Engaging a bookkeeper sooner, rather than later, can help you avoid pitfalls in registering your business, paying your taxes and keeping your records up to date.
Avoid costly mistakes (like penalties and interest due to errors or late filing) by getting your books set up properly in the beginning. A good bookkeeper can help you with the following 7 things you need to consider when starting a business.
1. Deciding on your business structure
What is your plan for your business? Do you have partners? Do you need a corporation?
These are questions your bookkeeper can help you with by providing advice about how these decisions relate to your income, your taxes and the accounting systems and procedures you’ll need.
2. Filling in the business registration paperwork
Your bookkeeper can help you fill in your Business Registration forms – requesting and registering your business name – and obtaining a business number.
3. Setting up your accounting and payroll systems
A knowledgeable bookkeeper can help you interpret the rules and advise you about:
- Accounting rules and Regulations
- Employment Standards
- Payroll Legislation
- Tax Matters
4. Setting up budgets, forecasts and managing cashflow
Along with setting up your chart of accounts for income and expenses, your bookkeeper can advise you regarding
- Clearing debt so you have money to run your business
- Determining how much financing you need
- Helping you set projections for growing your business
5. Registering to collect taxes
Do you need to register for GST/HST or PST? Or all of them?
Your bookkeeper can advise you on what you need depending on how much money you’re bringing in and whether you sell products or services.
They can also help you decide when to register – and how to fill in the required forms.
6. Hiring employees or independent contractors
Do you have independent contractors or employees? Your answer will determine how you work with them, pay them, and remit taxes and other deductions.
Your bookkeeper can help you set up your payroll systems, manage deductions and register for WCB.
7. Developing your systems and procedures
Your bookkeeper can help you develop procedures around:
- Hiring employees
- Engaging contractors
- Developing collection policies
- Requesting account terms from your vendors
- Writing memos and policies for payroll procedures
Once you have everything in place, your bookkeeper can become part of your team. They can record your day to day accounting transactions, perform regular reconciliations and make sure your taxes are filed by the deadlines.
You’ll free up your time to run your business – and you’ll no longer need to worry about missing government deadlines or collecting on delinquent accounts receivable. Your bookkeeper can look after this all for you.
Wondering how a bookkeeper can help with your business? Contact me for a free 30 minute consultation: Contact Ina