If you’re like many people, you’re breathing a sigh of relief that the personal income tax deadline has passed. If you own an unincorporated business then your job might not be done, because the business year-end tax deadline is approaching. For many business owners, getting your year end ready includes a lot of admin duties that a bookkeeper should be taking care of so you can focus on running your business. Here are five signs your business is ready to hire a bookkeeper.
You’ve Fallen Behind in Your Bookkeeping
Your business finances are the lifeblood of your organization – without invoicing your clients for the products and services you deliver and getting paid your company will run out of money and you’ll go out of business. If you find that you’re falling behind in your billing then that’s a telltale sign that it’s time for your business to seek the help of a professional bookkeeper.
Your Business Isn’t Growing
For most business owners, growth is always a goal. They want to grow their business so they can make more money, afford a better lifestyle, and create something that can support them through retirement. If your business isn’t growing, it might be because you’ve buried yourself too deep in non-growth administrative tasks, a great big sign that you should find a local bookkeeper to help get you focused back on what’s important to you.
You’re Working Longer and Longer Hours
Owning and running a small business can feel like a never ending job sometimes, because you don’t get to go home at the end of the day and leave work behind – your work is your life. Many business owners take on the extra things that need to be done in their businesses because they can’t overburden their employees. If you own a business and you find that you’re constantly working at night and on weekends then maybe you should think about hiring a bookkeeper to help manage the day-to-day finances of your business.
You’re Drawing the Ire of CRA
It’s always a good idea to fly under CRA’s radar as much as possible, because once your file is flagged you can hear from them a lot more than you’d want to. Staying in full compliance is the best way to stay on CRA’s good side, so if you find yourself filing and paying your source deductions, HST returns and other government payments late then you might wake a sleeping giant. Hire a bookkeeper to help keep your business compliant and keep the CRA out of your business as much as possible.
You’re Not Doing What You Love
A lot of business owners start their business because they want to be their own boss and because they want to do something that they love. As the business grows you find yourself doing things that your business needs, but that you don’t necessarily enjoy. At some point, running a business feels like a job again, and you realize you’re not doing what you love. Hiring a bookkeeper can help take some of these administrative tasks off your desk and get you back to doing what you love.
Running a business is a lot of work, and for a lot of small business owners much of that work falls on them. If you find that you’re not keeping current with your business finances, your business isn’t growing, you’re working longer and longer hours and not doing the things you love to do, or if you’re getting unwanted attention from CRA, it might be time to think about hiring a bookkeeper.
Simply Bookkeeping1 provides professional bookkeeping services for freelancers, solopreneurs and owners of unincorporated and incorporated businesses. We customize our services based on your needs – we only see some of our clients a few hours a month but others we see on a more regular basis. Our services are reasonably priced and we tightly track the amount of time we spend working for you so you only pay for the services you get.
To learn more about us, please visit our website at www.simplybookkeeping1.com or contact Michele Hyde by phone at (647) 668 – 9363 or by email at firstname.lastname@example.org.
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