Tea Ledger can help you with your daily work – tracking invoices, preparing sales tax, preparing your payroll – and much more. However, when should you hire a bookkeeper?
What does a bookkeeper?
Basically, the bookkeeper will maintain your books and keep them up to date in a periodic manner. They also:
- Ensure that all expenses/receipts are properly itemized and categorized
- Represent you with Canada Revenue Agency and other Authorities
- Streamline and improve your internal business processes
- Calculate and report your sales tax in all provinces and territories
- Record all your financial data and keep your books ready for your accountant
- Assist you with your payroll tasks, to learn more about payroll
In this article, you will learn what a bookkeeper can help you with, and when you should hire a bookkeeper.
Why do you need a bookkeeper?
Probably your passion for tea drove you to start your business. Moreover, since the first day you want to concentrate on what you love and what is the most cost efficient for you. However, like most business owners, accounting equals boring.
For example, imagine you’re opening a tea house. You might have:
- a strong passion for tea
- a Business idea/plan for your business
- lots of customers with a high rate of transactions
- invoices from your suppliers (tea wholesaler, electricity, etc.)
- POS (liek VendHQ) systems to process your sales
- staff wages to manage and pay.
That might be overwhelming and time-consuming. Bookkeeping might not be your most prominent straight either or worst it can be your nightmare.
Without a proper system to track all the financial data, you won’t be able to have the big picture over your business. That will make it harder to make the right decisions at the right time to jump on good opportunities or to avoid losing money on less profitable strategies.
That where Tea Ledger come in handy. We take the boring out of your hands so you can spend more time with what your love and what is most profitable for youé
Why hire a bookkeeper?
We prepare your books as an accountant will do. That is to make it quick an easy to process when the time comes to do your corporation tax.
However, there is more to us than just the necessary day to day bookkeeping task. We are expert in accounting software can help you implement and maintain:
- improve and streamline your business workflow, such as your payables
- payroll services to keep your business compliant and accessible to your staff
- optimize your records to simplify your sales tax reporting
- training for you or your staff to handle your accounting software.
We can also offer day-to-day support for small business owners. In fact, we will be your partner in keeping things running smoothly within your business.
What the difference between accountants and us?
Bookkeeping is a vital service. However, how does it differ from accounting? We complement the work of an accountant. Our services are complementary:
- We do the day-to-day work and bring the accounts up to a high standard of detail and accuracy. We can also advise you and alert you on issues that might affect you on a short term, for instance, late invoice payment, cash flow problems.
- Accountants will look at your statements, often every year, to file your corporate tax returns and other official reports. They can also advise you on a high-level about your business health.
Engaging in a new venture is not always easy, and having the right team can make a whole difference for your profitability. Ideally, you will need both a bookkeeper and an accountant once your company grows. First, come the bookkeeper to help you with your day-to-day workflow. Moreover, later an accountant to assist with your corporate tax and high-level advice.
Tea Ledger can help you with your daily work – tracking invoices, preparing sales tax, preparing your payroll – and much more.
When should I hire a bookkeeper?
You should hire a bookkeeper as soon as possible. If you haven’t already, it is time to act. Ideally, it would be best if you started looking for a bookkeeper as soon as your business idea begins to take form.
We can help you start on the right foot and avoid many mistake business owner do when starting up their venture. Mistakes that can cost you time and money two resources that are critical for your launch.
A lake of a streamlined workflow from the beginning might also result in a shoebox of receipts that will take Vitale resources from your company to process. Second, this situation will mask and hide critical flaws in your business model that can be fixed but you won’t see them, and they will cost you.
Who should you hire a bookkeeper?
Whomever you hire needs to trustworthy, reliable and knowledgeable about accounting, your business field and once hired about your business.
The are many bookkeeping services available to choose from. You should consider Tea Ledger if you want a modern cloud accounting service and that you work in the tea business. Moreover, of course, please compare us with other services before you choose. We will be happy to satisfy your accounting needs.
Get the best out of your business
We offer a vital service to your business. The real-time financial data we will provide you will help you save time and give you insight into your business. Taking off the burden of tracking your expenses and having a smooth workflow will allow you to concentrate on the running of your business.
Trusting a bookkeeper with your financial details is a big step. So do your homework!
Ready to make that decision? We are here to help in the case you have any question.