Is it Time to Outsource Your Accounting?
Your business is growing...
When you first started your business the equation was simple: Cash received from goods and services sold, less the cost of delivering these goods and services, was profit. It was the cash from this profit that paid your mortgage and put food on your table.
Your business is growing...
Then came the requirement to file remittances for the Goods and Services Tax. Now you no longer had to track just the taxes you were charging to your clients and customers, if you were charging taxes at all, but you now had to keep track of the GST you were paying to your vendors, and also the revenue you were earning.
Your business is growing...
Then came your first regular employee. This person came complete with the requirement to file and remit regular deductions at source and possibly calculate payments for workplace insurance and provincial health programs. Add to that the new calendar year end requirement for T4s, T4 summaries, PIER reconciliations, plus records of employment, and the inevitable questions about T2200s, T4As, etc..
Your business is growing...
As your business becomes larger and more complex, so do your requirements for sound financial management.
Have you seen your business grow to the point where:
- You are still the primary driver of the business.
- You find the administrative part starting to take away from the time you want to spend of promotion and business development.
- Work related to the financial administration of your business is pushed to the end of the list.
- You find yourself relying on your year-end accountant for advice on day to day issues, at expensive hourly rates.
- Your business is complex enough that tracking expenses, revenues and other yardsticks at a more detailed level is now valuable.
- Your current revenue level or budget will not allow you to engage a full-time accounting professional, although you know your business would benefit from one.
Then it is time you considered the services of 'Offsite Accounting'.
