"When personal service and affordable value are your expectations"

Do You Need a Bookkeeper?

If you are currently doing your own bookkeeping and payroll, you may want to ask yourself the following questions:

  • Do I have the fear of the "CRA" in me (Canada Revenue Agency)?
  • Am I confident that I am preparing my books correctly? 
  • Would I be relieved to know that my books are always up to date?
  • Could I do my bookkeeping, payroll and/or tax preparation more efficiently?
  • Instead of doing my own bookkeeping and payroll, could I be doing something else with my limited time?  

If you answered "Yes" to any of the questions, you may want to consider these four top reasons for employing a qualified bookkeeper for your business. 

Four Top Reasons

1. Save Money

A qualified bookkeeper can ensure you are not charged late fees or penalties by filing your paperwork accurately and on time to the CRA. They can also ensure you claim all the GST input tax credits you are entitled to if you are a GST registrant.

2. Reduce Stress

Even if you enjoy doing your own books, you may have nagging doubts as to whether you've missed a deadline, or a deduction, or whether you should have claimed that "business trip" to Vegas!

Not only will a qualified bookkeeper ensure that your paperwork is completed accurately and filed on time, they can also notify you when payments are due to the various agencies.

3. Expertise

Qualified bookkeepers are detail-oriented, thorough, exact and precise. They are also up to date with changes to CRA taxation regulations.

Consider the following questions you might have:

  • Am I recording or charging the GST correctly?  
  • Are my employee benefits taxed (or not) properly? 
  • Should I be charging PST on my services?
  • How do I figure out my vehicle expenses if I use my car for business sometimes?  Can I write off a portion of the cost of the vehicle?
  • Am I paying too much (or too little) tax? Am I sure?
  • Do I account for only 50% of the GST on meals and entertainment?
  • Can I write off the Christmas party?
  • How do I figure out my costs if I work from a home office?  Could deducting those costs affect my principal residence exemption?

4. Keep Organized

There's a lot to be said for having organized paperwork, especially if you are being audited by CRA. Having a bookkeeper organize your paperwork also ensures you can easily find a receipt or invoice when you're looking for it.

Choosing a Bookkeeper

If any of the above points resonate with you then consider engaging a bookkeeper to help you with your bookkeeping and payroll needs. There are over 60 companies or individuals in the Victoria area so there are some key points to consider when Choosing a Bookkeeper.