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Although many business owners trying to save money in their business by any means necessary, assuming a Edmonton bookkeeping does the same thing that is an accountant says can be a huge error. While they both work on the finances of a business, accountants our concerns about the finances of the business on a higher level, working on the year and filing of the business as well as the business plan and tax planning for business, while a bookkeeper can help entrepreneurs be more organized throughout the year, organizing their finances and giving interim statements on a regular basis.

There are several reasons why businesses should hire Edmonton bookkeeping rather than accountants. The first reason is by being disorganized, entrepreneurs end up filing late which can trigger penalties from Canada revenue agency. By being disorganized, business owners do not have their finances in order, forcing their bookkeeper for their accountant to organize years’ worth of receipts in one sitting, which can take a long time as well as potentially create errors in the finances. Because it takes such a long time to organize at the end of the year, if the bookkeeper or accountant is not able to organize everything and time, and the business owner filed late, they may get penalties from the CRA for not filing on time. Then onto our hires a bookkeeper, they can stay on top of the finances and receipts of the business every single month, which means that at year-end, entrepreneurs can bring their completed 12 months’ finances to their accountant, and let them file they are year-end much more quickly.

The next reason why business owners need Edmonton bookkeeping is in case a business owner gets an audit a business owner only has 30 days from the date of the letter that is sent by the Canada revenue agency to respond to an audit request. Although some business owners have been successful in getting an extension from CRA, that is not usually, and the CRA does not grant extensions very often. It will be very difficult for a disorganized business owner to get a letter requesting audited statements, and then to get them done in the 30 days if they do not have already organized finances. Many entrepreneurs believe that if they do not respond to the audit request from Canada revenue agency, they do not have to do the audit, however, Canada revenue agency never forgets, and if a business does not respond to the audit request, CRA will assess them with whatever tax they deem necessary.

By hiring Edmonton bookkeeping to work on their finances throughout the year, business owners can stay organized, and allow their accountant to do a better job on their year-end, because they will be that much more organized. Organized finances are more accurate, take less time to do, and can help business owners save money. Also, bookkeepers are less money than accountants, so business owners can save money by hiring a bookkeeper to work on their finances throughout the year.

Many entrepreneurs think that hiring Edmonton bookkeeping is like hiring accountant that does fewer things and they would be incorrect. Accountants and bookkeepers while they both work on the finances of the business, work on a different aspect of the business finances. The accountant works on the year-end, the tax planning, and the business plan of the business, while the bookkeeper works on the finances of the business on a day-to-day basis, giving the business owner interim statements that can help entrepreneurs run their business. According to industry Canada, half of all entrepreneurs fail by year 5, and only 11% of those businesses ever seek professional help. By hiring a bookkeeper as well as an accountant, they can help advise the business owner as they work on the finances of the business, as well, when business owners can see interim balance sheets and income statements, they can help them make better business decisions.

one of the best ways that business owners can end up saving money by hiring Edmonton bookkeeping and an accountant, is that if business owners are filing their year-end with their accountant and they are disorganized, the accountant will most likely charge them more money in order to organize those finances. Since bookkeepers and accountants have different charge of rates, an accountant that has to organize and ensure accuracy of the statements will end up charging the business owner for the time that they are spending at the accountants we. However, business owners have bookkeepers work on it, they will do the same job, but at a lower fee. This can ensure that business owners save money, but business owners can save even more money by hiring a bookkeeper to work on their finances throughout the year, and avoid having to have a mass organization that will cost more than hiring a bookkeeper for the entire year.

Another reason why this is owners should have Edmonton bookkeeping throughout the year and not wait till year-end to do the finances, is because if entrepreneurs wait until the year-end in order to review their transactions, that can create inaccuracies in the financial statements. The reason for this is because a business owner typically cannot remember every single receipt and why they purchased tax I year after the facts. By having a bookkeeper, the top of the receipts on a regular basis means that a business owner is more likely to remember but a couple of receipts are a few weeks later rather than many receipts over a year later. Also, it is much easier to lose receipts if they are not organizing them on a regular basis.

The hiring Edmonton bookkeeping throughout the year, business owners can save money, have more accurate financial statements, and make their accountant much happier in the long run. Business owners should know the difference between bookkeepers and accountants so that they can hire the right professional job.