When tax season approaches, business owners can be driven to distraction. Very few people like to prepare their own taxes and other bookkeeping tasks and the truth is many of us put off these unpleasant tasks until the very last minute. A professional bookkeeping service Calgary residents can count on to take these tasks off of your hands, making tax time virtually stress free, can be invaluable.
More than just tax preparation, a professional bookkeeping service can keep your company’s accurate, up to date and organized all year round so that when it comes time for tax reporting the process is effortless. But what exactly can a bookkeeping service do for you?
Although each service varies in terms of the services they offer, the general services provided by a bookkeeping service include setting up accounts, monthly data entry tasks, management of accounts payable and accounts receivable, ensuring that all bills are paid on time, and the preparation of monthly financial statements. Book keeping services can also include reconciling bank accounts and payroll services, although sometimes the latter is provided by a specific in-house payroll specialist. When you take into consideration the amount of time and resources, not to mention expertise, it would take a business owner to accomplish all of these tasks on his own, it is easy to see why many companies opt to hire an outside bookkeeping service to do all of these tasks for them.
If your company is growing quickly, you could easily find yourself buried under a mountain of paperwork. When that happens, it can feel like an insurmountable goal to get caught up. Instead of playing a never-ending game of catch up or putting things off, hiring a bookkeeping service can help you stay on top of things. That frees up your time to focus on running your business on the front end while leaving the bookkeeping up to the professionals.
When it comes time to hire a bookkeeping service, it’s important to ensure you are hiring the right one for your business. Because they will be privy to very sensitive information about your business, employees and potentially your client list, it’s important that the company you hire is trustworthy and professional. Before you hire a bookkeeping firm, always do a thorough background check on the company. Don’t rely simply on reviews you find online; they can easily be falsified. The best approach is to get recommendations from trusted friends and colleagues. They will be your best source of valuable info you can trust. Remember that no matter who you hire, when it comes to accurate tax reporting it is you, the business owner, who will be held liable for any errors, omissions or false information. Be sure you hire someone you can trust to do the job honestly and with professional integrity.