Are You Ready if the Auditor Comes Calling?
Let’s face it… when you’re a small business owner, you have more important things to do with your time than gathering your bank statements, credit card statements, receipts, and deposit information for a bookkeeper. Not only is doing so quite tedious, but it also sounds really boring, don’t you think? But you know what’s even worse? A Canada Revenue Agency Audit!
When you think about it that way, organizing and staying on top of your finances doesn’t seem so bad! And although audits are unavoidable, having the right bookkeeping service can help make the process less stressful in the long run. If you’re considering hiring a bookkeeper, here are two valid reasons to do so.
1. Hiring a bookkeeper can assist small business owners in cutting costs.
Many people, for example, discover that they save money on accountant fees during tax season because their books are neat and in order.
One big lie we all tell ourselves is that we don’t need to write something down because we’ll remember it later. Or we’ll find those receipts for business expenses and/or dinners because we’d never throw something like that away, right? Why take that risk?
One reason you should keep accurate and up-to-date records of your revenue and expenses now is that you are more likely than not to forget three years from now – which could certainly come back to haunt you if you’re selected for an audit. So having your bookkeeping in order makes an audit go much more smoothly.
2. When your bookkeeping is organized, government filings can be kept up to date and deadlines can be met.
Filing on time is the law. Understandably, some businesses struggle to pay their HST obligations at certain times of the year due to a lack of cash flow. However, hiring a bookkeeper who oversees and keeps your financials up to date on a monthly or even quarterly basis helps small business owners make smart decisions about purchases, staffing, raises, and so on. This also includes liabilities such as how much HST they owe or payroll remittance they will have to pay. It is also important to note that there are penalties for late payment, but the law requires the HST report to be filed ON TIME. At Mind Your Own Business, we work with our clients and communicate with them regularly as we maintain their books and ensure that all government filings are completed on time.
Are you ready to get started? Great! Although you are always welcome to bring your bags, boxes, and folders of receipts for us to sort through, we also have a secure online portal where people can upload digital files! We are very customer-focused, and we are open to receiving your information in any way you prefer. Also, some clients prefer to do their own invoicing and/or payroll and we do the rest – but, once again, we can provide a customized service package based on what YOU require.