Most small business owners feel lucky to turn their passion into a profitable business. Working on something you love every day is certainly a perk of being an entrepreneur but the role also comes with a long list of lack lustre tasks, like bookkeeping, that need to be done in order to keep their business growing.
Accounting and bookkeeping is at the heart of every small business, but we often see examples of business owners essentially ‘leaving money on the table’. What does that mean? It means that the absence of an accounts receivable process results in not following up for payment, not issuing proper terms of payment and worst of all, not issuing an invoice at all!
Where do you see your business in the next five years? Have you written down what you would like to accomplish and how you are going to grow your business? If you haven’t taken the time to forecast your growth, chances are you may wake up five years from now and find your business in the very same spot.
Regardless of the industry, small businesses face the same common problems that prevent them from growing and succeeding. Entrepreneurs are hard pressed to be effective in all areas of their business and this can lead to weak processes, errors and missed opportunities. When we take a look at the top problems that plague small businesses, it is easy to see why hiring a professional bookkeeping service or at least a part-time bookkeeper is a viable solution for these problems. Read more ›
Being a small business owner is not for the faint of heart. Small business owners deal with a wide variety of problems every day as they always have their hand in more than one bucket – sales, marketing, customer issues, bookkeeping and accounting – the list is long! No matter what the issue, having a positive cash flow is the key to solving almost any problem a business owner needs to deal with. Read more ›
You’ve started a business and run it successfully. But what will happen when you find yourself ready to move on? Whether you’ve been in business for one year or 20 years, entrepreneurs need to think about their end goal plan – do you eventually want to take on a partner, do you want to sell your business? Read more ›
Simply Bookkeeping knows how busy year end can be. In fact, one of the services we offer as part of bookkeeping for small businesses, is to help organizations be organized and prepared for year end – it is a big job! If your company’s year-end is coming up on June 30, we hope you’ve already been working away at preparing all the financial and tax documents you’ll need to file on time. Read more ›
You’ve received a notice from the Canada Revenue Agency (CRA) letting you know that your Oakville business will be the subject of an audit. What is the first thing you should do? Don’t panic. Even if you haven’t engaged a tax preparation service to get your documents in order, there is still time to seek help. You should contact a bookkeeping service or a tax accountant in Oakville. Financial experts can help you prepare what the auditor is looking for and make sure that you meet the required deadlines. Read more ›
Did we lose you at ‘Accounting Journal Ledger’? Not to worry, it really is simpler than it sounds. An accounting journal ledger is a bookkeeping journal that should be used daily to record all transactions. Just like a personal journal that records what happens in one’s personal life, an accounting journal records what happens in the daily life of the business. Read more ›