Bookkeeping Services From $150 Per Month

No Catch Up Fees & Free Incorporation

Get Started

One of Edmonton’s highest rated Bookkeepers!

Edmonton Bookkeeping Icon 5 Stars

Read Reviews

Edmonton Bookkeeping Preferred Bookkeeper

When entrepreneurs are starting out in their business, they often end up doing everything themselves including growing their business, but entrepreneurs should consider hiring Edmonton bookkeeping to keep their business finances current. The reason entrepreneurs should consider doing this even from a very early age in their business, is so that they can keep their business finances organized, and get into the habit of having current financial statements. Entrepreneurs often set up with the best of intentions to stay on top of their bookkeeping, that often their first year in business is so busy, they are too busy spending all of their time on trying to grow their business that there bookkeeping falls behind.

The reason why not having current bookkeeping can end in disaster for a lot of entrepreneurs, is when they are not able to have the most current and up-to-date financial information about their business, which causes them to be unable to make prudent financial decisions in their business. For example, if they want to purchase some equipment to help their business to grow, if they are not consulting their interim financial statements to verify that they have the money to do so, they could be making a decision that actually results in them running out of money trying to pay for that equipment a few months down the road. The hiring Edmonton bookkeeping, entrepreneurs can ensure that they always have up-to-date financial information in their business.

Business owners may question why they should hire Edmonton bookkeeping especially when they are starting out and have limited funds. However, business owners should consider how important it is to their business to be able to have current income statements and current balance sheets, to help them make great financial decisions. Not only can those statements help me want to purchase assets or see how much money they have to pay themselves, but entrepreneurs need to consider that having those financial statements can help them see if they have an expense problem, or if they need to generate any more revenue in their business. Entrepreneurs should consider a great bookkeeper as part of their financial team that can help them act proactively and make decisions in their business that not only can help them get paid, that can help them avoid financial missteps.

In order to ensure that they have all the information for their bookkeeper, business owners need to understand that right from the very beginning they need to be organized. Keeping bank statements, credit card statements and organizing receipts complete with notes can help their bookkeeper keep track of all of their expenses and attribute it to the correct accounts. This is the first step to ensuring that business owners can have current and up-to-date financial statements in their business.

By getting into the habit of being organized early on, and hiring a bookkeeper to help them in their business, business owners can avoid one of the top three reasons why businesses in Canada fail, which is running out of money.

In order for entrepreneurs to be able to have up-to-date financial statements from Edmonton bookkeeping, they should get into the habit early on in their business of keeping organized financial information, so that they can get the most accurate financial statements possible. Whether entrepreneurs decide to do the bookkeeping themselves in the beginning or hire someone immediately, these tips of how entrepreneurs can be organized can help any new business owner get organized and stay organized in order to help your business grow.

One of the first things that entrepreneurs should do when they start their business, is ensure that they separates their personal bank account and their business bank account. Edmonton bookkeeping recommends that entrepreneurs do not use their personal bank account for business, even if it is just a purchase or two. While bookkeepers are always able to attribute personal purchases to the shareholder loan in their corporation, it is always much easier and simpler for an entrepreneur to have two different bank accounts where their corporate purchases come out of. This is a simple tip that can help keep simplified finances from the beginning.

Many entrepreneurs also often believe that by having multiple business bank accounts can help keep them organized. For example an account for operating expenses, a bank account for GST disbursements, as bank accounts for vendor events. However, Edmonton bookkeeping says that this is only adding layers of difficulty to their job, because instead of keeping track of multiple payments that upon account, they then have to start keeping track of multiple payments out of multiple accounts. Business owners should endeavor to have only one bank account for operating expenses, and then only one credit card for their business payments.

When entrepreneurs have their bank account situation sorted out, they should ensure that they are keeping their financials statements organized. Take their one bank account and put out the monthly bank statements, their one credit card with its monthly statement, and then the only thing left is for business owners to organize the receipts of all of the payments they made in the last month. By keeping notes on all these receipts, business owners can ensure that the Edmonton bookkeeping has all of the information they need in order to do the interim financial statements in the business.

Not only is it important for business owners to get this information to their bookkeeper, but they need to do it on a regular basis. The recommendation is to get them all of the financial information every two weeks so that the bookkeeper can send back interim financial statements every two weeks. Two weeks is a great rule for them because it will have enough information for business owners to make great financial decisions halfway through the month, which is especially beneficial if they pay their staff every two weeks.

By keeping their bank accounts simple, organizing their financial statements ahead of time, and sending information regularly to their bookkeeper, entrepreneurs are setting their business up for success and will be able to get great interim financial statements to help them run their business.