Bookkeeping is vital to any business since it includes things like reviewing your budget, preparing taxes, and organizing your financial records. Analyzing your financial statements, making budget decisions, and planning financially for the future of your business are extremely important, but can be overwhelming if you are doing it all on your own.
Also, you may not feel comfortable or qualified to do these tasks, or you might be too busy running your business—and that’s when you should consider hiring a bookkeeper. To help you make your decision, we’ve compiled a list of common questions people have about bookkeeping services.
Is Bookkeeping the Same as Accounting?
Contrary to popular perception, bookkeeping and accounting are actually two separate things. Bookkeepers are responsible for year-round business operations such as preparing financial statements to recording daily transactions and keeping accurate track of business expenses. An accountant is responsible for interpreting that ledger and using it to prepare taxes for your business. Here at Dedicated Bookkeeping Solutions, we led by an experienced CPA, so often provide both services for clients.
Can Bookkeepers Work Remotely?
Absolutely! Thanks to the latest advances in technology, bookkeepers can literally work from anywhere. Happily, gone are the days when you needed to choose only from bookkeepers in your area, now you can be sure to get the qualified, experienced help you deserve in your business. We have clients across Canada, and between handy apps and Zoom calls, we work very well together with them.
Can Bookkeeping Be Automated?
Yes, but only to a point. Automated software can help make bookkeeping a lot easier for you and your business. At Dedicated Bookkeeping Solutions Inc. we provide tools and apps to help you track your daily profits and expenses. We help you manage accounts payable and accounts receivable without the added hassle of dropping off files and scanning etc. In short, we can make running your business stress-free all year round.
Can I Use a Bookkeeper to Prepare My Taxes?
The short answer to this is no. Although bookkeepers can draft financial statements and record daily expenses, they cannot prepare your taxes. That takes the work and expertise of a CPA, who has knowledge of tax codes and can prepare your return accordingly. As we mentioned, Deborah Hughes is an experience CPA, so if you need help, we are here to serve. But we also work well with lots of other CPAs, so don’t worry if you only want assistance with your monthly bookkeeping.
How Can Bookkeeping Help With My Small Business?
Bookkeeping has many benefits for small business owners. It can:
- Keep your books current
- Reduce accounting fees
- Save you time and money during tax season
- Reduce your stress
- Save you valuable time
Hiring an honest, ethical, and well-organized bookkeeper will keep you current on government deadlines, keep you organized and help you make responsible decisions for your business future.
Can a Bookkeeper Help Me With My Small Business Budget?
Definitely. A good bookkeeper is excellent with details and can help you forecast the financial future of your company. They can collect the data, prepare your records, and record all of your transactions to present to your CPA when it’s time to file your taxes. This can help you immensely when it comes to managing operations costs and revenue.
If you are in need of bookkeeping services in Canada, there’s nowhere better than Dedicated Bookkeeping Solutions Inc. We provide services for small businesses, corporates, and startups, so contact us online or call us at 519-489-0501 today!