When to Outsource Bookkeeping for Your Business
February 8, 2020
Outsourcing your bookkeeping to an accounting firm is an important decision for any business. Below are few of the factors to consider:
- Filing a tax return based on wrong financial statements may lead to CRA’s penalties. So as a rule of thumb when your business grows, decide for outsourcing of bookkeeping to a professional.
- Your in-house bookkeeper may resist to adopting modern and efficient technologies which are being used by many CPA firms now-a-days.
- When your business grows, you are most likely to seek financing OR partnering with other organizations and at that point in time, you may need to have more frequent and sophisticated reporting that your existing resources can’t produce.
- Your business at some point in time would eventually be in a need to engage a CPA firm who can provide you services like bookkeeping, financial statements, tax planning, payroll taxes, HST tax returns and corporate tax returns. It’s a good idea to hire a CPA firm right from the start so they develop a good understanding of your business from the start and set you up for growth.
You are always recommended to make this outsourcing decision with 03 E’s i.e. Economy, Efficiency, & Effectiveness. Why not outsource your internal accounting and bookkeeping services to a trained specialist team who can efficiently take care of these duties?
Benefits Beyond Bookkeeping
If you decide to outsource your bookkeeping to a full-service accounting firm, you will have ready access to tax planning and other financial services from experienced accounting professionals. This benefit is highly valued by business owners. CPA firm can better analyze your current accounting record and make certain recommendations for improvement in the current financial setup of your company.
GTA Accounting is the right place if you are looking to outsource your bookkeeping activities. As a CPA firm, we can handle your corporate taxes, give time-to-time tax advisory services and facilitate in preparing financial statements as well.