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When Do You Need Bookkeeping Services for Small Business?

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As a Canadian small business owner, you have tremendous amout on your plate. Each day brings its own set of new challenges, from managing inventory to supervising staff.

When it comes to financial management, you need to be extra careful to ensure that your bookkeping records are in order. But many small business owners don’t realize that they can’t do everything themselves. At some point, you will need to outsource certain tasks—and bookkeeping is one of them.

In this blog post, we’ll explore when you should start looking for bookkeeping services for small business in Canada. We’ll also touch on the benefits of outsourcing this task and how it can be extremely beneficial in the long run.

When Do You Need Bookkeeping Services?

You may need bookkeeping services for your small business in Canada if:

  • You are commencing a new business and need help getting organized
  • You are experiencing rapid growth and need assistance to keep up with the paperwork
  • You have fallen behind on your bookkeeping and need someone to catch you up
  • You are getting ready to sell your business and need accurate financial statements

Each situation is unique, so it’s important to discuss with a professional bookkeeper or accountant to determine if bookkeeping services are right for you and your business.

What Bookkeeping Services Include

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There are many different bookkeeping services available for small businesses in Canada. Some of these services include:

  • General ledger maintenance and reconciliation
  • Accounts receivable and accounts payable management
  • Payroll processing
  • Tax preparation and filing
  • Financial statement preparation

The specific bookkeeping services that your business needs will vary depending on the overall size and complexity of your business, as well as your specific bookkeeping needs. However, most small businesses in Canada will need some combination of the above bookkeeping services.

What Are the Benefits of Using Bookkeeping Services?

Bookkeeping services can save you time and money. With a professional bookkeeper handling your finances, you can focus on running your business and leave the paperwork to them. They can also offer invaluable advice on how to save money and stay organized.

Another benefit of using bookkeeping services is that they can help you avoid costly mistakes. A good bookkeeper will keep track of your expenses and income, so you can be sure that everything is accounted for. This can help you avoid overspending or making other errors that could cost you money down the road.

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Overall, using bookkeeping services can save you time, money, and stress. If you’re looking for the option of streamlining your finances and get peace of mind, consider hiring a professional bookkeeper.

How Much Does Bookkeeping Cost?

The actual cost of bookkeeping services for small businesses in Canada can vary depending on the overall size and complexity of your business. Generally, bookkeeping services will cost between $50-$200 per month. However, if you have a complex business with multiple employees and invoices, you may be looking at a monthly bookkeeping bill of $500 or more.

Final Thoughts

If you are a Canadian small business owner, there are a few instances when you will need to seek out bookkeeping services. This includes if you are incorporated, if you have employees, or if your business is complex.

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Bookkeeping services can help reduce your time spent and save money by keeping track of your finances for you, so that you can shift your focus on running your business.