords per sales category will also be a big help in determining which sales products, channels, or demographics you should focus your market study and improvements on.

Operating Expenses 

Trend analysis with expenses is vital when it comes to forecasting budgets and sales quotas for the next period. Regularly preparing a monthly Profit and Loss statement might seem like a tedious job, but it will be an excellent basis to see how the business is currently standing. With so many online subscriptions and recurring expenses nowadays, one must keep track of which is necessary or not to minimize losses. It is also vital to accurately categorize all expenses as some may have different tax rate deductions. When it comes to looking at the bottom-line figures, this will be a great way to maximize profits.

There are many tools and platforms available online that can aid business owners in having top-notch accounting records. However, it is also essential to make the data as straightforward as possible in order to generate any financial report on time. Bookkeeping is and will always be a beneficial cloud-based function everyone should take advantage of. Meanwhile, data protection is an important service that entails handling sensitive information, which you should only delegate to a reliable team.

Conclusion

In conclusion, it is worth maintaining an accurate bookkeeping system regardless of the nature of your business. Think of it as some sort of investment. The earlier you start properly bookkeeping your financial records, the easier it will be to transition to bigger operations as your business grows.

You do not have to be a professional accountant in order to maintain books, but as the business undergoes expansion, you should consider hiring experts to ensure that the necessary accounting records have a solid foundation for the upcoming years. You need someone who can perform the tedious process of ensuring all financial reports are of the government's standards when tax season comes. With Unloop in the picture, keeping your books will be a breeze.

Importance‌ ‌of‌ ‌Bookkeeping‌ ‌in‌ ‌2021‌
Watch Now

Running a business may seem overwhelmingly rewarding, especially in today's outlook. With small businesses thriving online and successful low-capital startups emerging everywhere, one can say that it must be easy to run a business. Many business industries scale and expand so quickly once they find the right niche or product to sell. However, note that the cost of having great success also comes with the great responsibility of making sure all business records and financial data are intact and correct. 

Accurate bookkeeping can help the stakeholders make crucial business decisions. Reliable financial data is key to identifying the next step for the business venture. Apart from having the necessary data available, there should be a system, which ensures that all transactions are appropriately categorized for financial reports to be prompt and accurate. 

The following business elements explain why bookkeeping is important:

Cash 

Cash is the lifeblood of the entire operation. Everything in a business for profit is driven by cash, so it is imperative to ensure that all cash receipts and disbursements are accounted for. Constant reconciliations must be made between the movements in the bank statements and the books. We are in an age wherein almost all cash transactions are done via bank transfer or credit card. Although the bank statements automatically show the merchant or recipient for such transactions, the habit of appropriately categorizing it right after it takes place goes a long way when it is time to summarize those financial reports.

Inventory and Cost of Goods Sold 

When you buy inventory from a supplier, you need to account for it against the cost of goods sold. This amount is not just the sum total of all the payments incurred to the supplier. A $5.00 mug you have been sourcing from a reliable supplier may look profitable if you sell it for $20.00, but have you considered how much it costs to ship it to the warehouse and the customer? How about the customs fees and the various third-party salaries behind the shipment? There are numerous factors to consider when computing the actual selling price of a product and it will only get more complicated as the number of products or services increases. Having a reliable system for computing the cost of goods would be advantageous when reviewing the profitability per product or determining if the business is better off without it. 

Receivables and Payables 

Keeping track of one’s own dues and collections is still a manageable task for small businesses, but once the business starts to scale, overlooking new and old transactions flooding your ledgers becomes a whole ‘nother ballpark. Knowing which customers are prompt and reliable would be helpful in making a major decision, especially if the cash flow is currently tight. Setting time to organize a list of your supplier’s terms and due dates would maximize your cash position. Take advantage of early-bird discounts from specific vendors.

Sales

All cash receipts may pertain to revenue or sales, but you must also keep track of which ones to be recognized as other income. Some cash inlay may pertain to interest income, which should not be part of your main revenue. Setting unique tags and keywords per sales category will also be a big help in determining which sales products, channels, or demographics you should focus your market study and improvements on.

Operating Expenses 

Trend analysis with expenses is vital when it comes to forecasting budgets and sales quotas for the next period. Regularly preparing a monthly Profit and Loss statement might seem like a tedious job, but it will be an excellent basis to see how the business is currently standing. With so many online subscriptions and recurring expenses nowadays, one must keep track of which is necessary or not to minimize losses. It is also vital to accurately categorize all expenses as some may have different tax rate deductions. When it comes to looking at the bottom-line figures, this will be a great way to maximize profits.

There are many tools and platforms available online that can aid business owners in having top-notch accounting records. However, it is also essential to make the data as straightforward as possible in order to generate any financial report on time. Bookkeeping is and will always be a beneficial cloud-based function everyone should take advantage of. Meanwhile, data protection is an important service that entails handling sensitive information, which you should only delegate to a reliable team.

Conclusion

In conclusion, it is worth maintaining an accurate bookkeeping system regardless of the nature of your business. Think of it as some sort of investment. The earlier you start properly bookkeeping your financial records, the easier it will be to transition to bigger operations as your business grows.

You do not have to be a professional accountant in order to maintain books, but as the business undergoes expansion, you should consider hiring experts to ensure that the necessary accounting records have a solid foundation for the upcoming years. You need someone who can perform the tedious process of ensuring all financial reports are of the government's standards when tax season comes. With Unloop in the picture, keeping your books will be a breeze.

Read more

The thought of hiring a professional to handle your finances can be daunting, and it’s a valid concern— just think about the substantial fees involved in such a service. Although doing the accounting yourself in your business might seem like the economical solution, there may be some accounting loopholes you cannot do yourself. Investing in a reliable and trustworthy accountant is the way to go. Still not convinced? This article will enumerate specific crossroads you may consider the perfect time to hire an external accountant.

When you do not understand where you stand in your business

It is easy to say that the business must be generating profits as cash flow tends to be positive. However, an accountant may be able to give you more insights not just concerning your current performance but also where the business will see itself in the future. You may be able to pay all your suppliers and employees on time but have you considered longevity? Will your business be able to sustain a loss if another crisis occurs? An accountant can help you give meaning to the numbers across your financial reports. Moreover, an accountant can also help you make sound financial decisions for your business, be it short-term or long-term.

When you need to know relevant financial data for a specific time period

Making major business decisions will require prompt and accurate financial information. Whether it is about taking up a loan or deciding to change suppliers, you will need to take a step back and see if you are capable of such change. An unbiased and professional perspective would be advantageous if you need to formulate crucial decisions from those reports. Preparing the financial statements is no joke—to a new business owner, it might take weeks or even months to consolidate everything and still end up with material misstatements. Presenting misstatements or inaccurate data to important stakeholders would be very risky as it could harm your relationship with the bank or even potential investors. Seasoned accountants are trained and have been exposed to delivering financial statements promptly. Despite the time constraints and tight deadlines, a reliable accountant will not sacrifice the quality of such reports in accordance with regulatory requirements set by the accounting standards.

When you need to focus on other business aspects

The complexity of bookkeeping has a direct relationship with the size and success of your business. The more transactions you have, the more categorizing you need to do. Although you can always automate and systemize this process, there may still be instances when you’re at a loss on how to go about recording new and unique transactions. This is when an accountant’s expertise will come into play. Moreover, some financial tasks may be so complicated that you would need to seek help from an accountant. An example of this is payroll. When your business starts to get bigger, you would naturally hire more employees and processing payroll stops being a one-person job. As a business owner, you will need to oversee all operations and dedicate your time to the more profitable ones. Delegating this task to a professional team will spare you these worries.

When you do not know if you are filing your taxes properly

It is better to be safe than sorry when it comes to filing your taxes. Each country has its own business tax laws you must abide by, along with local tax codes you need to understand to correctly compute your tax due. The Canadian Revenue Agency and other tax collecting agencies in the world compute your taxes according to these laws and codes. You mustn’t take these matters for granted as authorities may come for you upon tax assessment. You would not want to pay the incorrect amount and incur interest and penalties; hence, it would be better if you had an accountant with tax expertise on your side, helping you file your tax returns.

When your budget permits you to do so

When you’ve finally decided to hire a professional, you should not just jump into getting a big firm to do your books. Budget is a big factor when it comes to picking an accountant. The amount you spend on professional services should not be harmful to your bottom line figures. Engaging yourself with an expensive professional might cause you to have a net loss instead. Getting an independent freelancer just might do the job, saving you a lot of money. Large accounting firms or small local practitioners will give you proposals, which contain the fees and scope of services they offer, so make sure to do your research and study each and every last one.

Takeaway

In conclusion, it is solely up to you when you should hire an external accountant. If you run a small business and have an accounting background with enough knowledge of properly filing taxes, doing it yourself may be the best option. But as your business grows and operations start to become complex, it is best to manage your time properly and let the professional do the accounting while you focus on more important aspects of your business. Hiring an external accountant may be a high price to pay, but all the advantages that come with it make this investment worth it.

When to Hire an External Accountant
Watch Now

The thought of hiring a professional to handle your finances can be daunting, and it’s a valid concern— just think about the substantial fees involved in such a service. Although doing the accounting yourself in your business might seem like the economical solution, there may be some accounting loopholes you cannot do yourself. Investing in a reliable and trustworthy accountant is the way to go. Still not convinced? This article will enumerate specific crossroads you may consider the perfect time to hire an external accountant.

When you do not understand where you stand in your business

It is easy to say that the business must be generating profits as cash flow tends to be positive. However, an accountant may be able to give you more insights not just concerning your current performance but also where the business will see itself in the future. You may be able to pay all your suppliers and employees on time but have you considered longevity? Will your business be able to sustain a loss if another crisis occurs? An accountant can help you give meaning to the numbers across your financial reports. Moreover, an accountant can also help you make sound financial decisions for your business, be it short-term or long-term.

When you need to know relevant financial data for a specific time period

Making major business decisions will require prompt and accurate financial information. Whether it is about taking up a loan or deciding to change suppliers, you will need to take a step back and see if you are capable of such change. An unbiased and professional perspective would be advantageous if you need to formulate crucial decisions from those reports. Preparing the financial statements is no joke—to a new business owner, it might take weeks or even months to consolidate everything and still end up with material misstatements. Presenting misstatements or inaccurate data to important stakeholders would be very risky as it could harm your relationship with the bank or even potential investors. Seasoned accountants are trained and have been exposed to delivering financial statements promptly. Despite the time constraints and tight deadlines, a reliable accountant will not sacrifice the quality of such reports in accordance with regulatory requirements set by the accounting standards.

When you need to focus on other business aspects

The complexity of bookkeeping has a direct relationship with the size and success of your business. The more transactions you have, the more categorizing you need to do. Although you can always automate and systemize this process, there may still be instances when you’re at a loss on how to go about recording new and unique transactions. This is when an accountant’s expertise will come into play. Moreover, some financial tasks may be so complicated that you would need to seek help from an accountant. An example of this is payroll. When your business starts to get bigger, you would naturally hire more employees and processing payroll stops being a one-person job. As a business owner, you will need to oversee all operations and dedicate your time to the more profitable ones. Delegating this task to a professional team will spare you these worries.

When you do not know if you are filing your taxes properly

It is better to be safe than sorry when it comes to filing your taxes. Each country has its own business tax laws you must abide by, along with local tax codes you need to understand to correctly compute your tax due. The Canadian Revenue Agency and other tax collecting agencies in the world compute your taxes according to these laws and codes. You mustn’t take these matters for granted as authorities may come for you upon tax assessment. You would not want to pay the incorrect amount and incur interest and penalties; hence, it would be better if you had an accountant with tax expertise on your side, helping you file your tax returns.

When your budget permits you to do so

When you’ve finally decided to hire a professional, you should not just jump into getting a big firm to do your books. Budget is a big factor when it comes to picking an accountant. The amount you spend on professional services should not be harmful to your bottom line figures. Engaging yourself with an expensive professional might cause you to have a net loss instead. Getting an independent freelancer just might do the job, saving you a lot of money. Large accounting firms or small local practitioners will give you proposals, which contain the fees and scope of services they offer, so make sure to do your research and study each and every last one.

Takeaway

In conclusion, it is solely up to you when you should hire an external accountant. If you run a small business and have an accounting background with enough knowledge of properly filing taxes, doing it yourself may be the best option. But as your business grows and operations start to become complex, it is best to manage your time properly and let the professional do the accounting while you focus on more important aspects of your business. Hiring an external accountant may be a high price to pay, but all the advantages that come with it make this investment worth it.

Read more

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About unloop
Unloop is the first and only accounting firm exclusively servicing ecommerce and inventory businesses in the US and Canada. With the power of people and technology, our team dives deep into COGS and inventory accounting.. You are paired with a dedicated bookkeeping team that prepares accurate financial statements, financial forecasts, and can also pay bills or run payroll for you. Come tax time, everything is organized and ready to go, so you don't need to worry. Book a call with an ecommerce accountant today to learn more.
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