Business owners work very hard in their business in order to ensure that they have the right professionals helping them succeed, and finding the right Edmonton bookkeeping service for their business should be no different. The reason and so important for business owners to have a great bookkeeper in their business is because they can help business owners make great financial decisions in their business. Industry Canada says that half of all Canadian entrepreneurs fail in business before their fifth year, and 29% of those entrepreneurs say that the reason why they fail is that they ran out of money. By ensuring that they have a great financial team including a bookkeeper, can help business owners have the right tools in their business in order to make informed and proactive financial decisions that can help them not only avoid running out of money in their business, but grow and become successful.

Things that business owners should keep in mind when they are hiring a great Edmonton bookkeeping service, is that price is not the only thing. Business owners who higher bookkeepers based on low hourly rates may find that they are taking an extra-long time to complete jobs, which leads to overcharging. Also, bookkeepers that have a low hourly fee may have that low fee because of their inexperience which leads to poor financial information. If entrepreneurs have poor interim financial statements, even if they’re trying to use those statements in order to make informed and better financial decisions in their business, they may end up making decisions that can negatively impact their business, and yet will not know it at the time until they get their year-end financials done by their accountant.

Another reason why hiring an inexpensive bookkeeper is not a prudent financial move is because when business owners take those incorrect financial statements to their accountant at year-end, if they are not well done, an accountant will have to redo those financial statements, meaning that a business owner not only has to pay for the bookkeeping service, but they will also have to pay for the accountant a much higher hourly rate to fix those same statements. this may even cause accountants to not be able to complete the year-end financials on time, and a business owner may file their year-end late, which triggers additional penalties from Canada revenue agency.

By hiring the best Edmonton bookkeeping service that they can business owners can be assured that you are getting proper interim financial statements so that business owners can make the best decisions they can possible for their business, which can help them not just avoid running out of money that 29% of failed business owners experienced, but they can actually grow a successful and stable company using this information. If entrepreneurs are concerned with growing a great business, they should ensure that they are surrounding their business with the best business professionals that they can because the way to build great companies is to get and keep great people.

The reason why hiring the best Edmonton bookkeeping service possible matters to entrepreneurs is that they provide the interim financial statements that business owners depend on in order to make informed financial decisions in their business. If they do not hire the best bookkeeper possible, they may end up getting incorrect or poorly done financial statements that lead business owners to make financial decisions that could end up hurting them financially. Since 29% of all failed entrepreneurs say that the reason why their business failed was that they ran out of cash in their business, they should be of significantly concerned business owners to do their best to hire the most competent Edmonton bookkeeping service they can.

Since the bookkeeping industry is not regulated, and there is no governing body, any person can decide to call themselves a bookkeeper. Because of that, entrepreneurs need to be extremely prudent when hiring Edmonton bookkeeping services, in order to get the best professional that they can. Businesses should be asking specific questions to gauge the level of knowledge, experience, and expertise that bookkeepers have and whether they are going to be able to work closely with the business owner to help them with their business. Some great questions can include how many years of experience they have had, and where have they worked. For example, if a bookkeeper only worked part-time out of their home they may have a very different level of experience then bookkeepers who worked full-time in a public accounting office. Business owners should also consider if the bookkeeper has gone to school in order to become a bookkeeper, or if they’re going to school or have gone to school to get their chartered professional accounting designation. These can all speak to the level and depth of experience that is the bookkeeper that they hire to have.

Business owners should also consider how often they are going to be getting those interim financial statements from their Edmonton bookkeeping service, and how often they should expect to hear from their bookkeeper. The more up-to-date the financial statements that business owners receive are, the better decisions they are going to be able to make. By asking their bookkeeper how often they are going to be getting statements, business owners can gauge if that is often enough for what they are planning to do in their business. Bookkeeping companies always bookkeeping always sends out balance sheets and income statements every two weeks to their clients, knowing that in order for their customers to be able to confidently make payroll, they are going to want to review those financial statements.

By hiring the right Edmonton bookkeeping service for their business, entrepreneurs can be assured of having the best financial information possible, so whenever they need to make financial decisions, they can do so confidently and know that they are not putting their business finances in jeopardy by making the wrong decisions.