How Bookkeeping Can Help your Okanagan Business.
- Focus on your business needs.
For a business to flourish, it is important that you focus on the right areas: finding clients within Penticton, or online with a new website. Devising pricing strategies, and learning Instagram tactics to reach your target market. Researching remote business solutions and learning QuickBooks software, or just networking at a “business after business” event. There is so much to do! Be careful not to spread yourself to thin.
2. Create a Work-Life Balance.
You live in the Okanagan valley for a reason. Many move here for the wineries, the sunshine and the improved quality of life. While it is possible for one person to do everything, you run the risk of burning out. With no time left at the end of the day or week for yourself or your loved ones, you might wonder why you are running a business at all. Remember, it’s okay to delegate the tasks you do not want to spend valuable time on.
3. Gain a different perspective.
Your business is unique, and there is no other quite like it, but maybe you don’t need to reinvent the wheel. Its likely you will encounter problems with your business, that your bookkeeper has seen before. Maybe there is an easy solution, or maybe they know the perfect person to ask. A Penticton based bookkeeper can provide insight into business issues that you are encountering, and share insider tips for creative strategies, local suppliers and even reducing your provincial taxes. Many hands make light work, and with a bookkeeper on your side, you can have extra help when you need it most.
4. Escape the tedious aspects of business.
Do you have a passion for entering receipts, or tracking how much tax you owe the CRA? If its hard to imagine getting excited about these tasks (and you’d rather be relaxing on the Cannery Brewing patio) maybe it would make sense to hand this side of the business over to someone who is motivated. Bookkeepers are trained to manage these minute and pesky tasks. Find someone who is passionate enough about your finances, to see the job through – month on month, year on year.
5. Make sure that you are paid on time.
You are busy. Between answering emails, working on projects and putting out the daily fires that pop up, some things are likely to be forgotten. Make sure there are no outstanding payments from your client base. You don’t want to miss out on revenues (or risk impacting your credit with late payments if the bank account is empty). Put a bookkeeper in charge, and you can have confidence that everything has been handled, and that you are being paid for ALL of your work.
6. Save Money.
Running QuickBooks by yourself may seem like the frugal option, but the truth is that a bookkeeping service will likely save you money. With a second set of eyes on the finances there is a reduced level of risk: simple human error (or a lack of knowledge) can mean missing tax deadlines, or mis-reporting income. A regular bookkeeper can help to lower costs, and with timely reporting – you can see how your money is really doing. These can be used for successful loan applications, or even for selling your business when you are ready.
Plus, remember that your time is money that you could be using towards growing your business, and bringing in revenues to move to the next level. From the time and money savings, to the expertise and better cash flow – a bookkeeper makes good business sense. So let’s get started today.