For business owners, bookkeepers are an essential for the enterprise’s success. In general, a bookkeeper is anyone who maintains all financial records of a business. These include sales, purchases, payments, receipts, etc. Our team of professionals at COR Bookkeeping & Business Consulting focuses on effectively keeping the books of your enterprise.
Therefore, keeping your books in order is essential for your enterprise. If you are still hesitant, here are reasons why you should love your bookkeeper.
1. Bookkeepers Provide Back Office Support
This is a service that demands dedication and effort from the bookkeepers. This service includes keeping up-to-date records on office documents like payrolls, payments, purchases, etc. These records are essential since it is essential in understanding the company’s financials.
2. Bookkeepers Give An Overall Picture of the Companies Financial Health
How would you know whether you are making profits or losses from your enterprise? The business’s financial performance needs to be carefully and accurately documented at all times. These records will be needed when you decide to seek new investors, expand or sell your business.
Bookkeepers also ensure everything falls into place. For example, bookkeepers are keen on quarterly reviews and updating management on the company’s financial status. Hence, they can inform you of areas of improvement, investment opportunities to take, and outcomes of such financial decisions.
3. Bookkeepers Provide Insightful Advice on Future Progress of the Business
Quick disclaimer, bookkeepers are not fortune-tellers. However, since they keep an accurate record of its financial performance, they can evaluate the company and make well-informed decisions on future endeavors.
For example, they can advise when to make investments and when to scale down financially. This, in turn, reduces financial risks for the company.
4. Bookkeepers Ensure the Finances are Moving in the Right Direction
This is especially important for businesses where cash flow is frequent or when the business is gaining more clientele and a lot of money is involved. Bookkeepers come in to ensure both internal and external financial demands of the company are met.
For instance, the payments begin to run behind if the invoices are delayed. Follow-ups may take longer and overburden the system. Bookkeepers can customize the payment process to ensure everything is on time while keeping an accurate record of the company’s financial status.
5. Bookkeepers Aid in Keeping the Audit Team of the CRA at Bay
The best thing about having a bookkeeper is that you no longer have to worry about audits if you happen to get one! Bookkeepers exponentially reduce the chances of your business getting audited. However, if your books are messy, then it is likely that you are already on their radar.
6. Bookkeepers Help Save you Money
Bookkeeping generally consolidates all the company’s financial records, simplifying them into useable and presentable formats. As a result, you can quickly and efficiently pay your taxes since the deductibles are already premeditated. In turn, this process allows you to save money in the long run.