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.
Top Issues Effecting Small Businesses:
Taxes: Filing your businesses taxes and your HST returns takes a lot of work, especially if you haven’t been diligent about keeping your books up to date during the year. Your taxes also give you great insight into how your business has performed and enables small business owners to better plan for the coming year. If you make any errors in filing your taxes, being audited or having to pay taxes you were not prepared for, can derail your business.
Cash: Managing cash flow is a huge source of stress for small business owners. Cash is the key to keeping staff paid, inventory purchased, expenses paid and of course, money in the pocket of the business owner! But with so many moving parts (accounts payable, accounts receivable, payroll), it can feel like an insurmountable job to manage, in addition to all the other requirements for running a viable and profitable business.
Fatigue: Being an entrepreneur is a 24/7 job. There is ALWAYS something that needs to be done. Many small business owners find themselves feeling stuck and unable to take time away from their business. Not having a solid team or resources set up to allow entrepreneurs to take a much-needed break can lead to poor business decisions and limited growth. How can a company grow when the owner is already feeling beyond maxed out at the current capacity?
Growth: Many business owners would love to scale their business but struggle with how to take things to the next level. Often their unclear picture of their business finances makes it impossible for them to know if they can take on more risk, hire more people or buy equipment that might be needed for growth. A solid financial picture and future financial forecast can set business owners up for success when it comes to meeting their future targets.
A prominent theme in the most common issues faced by small business owners is money. Now imagine if you had a professional bookkeeping service working with your business! They could take on the task of filing your taxes and HST returns, managing your cash flow by helping with invoicing, collecting accounts receivable, removing accounting tasks from your to-do list and working with you to build a solid financial plan that can lead to business growth.
Even if you are just starting out, hiring a part-time bookkeeper is still a worthwhile investment and will set your business up for success right from the start. Simply Bookkeeping offers a variety of services to help small businesses in the Oakville, Mississauga, Milton and Burlington areas. Contact us today to discuss how we can help you meet your business goals.