Why more Canadian small businesses are outsourcing their bookkeeping

Almost half of small business operators in Canada cite doing their daily bookkeeping as the task they least like to do.

Sadly that translates to a high number of entrepreneurs putting off this undesirable chore, telling themselves their talents are better invested in devising innovative ways to grow their businesses.

It’s hard to argue with that train of thought.

The problem is, you cannot grow your business if you don’t have an accurate picture of your cash flow, revenue, and projected income.

That is the reason more and more small businesses are outsourcing their bookkeeping challenges to firms like Piligrim Accounting. By using Cloud-based online bookkeepers, they can stay up to date on their bank reconciliations, accounts payable, accounts receivable, payroll processing, sales tax filing and financial reporting, among other things.

The attractive aspects of outsourced bookkeeping for most businesses is that there is no need for a full-time employee to be hired and be physically present in their facility. There is no need to worry about what will happen if that employee becomes ill or goes away on vacation.

If you like to work unorthodox hours, doing some of your best strategizing at 4 a.m., there’s no need to wake up someone. You can access your financial data and up to date reports 24/7, no matter where you are.

Your Cloud system is essentially a computer platform that lets your business run applications and software from anywhere at any time of the day or night, seven days a week. You can access your data from your smart phone, your tablet or your computer through your secure Internet connection.

My clients tell me repeatedly that they saved money by outsourcing their bookkeeping and they have better service. Additionally, they no longer need storerooms to file documents and can fulfill their goal of operating paperless offices.

The technical support available 24/7 is a big factor as well as the convenience of having your files with you at your fingertips no matter where you are and when you want to access it.

The online accounting systems we provide include QuickBooks online (QBO), Sage 1, Wave accounting, Freshbooks and Xero. All you have to do is email or drop off your paperwork to us and we handle the rest.

If your books are in disarray for 2017, now is a great season to just pick up everything and get it to us so we can help you rebuild your books and end the year on the right track.

We can also prepare your year-end file for your Certified Professional Accountant and provide valuable advice on what you need to change immediately to comply with Canada Revenue Agency regulations.

Additional services our firm provides includes:
– Providing you with a variety of comprehensive reports throughout the year
– Work in month-end adjusting entries and reconciliations
– Offer a general review of your records if you or a member of your staff builds them
– Compile your books for Canada Revenue Agency audits

If your company is revving up for a busy end of the year, and you still do not have your books in good order, now is a great time to consider the option of outsourced on-line bookkeeping.

Certified professional bookkeeper and certified tax specialist Elena Ivanova is managing director of Piligrim Accounting Inc., a national accounting and tax preparation service based in Richmond Hill, Ont. You can reach her at elena@piligrim-accounting.com.

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