As a small business owner, you know you need to spend a certain amount of your profits to make more. The big question is what’s the best way to do this, and how can you avoid wasting precious resources in the future?
An often larger, but necessary expense especially for businesses just starting out is basic accounting and bookkeeping services, usually from an Ottawa based agency. They can handle weekly payroll deductions, tax preparation and even make HST adjustment claims from previous years so that you don’t run into any problems with the Canadian Revenue Agency. We highly recommend hiring an Ottawa accountant around tax time, however for a weekly and monthly accounting needs, there are other options.
Online bookkeeping courses or software are actually economical options to hiring an Ottawa accounting firm. Tracking and logging expenses and incoming payments are as easy as scanning products at the supermarket, and exporting reports so you can keep track of your expenses is a breeze. You can either use this type of software yourself, as the business owner, hire someone in house, or even outsource the management to the Philippines or India. Either way, this is an excellent way to get the same functionality without raising your costs exponentially. View our price list for a general idea of how much this would cost your company.
When looking for Ottawa bookkeeping services that fit your needs, understand how frequent you’ll need to access them. Are your costs processed and recorded weekly, monthly, or even daily? Some online services limit the amount of usage per billing period, so keep this in mind when selecting which bookkeeper to use.
Online reviews from existing customers can be useful as well and can give you a good idea if these type of bookkeeping services are right for you. We can also highly recommend asking a local accountant in Ottawa for their thoughts on services that other Canadians are using successfully