Blog

Once you start surfing over the search engines for an ultimate guide to small business bookkeeping, you will find many sites jam-packed with many tips that might confuse you in the long run. We think you are privy that any successful small business relies on accurate, up-to-date bookkeeping. Still, understanding the best practices of bookkeeping is critical for keeping your business functioning evenly currently and in the future, regardless of the business you run.

Hence, don’t be alarmed if the prospect of learning the ins and outs of small-business bookkeeping appears dismaying. Learn the multiple alternatives available to you and why keeping detailed financial records is crucial.

However, as you know that a business is a continuous stream of gratifying milestones and ever-expanding to-do lists, it would be best to get on top of the bookkeeping tasks as soon as you start your business.

It does not have to be challenging to keep track of your finances. Our step-by-step write-up will provide you with all you need to simplify bookkeeping for your Canadian company.

What is bookkeeping?

The systematic recording and organization of financial transactions in a business are known as bookkeeping. Bookkeeping is the day-to-day recording of financial transactions and information relevant to a firm. It assures accuracy.

Accounting is generally a piece of information provided by bookkeeping. It is a distinct procedure that falls within the umbrella of accounting, whether you need to document a purchase or a sale. ‘Quality controls’ are in place to ensure timely and correct records.

[elementor-template id=”6338″]

Bookkeeping vs Accounting

Most people, especially in small business, confuse between bookkeeping and accounting. The accounting process includes bookkeeping as a minor component. The accountant uses the financial records to summarise, analyse, and interpret the company’s financial status at the end of the year.

Accounting is made considerably easier by keeping correct records throughout the year. Compiling the end-of-year report does not necessitate lengthy audits or additional effort if every transaction is already categorized and has accompanying documentation.

The following are some examples of accounting financial statements:

• Balance Sheet
• Profit and loss statement
• Statement of cash flow

Although many small businesses only publish financial statements once a year, periodic reporting can help you evaluate your business’s growth and make necessary improvements.

Bookkeeping tasks

Essentially, bookkeeping entails systematically keeping track of and recording the figures associated with the financial aspect. It is necessary for corporations, but it is also beneficial to individuals and non-profits.

The person in charge of bookkeeping will record all your transactions, including but not limited to the ones mentioned below:

• Payments to suppliers for expenses
• Payments on a loan
• Invoice payments from customers
• Tracks Asset depreciation
• Creating financial statements

Although we frequently use the phrases bookkeeping and accounting interchangeably, accounting refers to the whole process of managing a business or individual’s finances, whereas bookkeeping is a set of procedures and processes to record financial transactions.

Why is bookkeeping important?

Bookkeeping is necessary for most business owners. Also, you have do it because you must file a tax return with the Canada Revenue Agency (CRA). One of the reasons you should undertake bookkeeping for your business is to comply with the CRA. There are also other reasons why bookkeeping is essential.

1. Useful financial reportingWhen your bookkeeping goes correctly, you can get helpful financial reports for your company. Is your company making money? Every month, where does the money go? Which products or services should you concentrate on further? Is your company expanding, declining, or staying the same size?

   Bookkeeping can examine the data to help you make business decisions. Don’t try to run your company while blindfolded.

2. Operational advantagesYou will obtain certain operational benefits if your bookkeeping is up to speed. Up-to-date bookkeeping enables you to comprehend – Who is owing your money? How much will you owe in sales tax and income tax? How much total cash does the company have on hand? What amount of money will the company require in the coming month, quarter, and year?

   Operational benefits will assist you in avoiding late payment penalties and interest. Functional benefits are particularly crucial if you owe money to the CRA. It will also help you in seizing upcoming opportunities. If you manage your cash flow properly, you can take advantage of the upfront payment discounts or replenish the stock when your supplier has a sale.

3. ComplianceIndeed, compliance is crucial to your company’s success. Hence, maintain a good relationship with the CRA by filing and paying your taxes on time. Remember, good bookkeeping will also save you money and effort by allowing you to avoid costly and time-consuming audits. Getting the bookkeeping correct the first time is significantly more cost-effective and less stressful. So don’t miss out on this!
4. Further considerations to be notedHere are some more considerations why bookkeeping is crucial:

   Claim every deduction: Accurate bookkeeping ensures the accuracy of the records. Claim all tax deductions legally and substantiate them with suitable documentation.

   Catch and correct errors: By keeping your books up to date, you will be able to catch the mistakes sooner. When completing monthly reconciliations, bank errors will show up. You will swiftly learn about the customers who are not paying bills on time, allowing you to collect every penny you are owed.

   Obtain business financing: If you require funding for your company, well-kept books will assist you in obtaining a loan. You can portray your company’s performance appropriately and generate a forecast to demonstrate that you will be able pay the loan back to the bank.
   Now that you are already familiar with bookkeeping being the most important thing for a small business, let us dive deep into how to make your bookkeeping journey easy and hassle-free!

Keep business and personal transactions separate

If you want to hack just one thing from this article, make it this – open a company bank account and get a corporate credit card.

The first step in making bookkeeping easier is to keep your company and personal transactions separate. You will spend hours sorting through your commercial transactions if they are mixed up with your personal expenses when doing your books.

If you do not separate your company and personal account, the time it takes a bookkeeper or accountant to complete your books will skyrocket. Due to this, there are chances of a significantly greater bill. But the question is – how to separate your accounts? Well, go ahead; we have got you covered!

How to keep your accounts separate?
Keeping your account separate might sound a bit perplexing and challenging, but it does not have to be complex. You can open a different bank account for business use at your current bank or credit union. Affirm with a big yes to one of the many new credit cards offers you receive every month or allocate one of your existing cards to the firm.

Important considerations for bookkeeping

Setting up a separate company account is one of the simplest bookkeeping methods. Confusion is common when personal and company funds are mixed. Compare numerous banks and their products to choose a business-friendly bank account.

The first step in bookkeeping is maintaining track of your receipts, invoices, and other financial papers. Aside from the various accounting approaches, you will need to select if you want to work with a manual or automatic bookkeeping system.

The most straightforward strategy for choosing a bookkeeping system is to assess your company and how it functions. Do you have time to enter each transaction into a spreadsheet manually? Is your business primarily cash-based, or do you frequently receive late payments? Understanding your business will help you select a bookkeeping system that is right for you.

1. Accrual vs cash You should consider whether you want to use a cash-based or accrual-based accounting system.

   In the cash-based system, you record a transaction when the money is received or paid out. So, when you receive money, you record it as a sale. On the other hand, when you pay a bill you record it as an expenses. The cash technique can be easier to reconcile with your bank statement. You check for the same date on your bank statement to ensure accuracy because you record the transaction when you move the money around.

   The cash option, on the other hand, has several disadvantages. It may give a false impression of your company’s performance. For example, if you opt to pay a utility bill early, it could result in a significant expense one month and nothing the next. This type of transaction might lead you to believe that this expense is not frequent; however, it is.

   The accrual technique provides a far more realistic view of your company’s performance. The only tricky element is that you must search for transactions when reconciling your bank statement and books. It is, however, the ideal way of bookkeeping if you wish to expand your firm.

   The real kicker is that you can switch between cash and accrual accounting when your company grows. No bookkeeping methodology is eternal, and while switching to a new one can be difficult, it is reasonably achievable with the help of an accountant.

2. Online or manual bookkeeping You probably do your bookkeeping manually if you manage a small business. You must input every transaction into the books on paper or electronically. It is a highly hands-on-technique, but it is prone to human errors and can quickly become inefficient as your company grows.

   Most small business owners have switched to online bookkeeping software. These applications can help you automate a lot of your bookkeeping, especially if you attach your business credit card or mobile payment app to them. Every transaction will be automatically tracked and organized by the application.

   For some people, installing accounting software is a daunting task. However, setting up your programme is critical to ensuring accuracy in the future. You may rest and trust the data you acquire if you automate everything perfectly at the start.

   You will find it tough to keep up with manual bookkeeping as your company grows. You could hire a professional bookkeeper or accountant, but switching to an automated, online system may be better.

3. Bookkeeping – single entry versus double entry Single-entry accounting is the simplest type, which records each transaction only once. An entry is entered twice in double-entry accounting. While it may appear contradictory, double-entry accounting is the gold standard since it provides a more accurate picture of your company’s financial situation.

   For example, if you sell a product, you will record it as both an income and a loss to your inventory. It is more accurate if you enter it twice. You will require Double-entry bookkeeping for larger businesses that adhere to accounting principles.

   Single-entry bookkeeping is typically sufficient if you run a tiny side business. You will need to convert to the double-entry technique if your firm becomes your sole source of revenue or if you wish to incorporate.

4. Last in, first out vs. first in, first outIf you have inventory, you can use either the Last In, First Out (LIFO) or the First In, First Out (FIFO) accounting procedures. These two methods determine your stock’s current value as precisely as possible.

   Do you think your most recent products will sell first in a LIFO system? For example, apparel stores’ most popular things are currently trending. If the cost of buying or creating inventory varies amongst items, this method accurately represents your stock’s value. It ensures that you can assess your company’s overall health at any time.

   One thing to keep in mind about LIFO is that it might reduce your net income during inflationary periods as the cost of the most recent inventory rises. As a result, neither the Canada Revenue Agency nor the International Financial Reporting Standards recognize LIFO as an inventory valuation method for tax reasons.

   It is not that one cannot use LIFO. It is a fantastic technique to assess costs vs income on a more current reporting period rather than rely on prices from six months ago if you work in a risky industry. LIFO is a solid alternative for internal reporting.

   FIFO is like LIFO in that it assumes that the oldest products purchased are the first to be sold. Because it stimulates the movement of products through most firms, it is the most accurate model for most retail businesses.

   While the CRA assumes that FIFO seems more accurate, it does not always reflect volatility. It compares current revenues to earlier costs leading to skewed profit margins.

   The optimal scenario for FIFO is when you have a high-volume, consistent inventory turnover, ensuring that the expenses incurred are current.

[elementor-template id=”6338″]

Important accounting terms you need to know

You will need to fully grasp a few financial concepts to comprehend the accounting process. These may appear scary at first, but the ideas underpin them are frequently straightforward. Knowing these phrases will help you interact with your accountant more effectively, ensuring you understand what is going on in your company.

1. Generally acceptable accounting principles GAAP is “Generally Accepted Accounting Principles,” a set of standardized accounting procedures. They provide guidance on how to guarantee that your financial records are accurate.

   Consider several strategies to adhere to GAAP requirements if you handle your bookkeeping. These guidelines explain how to standardize your chart of accounts, classify your assets appropriately, select the best bookkeeping system, and use a three-way matching method to avoid double payments on invoices.

   More than only CRA compliance is ensured by adhering to GAAP. These procedures ensure your financials are correct and your work is up to par with that of accountants. If your company is audited, following GAAP will help speed up the process and prove the credibility of your accounting practices.

2. Accounts receivable Accounts Receivables include all the unpaid bills. The primary purpose of this ledger is to keep track of how much money you are due to receive, even if it has no evidence in your bank account, under an accrual bookkeeping system.

   An Accounts Receivable ledger entry helps identify potential income. It can also provide information about your company. A higher accounts receivable turnover ratio shows how effective a company is in extending credit as well as collecting debts.

3. Accounts payable Accounts Payable is a similar expenditure account that keeps track of what you owe others. Suppliers, landlord, insurance companies, and other vendors are examples of creditors.

   You can have a general idea about your net income and profit margin by comparing your Accounts Receivable and Accounts Payable. A low ratio suggests a slim profit margin which signals a shaky firm. Knowing this percentage can assist you in making plans to increase your profit margin.

   Reducing your Accounts Payable is the best method to enhance this ratio. One way to cut your overhead costs—shopping around for a cheaper rate on your staff health insurance might help!

   You can also use certain websites that have high-octane accounting software. Have a look at some critical accounting software.

Important accounting software of choice

1. Xero for AccountingXero is an online accounting system that makes operations like paying bills, handling expense claims, and creating invoices easier. Xero connects small businesses with trusted advisors and gives them real-time visibility of their financial situation. Xero may be accessible from any device with an active internet connection because it is a web-based solution.

   Xero’s sophisticated accounting capabilities small businesses can examine their cash flows, transactions, and account details from any place. All bank transactions are imported and coded automatically. Online bill pay makes it easier to keep track of expenditures and remain on top of bills due, which helps to improve relationships with vendors who provide essential business supplies. Personal spending can also be controlled with Xero, which allows for mobile receipt viewing and approval. Xero provides infinite customer assistance and connection with several different systems, including HubDoc, Plooto, Wagepoint and Rotessa. The solution comes with a 30-day free trial period for product testing and feature evaluation.

   If you want to keep track of your bills and expenses, then Xero is all you need.

   Features included

   Pay Bills
   Keep track of your expenses and pay them in time. Also, acquire a comprehensive picture of your payables and cash flow.

   Claim Expenses
   You may capture costs, submit and refund expense claims, and track spending with expenditure manager tools.

   Accept Payments
   Connect to Stripe, GoCardless, and other payment processors to accept payments online and get paid twice as fast.

   Track Projects
   For jobs, you must quote, invoice, and pay. With project and job tracking software, you may also keep track of expenditures and profits.

   Sales Tax
   Calculate appropriate taxes on transactions automatically for GST/HST filing online.

   And much more

2. HubDoc for AutomationIt is simple to capture your financial papers using Hubdoc. You may use your smartphone to take images, send emails, scan, and upload documents to Hubdoc. Your vital records are all kept in one location online.

   Hubdoc enters data into Xero by extracting crucial information from bills and receipts and converting it to useful information. Supplier names, amounts, invoice numbers, and due dates are removed from the source document so that you may make transactions in Xero and QuickBooks Online.

   Hubdoc now gives your accountant immediate access to all your bookkeeping. Simply provide your accountant access to your account, and they will receive an email invitation. Your accountant can now keep the records up to date!

3. Plooto for account payableThe Plooto solution is simple and secure with sophisticated automation and intelligent workflows. Plooto streamlines your Accounts Payable operations, saving you both time and money. It is an all-in-one platform that unifies payments, processes, control, and reporting to help firms automate their domestic and foreign accounts payable and accounts receivable tasks.

   Plooto for Account Payable connects to Xero and QuickBooks via a clever two-way sync, automatically syncing bills, invoices, and payments and reconciling bookkeeping data while maintaining a complete audit trail.

   And, with Plooto, you can optimize your cash flow by accepting credit cards and getting paid in as little as two business days, as well as using automation features like PAD and recurring payments to get money into your account much faster and with less effort.

4. Rotessa for account receivableRotessa is an internet payment system for small businesses in Canada that can allow you to pay by any bank or credit union, which means you can get paid through Rotessa if your customer has a bank account.

   Rotessa is one of the tools that increase customer experience efficiencies. It is a company that provides payment solutions. To deliver those payment solutions, they use a pre-authorized debit and link with online accounting platforms like Xero and QuickBooks.

   You also need to note that with Rotessa, you aren’t pursuing payments. The customers aren’t attempting to figure out how to pay you in the most efficient way possible. They aren’t calling you to give you their credit card number. They aren’t going to mail you a cheque. It is a basic money processing service.

5. Stripe for credit card paymentsStripe combines everything needed to create websites and apps that accept payments and transfer pay-outs worldwide. Stripe’s products help online, in-store shops, subscription businesses, software platforms and marketplaces, and everything in-between accepts payments.

   Stripe also assists businesses in preventing fraud, sending invoices, issuing virtual and actual cards, obtaining financing, managing business spending, and more. Stripe is a complete payment service designed specifically for programmers. It is simple to integrate a PCI-compliant payment option into your online app.

   Stripe’s services don’t end with payment processing. It also provides other services that may be beneficial to your company.

   Stripe Billing is a versatile service that caters to almost all the needs of current websites. You can set up monthly, annual, and trial billing using the subscription service. You may even charge your users in tiers based on how much they consume and how many team members they have.

   Sales, vouchers, and taxes are all handled via Stripe. As part of the sales cycle, it can manage quotes and invoices.

[elementor-template id=”6338″]

Tax returns

You may get the most out of your annual tax return if you keep the correct books. Many business expenses are tax-deductible, but many small business owners do not take full advantage of them due to inadequate small business bookkeeping. The following are some of the expenses you can deduct:

• Office Supplies
• Travel Cost
• Entertainment Cost
• Property Tax
• Insurance Fees

You can find a complete list of deductible company expenses on the CRA’s website. It is a good idea to set up separate accounts for each charge so you can file them immediately. If you follow this procedure, you will not miss any opportunities to claim a business expense.

Another benefit of effective bookkeeping is that it allows you to stay ahead of the game regarding tax payments. Having your records on hand will enable you to compute your taxes ahead of time and plan accordingly.

When you reach a specific tax threshold, you may be required to pay tax in quarterly instalments rather than an annual lump sum. When you hit the minimum tax threshold, you must know how much tax you will owe to comply with this requirement. Quarterly financial statements will save you time when it comes to filing.

Five quick tips for bookkeeping for small businesses –

Bookkeeping is not your favourite task unless you are an accountant who enjoys working and dealing with numbers. However, establishing specific solid practices on an early note might help you prevent costly record-keeping mistakes. We have put together these five small business bookkeeping recommendations.

You undoubtedly maintain a lot of your company’s financial information in your head: which suppliers you need to pay, which customers owe you the money, and so on. It is logical to do it this way since you will not have to learn new software, there is no risk of losing all your data in the event of a system crash, and you can change your budget as much as you want without having to sit at a desk.

Unpleasant shocks might arise if you don’t have a structure and processes; there are chances where you can miss out on your goals, and critical paper neglects due to this. Getting a better handle on your finances can help you set and achieve long-term goals, smooth out seasonal cash flow fluctuations, and even increase earnings. It may also assist you in avoiding problems with the Canada Revenue Agency and, of course, from the unpleasant shocks in business!

1. Make a budget for significant expenses.Be open and honest about the costs that may arise in one to five years. Is it conceivable that your facilities will need to upgrade? Is your office equipment nearing the end of its useful life?

   It is critical to recognize your company’s seasonal ups and downs and how they will affect your ability to spend throughout those periods.

   You will avoid moving money out of the firm in intense months and finding yourself short in bad months if you make sure you have budgeted for extensive renovations or spikes in staffing expenditures.

2. Keep a log of your expenses.Because expenses can be challenging to track, you may be missing out on tax deductions that you could have gotten.

   Business credit cards can be helpful instruments for tracking and grouping all spending. That is, if you keep up with your payments. Most suppliers now offer the function of categorizing your statement into different spending categories, which means you will have one less thing on the list to fear.

   Making notes in your schedule of the clients you will be meeting for coffee dates, lunches, and events can also help you prepare for audits. If you must go through specific audits, this will assist you in substantiating your costs for your tax records.

   Tracking your expenses is also true of car miles. Tracking car miles might sound funny, but you must keep track of your car mileage! When travelling long distances to meetings, keep note of your mileage or use Google Maps to calculate how far you travelled and your expenditures.

3. Keep accurate records of your depositsMake sure you keep track of the deposits into your business bank account. Whether a pocket notepad and pencil, an Excel spreadsheet, or financial software like Xero, keeping an accurate record never goes wrong!

   You are likely to make several deposits into your account throughout the year. Loans, sales earnings, and financial infusions from your resources are possibilities. If you can’t account for where each deposit came from, you are at risk of paying taxes on money that is not yours.

4. Set money aside for taxes.You know you will have to pay taxes and when you will have to pay them. As a result, set aside money for it in a systematic manner. The CRA can levy fines and interest for unpaid taxes, so ensure the funds are available when you need them.

   It will be less painful when they are due if you put money aside each month or during the contract payment.

5. Keep a close eye on your expenditures.Late and unpaid payments can harm your financial flow. Assign someone to keep track of your invoices, then design a plan for what to do if the amount is not on time. Tracking your expenditures could include sending a second invoice, making a phone call, or imposing penalties such as late fees if the payment is overdue.

   Make a strategy for when clients are 30 days, 60 days, or 90 days late. Remember that every late payment is a zero-interest loan that depletes your cash flow.

How to get your bookkeeping done?

There is no denying that if you are running a small business, you will need to keep track of your finances.

There are a few options for getting here. Here is a rundown of the options available to a small business owner, the costs, advantages and disadvantages, and a review of who could be a good fit for each.

When it comes to determining who will do your bookkeeping, you have three options –

1. Do It Yourself – Slide up your courage and get started.
2. Outsource Someone – Hire an external bookkeeper or accountant to help you.
3. Insource Someone – Hire a dedicated staff to handle your bookkeeping.

Let us look at the different possibilities regarding cost, benefits, and who could be best.

1. 1. Do it yourself bookkeeping You will learn how to perform your bookkeeping and schedule time to do it in the evenings and on weekends. Time and energy are the costs. DIY is an excellent option if you are just starting as an entrepreneur because you will have the time and energy to work during weekends and evenings.
      • • Merits of DIY bookkeepingLow-cost –You may keep your costs as low as possible (it will just cost you time and energy).

          Learning –You can learn a new skill that will be useful to you.

          Insight –You will track all your transactions to know where your money comes from and goes.

        • Drawbacks of DIY bookkeepingFocus – You may have a lot of energy early in the start-up stage, but is there something else you could be focusing on that would help your business move forward?

          Procrastination – It is tempting to put off these tasks until they are urgent (or past due), leading to a lot of stress (or worse).

          Context Switching – Changing from one task to another consumes a lot of energy and creates a lot of resistance.

      Errors – When you do things yourself, you are more prone to mistakes.

Learning Curve – At first, this may take an extended period (but it will get faster as you get better).

DIY is a beautiful alternative for firms that are just starting and have a well-organized and financially knowledgeable proprietor. Hiring a professional bookkeeper as an advisor from whom you can ask questions if you get stuck is an excellent way to reduce any disadvantages.

1. Outsourcing a bookkeeperLook for a competent bookkeeping firm and hire someone to manage your books.
   Cost varies widely depending on your requirements and the qualifications of the bookkeeper.
   • Merits of outsourcing a bookkeeperContinuity –
     If you choose a company that provides these services, you will be less likely to have to hire, keep, and manage this position.

     Privacy – You will not have anyone on your team familiar with your financial situation.

     Focus – You and your staff may focus on what you do best by outsourcing this function (sell and deliver your product or service).

     Accuracy – A full-service bookkeeping firm will have a review mechanism to ensure error-free work.

     Backup – Bookkeeping firms have workers to cover holidays or employee absences, ensuring that filing is complete, and reports are current.

   • Disadvantages of outsourcing a bookkeeperIndustry knowledge –
     In some businesses (such as retail or manufacturing), having an “on the ground” individual familiar with the day-to-day operations is beneficial. They may apply this expertise to the books, saving time and money.

     Cost – The cost of this option can be significant. You will (ideally) be paying for professional assistance.

     Quality – There are several low-quality providers out there, unfortunately. Make sure to ask these questions when interviewing a bookkeeping firm.

     • Outsourcing is a smart choice for companies who know what they are selling and can benefit from the time savings that outsourcing provides. It is also a viable alternative for business owners who know they won’t be able to handle their bookkeeping.
     • Outsourcing your bookkeeping is more expensive than doing it yourself, but it can free you to concentrate on what you do best, allowing your company to expand. A professional bookkeeper will provide you with accurate data and peace of mind.
2. Employ a bookkeeper internally Hire an internal bookkeeper who will be a regular member of your team.
   • Merits of employing a bookkeeperDedicated – You will have someone on your team dedicated to keeping their feet on the ground in your business and aware of the comings and goings. Employing a bookkeeper can help the business owner cut down on back-and-forth communication.

     Flexibility – You can use any unscheduled time for other projects or administrative tasks.

     Complexity – Because they operate in the industry daily, a qualified person can handle complexity and project work better than other possibilities.

   • Disadvantages of employing a bookkeeperCapacity – You might not have enough work for a full-time employee, leaving them bored.

     Training – If you want to hire a low-cost staff, you may need to train them.

     Turnover – If you don’t have enough full-time employees or are hiring entry-level personnel, you will almost certainly experience turnover, which is an administrative headache.

     They must understand what they must do and how to do it. Employers take vacations and leave of absence. So, during those times, there might be a delay in work.

     Expertise – It is common for small firms to hire their administrative assistant to do bookkeeping, which can stress that individual. Nowadays, recruiters hire people because of their excellent and outgoing personalities, not their bookkeeping skills.

     • Insourcing is viable for organizations with complicated operations, such as manufacturing, retail, and restaurant chains. It is also a possible choice if you have administrative employees with some bookkeeping experience and a willingness to learn. It is also a viable choice for businesses that have grown to the point where they can hire a full-time qualified professional to complete the work.

Which one should you pick from above?

When it comes to small business bookkeeping, there is no one-size-fits-all solution. Understanding the advantages and disadvantages of each style of bookkeeping should assist you in determining which choice is best for you.

Team Kedden is always available to answer questions and provide an honest assessment of whether outsourcing or another alternative is the best choice for you.

Please get in touch if you think outsourced bookkeeping is a good fit. We will be happy to answer any questions about our processes and procedures and see whether it is a suitable fit for you. We have your finances covered no matter where you are on the Entrepreneur’s Roadmap.

Conclusion

As a small business owner, it is up to you to determine whether you want to manage your books independently or hire help. There is no reason to pay for an accountant or bookkeeper if you operate a tiny firm with only a few monthly transactions. However, if your company expands, so will the necessity for a specialized bookkeeper.

Financial records are essential for any successful business since they allow you to rapidly discover areas where you may save money, such as business and health insurance, among other things. We hope you found our step-by-step guide helpful.

Still, need help?

We can assist you with that to make things good to go! You may compare several of our pricing packages at BronteBay in minutes to discover one better suit your needs. We offer a variety of webinars and one-on-one advisory meetings to suit every business. We can show you the ropes in the right direction. Simply start with our 30-day free trial to see how much money you can save now!