Accounting Rescue

Today is May 15th and we are exactly 29 days away from filing your sole proprietor tax return. If you are incorporated and your year end is December 31st, you are about a month and a half away from your filing deadline. This might be a stressful time of year for you…trying to find receipts left in your glove compartment…catching up on entering data into your accounting software…maybe you do not know who still owed you money as of December 31st.

Whatever your situation is, it may be a good time to think about whether your system is working for you or against you. A client of ours constantly asks two questions on her social media: what is holding you back in your business and how can I help? Your business’ finances are usually an overlooked piece of the puzzle and we can definitely support you keeping everything in order. But what if you cannot afford a $500 per month bookkeeper you ask? Not all clients need us the same so we offer different accounting support.

1 - Light Involvement: we have some clients that like to do their day-to-day and maybe even their bank reconciliations…but staying current with filing their GST returns and remitting payroll remittances might be where they need support. In this scenario, we would set you up with a cloud-based accounting system so that we can both access your information. There is also an option that is very cost-effective if you do not wish (or need) for a hands-on accounting system where the system automatically compiles the information for you on a daily basis. The initial set up takes some work, but it’s definitely worth it in the end because your year end is ready come tax time.

2 - Getting Deeper: some clients prefer to leave their invoicing and keeping track of payments coming in to us. We have some clients set up on cloud accounting software for those who still wish to see their information at any moment. Other clients are set up on our desktop software and are provided with monthly financial statements. We do all of their GST, payroll support, etc. We also provide our clients with what we call the decoding of financial statements to enable the client to understand their financial position to make good business decisions.

3 - High-Level: we have some clients that require more guidance in making business decisions. Business strategy support is why they came to us on top of bookkeeping support. We can answer questions of where are we and where are we going? They need cashflow projections, growth projections, government grants support, and other business decisions.

If you are struggling to keep everything organized, come have a chat with us. We can work out a plan to let you focus on what you do best.