Why your small business can benefit from bookkeeping help

Many of our clients here at Piligrim Accounting Services are small business people and we have a real affinity for working with them and helping their businesses grow.

We also detect common character traits in entrepreneurs, regardless of whether they are male or female and whether they have a small or medium-sized business.

It is in their nature to be self-reliant do-it-yourselfers. They create their own jobs, they live by their own hard work, and they grow by making their dreams a reality.

There is much to admire in the entrepreneurial personality.

But its weakness is that the same insight that helps the entrepreneur make a success of business sometimes blinds them to the reality that there is a point in growth where they need help.

They are so used to doing everything themselves, that suddenly they find themselves investing hours every week into routine bookkeeping chores that could be outsourced and handled efficiently for them.

Entrepreneurs need time to dream and grow, and that doesn’t happen if their days are filled with task completion.

We know first-hand how much we can help entrepreneurs with outsourced and in-house bookkeeping service packages. We ensure that weekly records are kept, that bills are paid and updated cash flow statements are available when needed. All of that is vital to the growth of a business and ensures better, more accurate decisions are made.

Our Cloud-based online bookkeeping and tax preparation services help small businesses in Canada grow. With technical support 24/7, we can work with you at any location at any time. It is more economical than hiring staff and you don’t need space for file storage.

We offer additional services such as preparing your year-end file for your certified professional accountant, providing you with a variety of comprehensive reports throughout the year, helping your firm rebuild your books if needed, working on month-end adjusting entries and reconciliations, offering a general review of your records if you or a staff member builds them, providing valuable advice on what needs to be changed on the spot to comply with Canada Revenue Agency regulations, and compiling your books for Canada Revenue audits.

If you are not sure if you need a bookkeeper or an accountant, firms like ours make it easy because you can enjoy the services of both as needed.

The reality is that knowledge is power to the entrepreneur, and that means having accurate data at your fingertips so that you know precisely where you stand all the time. Having a bookkeeper sort out the daily accounts and provide you with the figures you need is tremendously important for the ongoing growth of your company and your peace of mind.

Before they started working with us, many of our clients had a mindset that involved getting their books up to date only at tax-time. We have been able to show consistently over the years that preparing tax returns that are most favorable to you and your business results from year-long planning, not sorting through the proverbial shoebox of files at year’s end and trying to find places for everything to fit.

Moreover, it is important all through the year to be aware of exactly how much money is being generated and how much is being spent. How does what is happening in your firm play out against the standard in your industry? How are this year’s sales and revenues stacking up against last year’s?

These are questions that require you have up-to-date data to answer. They allow you to grow strategically, not haphazardly. They also help you plan for the next year and create reasonable growth expectations that will serve you and your business well.

Having your financial house in order is also important if you suddenly become aware of big opportunities for expansion. Whether you need to be evaluated for a business load or decide to invest your profits in the venture, know precisely where you stand will keep you from getting unwelcome surprises.

Contact us via email (info@piligrim-accounting.com) or phone (416-514-1741) if you have questions about how we can help.

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.

You might also like

Request a Consultation

If you have a challenge and need an experienced perspective, request a consultation to see if we are a good fit to work together.