Top Three Book-Keeping Mistakes You Can Avoid by Hiring an Accountant in Surrey

Many rookie business owners do not have any experience in book-keeping or accounting, which often results in some pretty common mistakes on their part.

• The most critical mistake is to ignore your accounting and book-keeping requirements for many years until and unless you eventually find some time and/or some money for dealing with it. 

And if you are late, you will be prompted to seek compliance once the CRA or Canada Revenue Agency mails you demand letters and order to file your outstanding returns. You may find it pretty much surprising to know that one in every ten small businesses are found filing their first ever return late, often leading to unwanted penalties and accrued interest, which tends to be more expensive than your actual book-keeping costs most of the time.

• Yet another mistake is to employ a book-keeper without gauging your book-keeping needs. 

Do you know that you can do it continually, for instance, on a daily basis, or on-demand, whenever you require a report? Only an experienced Accountant is Surrey can truly evaluate what you really need and how often; monthly, quarterly, or annually.
A few small corporate houses have many employees, payable, collection activity, receivables collection activity, and numerous business transactions, which make frequent bank reconciliations and the book-keeping a dire necessity. Without properly updated records and books, owners would be clueless about their profitability, and especially, the cash flow of their business. The companies which pertain to this particular category typically require their book-keeping done on either continuously or periodically like weekly, bi-monthly, or monthly. However, it is always wise to engage a competent Accountant in Surrey for evaluating what you actually need.
Some small businesses have several employees, receivables collection activity, payable, and relatively numerous transactions that make the bookkeeping and frequent bank reconciliations necessary. Without up-to-date books and records, owners wouldn’t know their profitability, and more importantly, their available cash flow. For businesses in this category, they would want to have their bookkeeping performed on either a continuous basis or a frequent periodic basis (weekly, semi-monthly, monthly).

• Finally, it would be a gross mistake to assume that book-keeping solutions cannot be flexible. 

Whether you need a continuous solution for filing your monthly PST returns, a hybrid book-keeping service, or anything else, there is no harm to remain open and receptive to alternatives.