Having good Edmonton bookkeeping can be the difference between having a business succeed or fail. Often times business owners do not understand the difference between bookkeeping and accounting and this is important to know because 50% of Canadian businesses fail in only 11% seek professional help. This professional help can greatly be effective in the organization of one’s business. Business owners who are disorganized tend to put away receipts into bags and boxes and clutter their files while not keeping any records and causing great cost. Accountants will charge an additional cost if receipts are not kept in order and if it is more difficult for the accountant to keep track of of each transaction if the overall work that the accountant has to do is because by more complications. To make matters even of more urgency the CRA sends out a letter and requires the business owner to respond within 30 days, for the business owner who is completely disorganized and does not have Edmonton bookkeeping in place for his Edmonton and area business he can run into a problem of being charged a fine from the CRA. This can be avoidable by having an effective bookkeeper. By having an effective bookkeeper employee an Edmonton business owner can present fully organized documents for the CRA for their review when they file.

It is because of human nature that it is easy to forget small transactions here or there and receipts can be misplaced and cause additional problems for the accountant in the future. So, it is important to have a proper balance sheet as is a business owner can keep tabs on what he owes others the revenue the cost of goods what they have sold in their expenses.

Having a an easy to read income statement for the CRA that is prepared by a bookkeeper can mitigate the headaches of having to go through the massive amounts of receipts that are put away for the year. To put it frankly imagine yourself in the CRA’s shoes and they have to comb over every fine detail and they find that things are missing or lost due to the nature of having a lack of information, the CRA will simply jump to the very proper conclusion of doing what they believe is best. Now you put yourself being in Edmonton business owner outside of province of the CRA and having no Edmonton bookkeeping in place, that you are completely at the mercy of the CRA who then determines the financial direction your business will be going within the next fiscal year.

It is vital therefore to have a proper local bookkeeper in place to mitigate such unnecessary losses. Would not it be nice if you can present the CRA a very clean one-page statement that is properly kept and organized and designed so that everything is in favor of your business? It is easy to do this by having a proper Edmonton bookkeeper who will make the difficult task of keeping your books and organizing your business something that will be pleasant when the time to file arrives.

Part of having Edmonton bookkeeping as something vital to one’s business, is that the flow of business will be completely kept track of through great people like bookkeepers. It is easy to lose receipts and mishandle transactions and therefore it can cost time and money to fix these problems down the road.

The CRA will send out a letter and they will request 80 clean statements of the business for the year. Most Edmonton businesses do not have a bookkeeper to clean up the above-said statement. The businesses hope that at the end they can fish out there receipts and transactions of the whole year-end cram them into their own statement come tax time. They also have the option of hiring an accountant, but if these files are disorganized and may difficult for the accountant to clean up it can greatly cost additional time in additional money for business owner be more of an accumulating problem in the life of the local business.

This problem can be mitigated by having Edmonton bookkeeping in place where statements can be cleaned up a balance sheet can show how many items have been sold how much revenue has been made cost of goods and how much expenses are charged throughout the year. This is easier for the CRA to analyze and to take a course of action in regards to the local business in how they will be scrutinized by the CRA, as opposed to giving the CRA a mess of documents that is illegible and having the added expense of phone tag and additional emails and problems for the business owner. Having a bookkeeper throughout the year will then give the CRA a break and the accountant a break from having to guess and wade through a mess.

Through Edmonton bookkeeping it will not only keep tabs on how your business is doing but also you as a business owner can keep track of exactly what direction you will like your business to go in in regards to where you are allocating your financial resources and it will make it easier for you, the time to file your taxes because you are organized then you do not have to pay the accountants any more than you have to.

So, why deal with that hassle when you can break free of bad habits and have your business properly taking care of through Edmonton bookkeeping and through organization of all transactions and expenses throughout the year and keep your business up and running in a professional manner because as Jim Collins says great vision without great people is irrelevant and having a great bookkeeper will show to you and your customers that your business means business and you do not have to be one of the 50% of Canadian businesses that fail you can be of the 11% that seek professional help.