Top 10 Pain Points and Why You Need a Good Bookkeeper

A good bookkeeper is so much more than just data entry.”

When you think about all the aspects that go into operating your business, what would you consider to be your pain point?

Here are some pain points many business owners experience and how a good bookkeeper can help.

1. I have excellent revenue, but my profitability seems to be struggling.

2. I don’t know how much my business is worth or if I am making or losing money.

3. There is not enough money to pay income tax for the year.

4. There is not enough money to make payroll.

5. My business finances seem to be a complete mess.

6. I don’t understand all of this government paperwork.

7. I don’t know or understand how to do payroll.

8. We have a large amount of accounts receivables, but the money isn’t coming in.

9. I don’t know how to set up for WSIB.

10. I no longer see the value in my current bookkeeper, who is just entering the data.

So, do any of these pain points sound familiar? I thought so! Now you are wondering how a bookkeeper, such as myself, can help you to resolve these painful areas of your business. Let’s start by saying this. There seems to be a preconceived notion that bookkeeping is just data entry, and while this may have been true at a period in the past, it is no longer the case. A good bookkeeper is going to go above and beyond accurate data entry. A good bookkeeper will be able to help you implement process, set up WSIB accounts, process payroll, understand all that government paperwork that comes with deadlines and late filing penalties, as well as collect all of that outstanding accounts receivable (your hard earned money!). A good bookkeeper isn’t going to enter your tax payment receipt and end it there; they will know and advise you that if there was a net profit of $3,000.00, you are required to make quarterly installments towards your tax payable. A good bookkeeper will understand the financial statements of your business, and interpret them for you, the business owner, so you have a full understanding of the financial position of your business. A good bookkeeper will be able to help you with cash flow statements. A good bookkeeper is so much more than just data entry.