A Quick Guide for Canadian Business Owners
We hear you, bookkeeping might not be the most glamorous part of running your business, but it’s definitely one of the most crucial aspects every business owner must know. Falling behind on your books doesn’t just cause headaches at tax time; it can affect every part of your business, from cash flow to growth opportunities. And if you’ve been putting off organizing your receipts or avoiding those daunting spreadsheet stare-downs, this is your sign to take some bookkeeping action – and the best part, it doesn’t have to be hard! Not when you’ve got Accounting By Sal at your side.
SOS! | Signs You Need a Bookkeeping Catch-Up (ASAP)
Messy books don’t wave a white flag, but they do show up in sneaky ways. These signs are clear indicators that it’s time to call in the bookkeeping cavalry:
Your Financial Statements Are a Hot Mess
Missing income, outdated balances, or unexplained gaps? Inaccurate statements lead to poor decisions — and can even bring tax trouble.
You’re Always Scrambling at Tax Time (ooph, the stress is real)
Missed deadlines and penalties are clear signs your books need help. Keeping proper records makes tax season less stressful and more predictable – allowing more flow and fewer headaches.
Cash Flow Feels Like a Never-Ending Guessing Game
Cash flow is the lifeblood of your business. Disorganized books make it nearly impossible to track money in and out, leaving you in the dark.
Expenses are MIA
Struggling to track where your money goes? Without accurate expense categorization, you could be missing deductions and overspending without realizing it.
You’re Stuck In Decision Limbo
Big business decisions shouldn’t be based on gut feelings alone. Updated books give you the real numbers to make smart, strategic choices moving forward.
Your Records Live In A Shoebox (Literally or Digitally)
Shoebox accounting = stress. You need organized, accessible records for compliance and peace of mind.
Banks and Investors Keep Saying “NO”
Lenders require clean financial statements to assess risk. Disorganized records could be standing between you and that much-needed funding (which is what we don’t want).
You’re Losing Time (AND Sleep)
Bookkeeping shouldn’t take you away from growing your business – or your family, and weekends. If it does, it’s time for a serious change.
What Exactly Is Bookkeeping Catch-Up?
Catch-up bookkeeping is like a spa day for your finances. It’s the process of reviewing, cleaning, and updating your records so they’re accurate, compliant, and stress-free. Can’t go wrong with a little “spring cleaning” for the books.
Here’s What a Solid Bookkeeping Catch-Up Looks Like:
- Recording missing transactions
- Reconciling bank and credit card statements
- Categorizing expenses properly
- Updating financial statements
- Identifying and correcting errors
- Checking compliance with CRA and accounting standards
How Often Do You Need a Bookkeeping Clean-Up?
While we all wish bookkeeping were a “set it and forget it” process – much like a garden, it needs regular love, like:
- Monthly mini-clean-ups: Keep transactions and reconciliations up to date and avoid a mountain of work later.
- Quarterly check-ins: Dive deeper into cash flow trends, expenses, and tax planning.
- Annual full clean-up: Especially crucial before tax season to ensure all records are correct and deductions are maximized.
If you’ve fallen behind, a one-time catch-up project can help you get back on track. Regular maintenance will then keep it that way moving forward – which is what we want.
3 Resources to Help You Get Caught Up (And Stay That Way)
Done-for-you bookkeeping services
Our expert team at Accounting by Sal handles everything so that you can focus on your business instead of your books.
Bookkeeping Academy Online Training
Want to DIY your books (with confidence)? Our hands-on courses empower you to manage your own records accurately and efficiently.
One-On-One Consulting & Clean-up Support
Need a hybrid approach? We’ll work alongside you to tidy up your records and build systems you can maintain going forward.
How Much Do Our Bookkeeping Services Cost?
Because every business is unique, our bookkeeping services are tailored to your needs and business size. After an initial consultation, we’ll create a customized package – whether you need full-service bookkeeping, a one-time clean-up, or ongoing support.
Think of it as an investment in your business’s financial health (and your peace of mind).
Your Step-By-Step Guide to a Clean Slate
Ready to stop the bookkeeping chaos? Follow these steps:
- Assess the damage: Take an honest look at where you stand: what’s missing, outdated, or disorganized.
- Choose your support: Decide if you’ll go DIY with training, outsource completely, or use a blend of both.
- Start the clean-up: Record transactions, reconcile accounts, categorize expenses, and correct any errors (if there are any).
- Update your statements: Generate accurate income statements, balance sheets, and cash flow reports.
- Set up maintenance routines: Schedule regular check-ins (weekly, monthly, quarterly) to keep your books in good health, and so you know what your books look like on a regular basis.
- Celebrate (and breathe – Finally): Enjoy the relief of knowing your business is compliant, clear, and ready to grow.
Let’s Get Your Books Back on Track
At Accounting by Sal, we know that every number tells a story – your story. Whether you need full-service support, a bookkeeping course to empower your team, or a quick catch-up to get back in shape, we’re here to help.
Ready to bring calm to your books and clarity to your business?
Still unsure about how to approach your own bookkeeping? No problem!
Connect with us today to chat about the best option for you or learn more about our bookkeeping services to help keep you and your business running smoother than ever!
