New or even seasoned business owners know the importance of finding a trustworthy accountant who can handle your books on an ongoing basis is. It is highly recommended that you get a primary consultation with an Ottawa bookkeeping firm so you know what the restrictions are in your specific market are. Certain industries like food service or construction that have high monthly purchase amounts area treated differently and it is sometimes best to find a bookkeeping specialist in Ottawa that has industry specific experience so they can get you the best return tax-wise.
Local Ottawa Bookkeeping Solutions
Many people won’t bother considering a professional accountant if they have a side business making less than $30,000 a year, but this is serious error. Preparation is key, and having a financial expert on your side before you even get close to big can help you scale and understand the financial implications of your specific business model. Surveys show most local businesses go under water due to cash flow issues and part of that can be resolved if you have a good Ottawa-based accountant on your side that can instill the discipline to keep the financials straight and not just a shoebox full of receipts.
In recent years the popularity of online accounting solutions has become widespread and many people are taking them up as replacements. Services such as Freshbooks or Bench are super easy ways to keep track of expenses and invoices on the go. However we should caution you that they are best used as a supplementary service to be used in conjunction with an Ottawa bookkeeping professional that has specific tax knowledge. In most cases you can simply give them access to the recordings you’ve made online and this should expedite the quarterly HST submissions or any other inquiries. In general, a good bookkeeper can cost you $200-250/mo and handle all your questions, tax submissions, payroll and adjustments to any filings. At an annual cost of $3,000 this is a drop in the bucket when compared to the cost of fixing things after the fact.