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Why do you need a Bookkeeper? A business needs accurate and up-to-date bookkeeping for two reasons - to pay taxes and to understand how your business is doing.
In most successful small businesses, the owner will come to a point where he or she must choose to manage growing their business and trust another person to manage their books. Choosing the individual to help run the financial side of one’s business can be confusing - should you hire an employee or outsource to a service provider, or indeed engage an Accountant?
Although you may get more one-on-one time with an employee, you will be responsible for paying a salary in addition to vacation pay, EI & CPP etc. which can add a further 18% to the cost of the employee.
Having an Accountant doing daily bookkeeping tasks is the most expensive option. Generally an Accountant is more efficient at giving an overview of the business, providing financial advice and recommendations, while a Bookkeeper handles the crucial but more daily nitty-gritty of maintaining business records.
Outsourcing your bookkeeping requirements will provide you with professional service at reasonable rates while saving you costly employee benefits. Outsourced Bookkeepers are an excellent choice to complete the daily accounting functions for a small business. Not only are their fees far less than that of an accountant or CPA, they are usually well versed in the most common small business accounting software .The downside to hiring an outsourced bookkeeper is that they are unlikely to commit to spending regular daily hours at a client's office.
Please browse through this site - should you have any questions please do not hesitate to get in touch!
Member of the Institute of Professional Bookkeepers of Canada