There are several things that business owners should be asking themselves what hiring Edmonton bookkeeping services for their business, which can help them significantly not only avoid running out of money in their business but also grow their business and succeed. Since 50% of Canadian businesses fail, and 29% of those entrepreneurs say the reason why their business failed was that they ran out of money. The same statistic also says that only 11% of entrepreneurs ever seek professional help. Business owners should consider their bookkeeper as professionals they can call on and utilize in order to help them make financial decisions in their business so that they can succeed.
One of the most important questions that an entrepreneur needs to understand when they are looking to hire, is does a bad bookkeeper cost you money? Business owners may not understand this, but bad bookkeeping absolutely can cost business owners money. They may believe that they are saving money on their hourly fee, but if the workmanship is bad, and the work ends up needing to be redone by their accountant, that can end up forcing a business owner not only to pay for their keeping service but pay even more for their accountant to fix what should have been done properly in the first place. If this ends up causing business owners to not be able to file their year-end financials on time, this can also trigger penalties from the Canada revenue agency.
Another question that business owners should consider when hiring Edmonton bookkeeping services in their business, is how can the hourly rates of a bookkeeper affect businesses’ cash flow? This another one that business owners may not consider, but if they are paying their bookkeeper and hourly rate, business owners essentially do not know how much that bill is going to be from month-to-month. An extremely profitable month that has a lot of transactions may end up costing a business owner a lot more in bookkeeping fees than they realize. Also, hourly rate means that the slower a bookkeeper works, the more they get paid. The professionals at always bookkeeping charge a flat monthly fee. This can ensure that a business owner can more easily budget for their bookkeeping services, which helps improve their cash flow. Matter how successful a month maybe, business owners can ensure that they know what their bill is going to be.
The third question that business owners should ask themselves in hiring Edmonton bookkeeping service is, how can bad information lead an entrepreneur to make bad business decisions? This is a huge one that has incorrect bookkeeping leading to incorrect interim financial statements, which leads a business owner to not be able to make informed financial decisions. They may think they are making informed decisions and may find out only at year-end that those decisions they made were bad for their business, simply because they did not have the right information, to begin with.
Entrepreneurs should consider Edmonton’s bookkeeping service as one of the most important business professionals that they can hire for their business. Instead of trying to hire the most inexpensive bookkeeper they can find, entrepreneurs should try to find the best bookkeeper that they can because a great bookkeeper can help a business owner have the right information in order to make better business decisions. Since half of all entrepreneurs fail before their fifth year, and 29% of those failed entrepreneurs say the reason their business failed was because they ran out of money, business owners should consider a bookkeeper as one of the most professionals to work with them in their business to make better financial decisions and avoid running out of money.
One question that business owners need to understand in order to hire the best bookkeeper that they can, is: is the bookkeeping industry highly regulated? Unfortunately, this is not the case. Especially when compared to accountants. While bookkeepers need to follow the law everybody else, there is no governing body, and anyone is allowed to call themselves a bookkeeper. All some bookkeepers have is a vague idea of how to use some software and math and are allowed to call themselves bookkeepers and advertise their services. Therefore, entrepreneurs should consider when hiring Edmonton bookkeeping services, that they find the most knowledgeable and experienced people they can. The team at always bookkeeping all have public accounting office experience, and many are working towards their chartered professional accounting designation. They understand what information a business owner requires in order to make great financial decisions, and they are dedicated to providing it at a high level. They know what questions they need to ask an entrepreneur and are aware of all of the various situations their clients will end up facing.
The next question that entrepreneurs should consider when hiring Edmonton bookkeeping services, is how often should an entrepreneur be speaking with their bookkeeper? Although there is no real answer, entrepreneurs should consider that the more communication they have their bookkeeper, the more informed decisions they are going to be able to make. Again, the professionals at always bookkeeping will always send out interim financial statements including an up-to-date balance sheet and income statement every two weeks to their entrepreneurs. Not only are they going to be sending those up-to-date reports on a regular basis, but there also going to be calling their clients in order to discuss the reports. If entrepreneurs have questions, concerns, or even if the bookkeeper has questions about any anomalies that may appear in the statements, this can be dealt with quickly and easily. This five-minute phone call twice a month can ensure that entrepreneurs have the information that they need in order to make the financial decisions necessary in their business to succeed and grow.
The hiring the best Edmonton bookkeeping service they possibly can for their business, entrepreneurs can be confident that they have the tools that they need in order to make great financial decisions that cannot only help them avoid running out of money but can help them grow a strong and stable business.