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If entrepreneurs believe that Edmonton’s bookkeeping and accounting are the same things, they misunderstand what both businesses do. Accountants and bookkeepers do work on the financials of the business, however, accountants look at the finances of the business from higher up you, taking care of high-level financial activities such as business planning in order for businesses to be successful, tax planning in order to help entrepreneurs pay minimal taxes and take money out of their business, as well as filing their year-end financials. On the other hand, bookkeepers work on the financials of the business on a day-to-day basis, supplying the business owner with interim financials and organizing all of their payables and receivables that a business owner knows what is going on in their business financially on a regular basis.

It is extremely important that entrepreneurs hire both of these financial professionals to work in their business. The reason for that is because they need both the high-level financials to help their business become successful, but they also need day-to-day financial information in order to stay organized and make better financial decisions. Being disorganized can cause entrepreneurs to file their taxes late and her penalties. If they bring a giant box of receipts to their accountant, chances are it is going to take them a long time to go through, which is going to cost them a high fee, and they could be filled with mistakes. This amount of time because business owners to file late and get assessed penalties in Canada revenue agency. If they hire Edmonton bookkeeping in order to organize their financial statements when it comes time for year-end, they will be organized and it will take their accountant even less time in order to finish their year-end. Not only are they saving accounting fees from not getting their accountant to organize their finances, but they are also saving fees by enabling the accountant to work less time on their year-end financials.

Another way that hiring Edmonton bookkeeping can help entrepreneurs is in case a business owner gets assessed with an audit from the Canada revenue agency. Business only has 30 days to respond to the audit letter, and if they are not organized already, it will take either the bookkeeper or the accountant huge amount of time to go through those statements, they either have to pay Russia the in order to get it done in 30 days, or they will get it done in 30 days and will be assessed with additional taxes. Hiring Edmonton bookkeeping proactively can ensure that if a business owner does get audited, they will be able to respond to the audit letter in enough time to avoid getting assessed additional taxes.

By hiring Edmonton bookkeeping, entrepreneurs can stay more organized in their business which helps them save money and avoid getting penalties in additional tax from Canada revenue agency. Entrepreneurs can also save money by saving the amount of time their accountants have to work on their files because bookkeepers are much more economical then accountants.

A grave mistake that business owners can make in business is to assume that Edmonton bookkeeping does the same thing as their accountant, and not hiring both at the same time. The reason why this is a mistake is that accountants and bookkeepers do 2 very different things. Accountants look at the high-end financials of the business, while bookkeepers look at the day-to-day financials business in order to keep them organized and to supply a business owner with interim financial statements in order to make better financial decisions in their business.

Having current financial statements is incredibly important to entrepreneurs because otherwise, business owners are either making decisions about the finances in their business without any information which is risky and could cause businesses to make bad financial decisions or if they are waiting until there fiscal year-end financial statements to be done in order to make financial decisions. Any entrepreneurs should not be waiting that long in order to make financial decisions in their business end up making poor decisions matter what they are, because they are either not acting fast enough, or they are making decisions that will cause them to lose money. If entrepreneurs do wait to get their fiscal year-end financial statements back from their accountant, by the time they wait the six months to get those statements, by the time they get them, most of the information in them is 12 to 18 months old, and all business owners can understand that financial information that old is practically useless to them.

When business owners get used to reviewing interim financial statements, they can start to see how much money they have in their business and they can start making important financial decisions. If they see that their revenue is going down, they can make decisions to increase the number of revenue-generating activities they do. If the financial statements from Edmonton bookkeeping show that they are making a lot of money, business owners can make the decision to purchase assets, hire that important employee that they need, or save that money for another purpose. It is incredibly important that business owners review current financial information in order to make these decisions.

If entrepreneurs are basing their financial decisions only on the amount of money they have in their bank, they end up making poor financial decisions. Balance sheets from Edmonton bookkeeping will show how much money a business owner has once all of the payments that they have clear their bank accounts and all of the payments that they have coming in get put into their bank account. Checks that need to clear will not show up in the bank account but they will show up on the balance sheet. Money that is being deposited from the debit and credit machine will not appear in the bank statement but they will appear on the balance sheet. If entrepreneurs make financial decisions based only on what is in their bank they could be making poor financial decisions that can end up having them bounced checks or not being able to pay their employees on time.