Running a small business requires a great deal of work. A business owner has to constantly look for new customers to grow his business, keep up with trends in the industry and keep an eye on the competition, in addition to managing a team of employees.
On top of all this, entrepreneurs of course have to take the time to manage the company's finances, which can become increasingly complex as the business grows. Many business owners therefore turn to a bookkeeping service for support.
But what exactly does this service entail? How can it help your business grow? Find out in this article.
A bookkeeping service handles your ongoing financial management
Managing a company's accounting can be a real headache, especially if you have little experience in this area. Outsourcing your bookkeeping to a dedicated accounting team will help you run your SME with a clear head!
Your bookkeeping team will be responsible for managing your company's weekly and monthly finances. Among these tasks, you will obviously find bookkeeping, i.e. accounting for financial transactions so that all expenses and revenues are properly categorized. The team could also be responsible for accounts payable and receivable, your business tax return, payroll management and treasury services.
Adopting effective accounting systems to keep your books up to date
When you hire a service to keep your accounting records, the first concrete actions often involve systematizing processes and implementing software to make bookkeeping as efficient as possible.
For example, the accounting team could set up an automatic payroll processing system. This system automatically calculates the amount to be paid to an employee by recording the hours worked and then applying government, union, etc. deductions directly.
Ultimately, implementing these accounting systems will reduce the workload of the business owner or manager so that they can concentrate on other administrative priorities.
Producing financial reports and analyses to evaluate your company's performance
Finally, your bookkeeping team will also be responsible for producing reports (weekly or monthly, depending on the task) to provide a good visualization of the numbers and effectively assess where your company's money is going and where it is coming from.
Among other things, they will produce a comprehensive income statement for your business, a financial balance sheet and assess cash flow, all with the goal of finding potential problems and resolving them before they occur. A good grasp of your financial statements will also help you seize opportunities that may arise!
Entrust your bookkeeping to T2inc
In conclusion, hiring a bookkeeping service will optimize your accounting systems so that you can automate certain processes and concentrate on other administrative tasks. In addition, this service is responsible for managing your company's finances on an ongoing basis and producing frequent reports and analyses to help you efficiently review the state of your finances.
At T2inc, we offer a wide variety of corporate accounting and tax services. If you want to entrust your bookkeeping to a team of experts, we invite you to contact us.
Frédéric Roy-Gobeil
CPA, M. TAX
As President of T2inc.ca and an entrepreneur at heart, I have founded many start-ups such as delve Labs and T2inc.ca. A former tax specialist at Ernst & Young, I am also a member of the Ordre des comptables professionnels agréés CPA and have a master's degree in taxation from the Université de Sherbrooke. With a passion for the world of entrepreneurship and the growth mindset, I have authored numerous articles and videos on the industry and the business world, as well as on accounting, taxation, financial statements and financial independence.
