You decided that you need to start using a professional accounting software package, either because you’re just starting a new business or because the way that you used to do it just isn’t good enough. You’ve researched the best accounting software packages and found QuickBooks leading the pack so you went out and bought a copy. You’ve installed it … started it up … and … now you’re looking at a screen and you have no clue where to start! Managing your business finances isn’t just about knowing where to click in QuickBooks, there’s a lot more to make sure that your business finances are running smoothly. So instead of looking for a Quickbooks tutorial, here’s why you should hire a part-time bookkeeper instead.
Setting Up Your Business Finances
Setting up your business finances properly is more than installing QuickBooks and starting to enter financial transactions.
When you set QuickBooks up you also have to set up a series of accounts you’ll need to run your business: asset, liability, revenue, expense and equity accounts. If you don’t set these up correctly in the beginning then it could be a lot more difficult to correct any errors down the road.
If you’re not starting from scratch but switching from another accounting package then you’ll need to also transfer all of your opening account balances in order to keep your accounting records accurate.
You might be able to figure all of this out, but with all the other things you’ve got to do in your business do you really have time to? Instead of looking for a Quickbooks tutorial, hire a professional bookkeeper to help you get QuickBooks set up, making sure you get the job done right and in a short amount of time!
Managing Your Business Finances
A lot of small and medium sized business owners wear a lot of hats in their business. They’re taking care of the day-to-day operations of the business, they’re heavily involved with sales, they have to oversee production and when something comes up that doesn’t fall under someone else’s job description then it falls on them.
A bookkeeper can take care of managing the day-to-day finances of your business so you can focus on other things. A bookkeeper can keep your business finances current, but can also help you understand what is happening with your business finances and help you make the best decisions for establishing or growing your business.
We’re pretty sure you’re not going to find a Quickbooks tutorial that will help you understand the finances of your business like a professional bookkeeper will!
Special Requirements for your Business Finances
A bookkeeper can not only help you set up and manage your business books, but can help deal with special requirements that happen throughout your business year.
Whether you own or manage a small or large, incorporate or unincorporated business – every business has to go through a year-end at least once a year. Year-end’s for unincorporated businesses in Ontario happen on December 31 of each year, but incorporated companies get to choose their year-end date when they incorporate.
Depending on whether you collect HST or not and what the gross sales of your company are, you have to file and remit HST anywhere between once a year and once a month. If you have employees that you pay through payroll you likely have to file and remit source deductions that you have withheld from their paycheques.
These are just a few of the extra financial tasks a bookkeeper can help with beyond managing the day-to-day finances of your business. Not only do these requirements take extra time that you might not have, but they must be done properly as to avoid any penalties, interest charges or other fees.
A bookkeeper can make sure that your business is in full accounting compliance all the time, something that you won’t find in any QuickBooks tutorials.
If you have just started or are already running your own business and you’re looking for help using QuickBooks, why not go that extra step and hire a bookkeeper instead of trying to figure it out for yourself? A bookkeeper can help with setting up your business finances or transferring them from another accounting package, keep your business finances up-to-date, and keep your business in full compliance with things like year-ends, HST remittances and source deduction filing, all things you won’t get from any QuickBooks tutorials!
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.
Have Your Say
Are you having difficulties figuring out the best way to use QuickBooks in your business? Have you considered getting help from a professional bookkeeper? Leave us a comment and tell us about your experiences. Also, please share this article using the social media share buttons – other people might also be trying to get their heads around their business finances and might get benefit from this post.