What a Bookkeeper in Mississauga Can Do for Your Business
February 22, 2021 | Written by: Sohail Afzal
Ask any business owner about their needs, and one of them is always going to be a bookkeeper. They need real-time updates about the incoming cash as well as expenses, and they need it fast. Small businesses have limited resources; therefore, they need to utilize them well to come up with the best solutions to handle money while satisfying customers at the same time. An independent or a small-scale business owner always lacks time to do the bookkeeping themselves. They need someone to do the job for them. There are loads of things that a bookkeeper in Mississauga can do for business owners, mentioned below:
- Keeping an Eye on Cash Flow and Paying Bills on Time: How much cash is coming in and how much cash is going out? It is one job of a bookkeeper. Bookkeepers also pay bills on time and help the business owners carry out other financial tasks efficiently.
- Reconciling the Accounts Monthly: Bookkeepers also have to reconcile accounts to ensure that the business finances are up to date so that the accountant can begin the analysis process. It is one of the most crucial responsibilities of a bookkeeper.
- Allowing You to Be Prepared for Tax: Tax deadlines are stringent. If you miss any deadlines, you will be wasting your money by paying additional fines, causing you to bear losses. A bookkeeper makes sure that your tax deadlines do not slip under the radar to make the taxman and independent business owner happy.
- Preparing the Reports: When it comes to Mississauga’s bookkeepers, they prepare a report of the A/P (Accounts Payable), A/R (Accounts Receiveable), plus the profit and loss report with complete details. They prepare cash summary reports for business owners as well.
- Keeping the Records of Balanced Cash: With such records, small-scale business owners can be assured about the amount of money expected to go in and go out. These records prepared by a bookkeeper help business owners make well-informed decisions at the right time.
- Creating and Issuing the Invoice: When it comes to established businesses, they have a system for reminding customers if they need to pay any invoices. However, this job is done by a bookkeeper in Mississauga for an independent business owner to ensure that customers always pay invoices on time.
- Processing and Reconciling Payrolls: A payroll service usually does payroll, but a bookkeeper can help you with certain aspects of payroll, such as running payroll, filing payroll returns, making CRA (Canada Revenue Agency) remittances, and more.
- Some Other Jobs: There are also some other jobs that a bookkeeper does in Mississauga. These include reminding the business owners to renew their municipal business license, following up on the missing information, filing & paying small-scale business workers’ compensation report, and bringing in the notice if certain expenses do not make any sense at all for business owners.
There are many things that a bookkeeper in Mississauga has to do for business owners. Those are summarized below:
- A bookkeeper needs to keep an eye on the cash flow and pay bills timely.
- Such a professional also needs to keep an eye on accounts.
- He or she should make sure that you meet the tax deadlines.
- A bookkeeper should prepare reports for you.
- A bookkeeper needs to know about cash records.
- A bookkeeper should create and issue the customers’ invoices.
- He or she must be able to handle some payroll tasks.
Hiring a bookkeeper is one of the best ways to ensure that your business operations run smoothly with little to no issues. If you would like to learn more about GTA Accounting and how we can help you with your bookkeeping tasks, please feel free to contact us.
Sohail Afzal, CPA, CMA, MBA
Sohail Afzal, (CPA, CMA, MBA) is the founder & CEO of GTA Accounting Professional Corporation. He is a highly experienced Chartered Professional Accountant and businessman himself and understands the challenges that many businesses face when it comes to cash flow management. As an experienced business consultant & tax advisor, he is helping companies grow by providing the technical, financial, and contractual information necessary for strategic decision-making.