Keeping the books of a company is an operation that requires rigor, competence, and regularity. To ensure that your activities are documented in strict compliance with the various regulations in effect, it is a good idea to rely on an accounting firm specializing in complete bookkeeping and preparing financial statements. So, without further ado, let’s dive into this blog and learn some of the reasons to hire such a service provider to keep your company’s books.
1. Avoid accounting errors
First of all, hiring an accounting firm to keep your company’s books will help you avoid accounting and bookkeeping errors. The slightest error could be detrimental to the financial balance of the organization. A specialist in the field will make sure to avoid any error or omission and will make it his duty to respect the different accounting rules and the required deadlines in the recording of operations.
For the company, the intervention of a specialized firm constitutes a guarantee to have accounts that are kept in a regular way, but also in a regulatory and legal way. Calling on an accounting firm limits or eliminates the temptations and risks of fraud or infractions in accounting.
2. Make better forecasts
Entrusting your company’s bookkeeping to an accounting firm is a guarantee of better forecasts. You place the future of your company in good hands. In concrete terms, the firm allows you to perfect your financial forecasts thanks to its expertise, know-how, and experience. It will accompany you in your planning and decision making, allowing you to “steer” your company with a master’s hand. The accounting firm has the necessary competence to observe and analyze your accounts objectively, providing you with relevant and complete information to help you make the best decisions.
3. Avoiding delays
Finally, the accounting firm must send all the declarations and other reports required by the competent authorities on time. It is the role and duty of this provider to ensure that everything is done in full compliance with the deadlines set by the various official bodies. As a reminder, a single day’s delay is worth a penalty. The rate applied can go from 5% to 17%.
4. Save time
Keeping company books is a time-consuming task. By entrusting this operation to an accounting firm, you save time to focus on your core business. You keep your serenity as the firm takes care of the entries and the various obligatory tax reports.
You then have the opportunity to invest in the development of your activity, among other things, in the search for and the development of customer loyalty. You are more efficient in your duties while having the certainty that your accounts are well-kept and up to date, especially in case of a visit from a tax auditor.
5. Save money
In addition to saving time, you also save money by hiring an accounting firm. Indeed, the full-time presence of an employee in charge of accounting is unnecessary. The savings are realized both in terms of remuneration and training. The accounting firm knows its job very well and will take care of your company’s bookkeeping with mastery.
Furthermore, the accounting firm does not require paid vacations, reimbursements in case of illness, and even fewer benefits in relation to retirement. Finally, we should mention again the lower risk of making mistakes, saving you from fees and penalties. By entrusting business bookkeeping to an accounting firm, managers are more serene and gain credibility with third parties, especially in the eyes of investors.
Looking for help?
Looking for reputable and respected bookkeeping and accounting firm in Burlington and surrounding areas? For all your professional accounting payroll services and bookkeeping needs, contact ProfessionalBookkkeepers.ca now. With over 30 years of experience and certified professional bookkeepers, they will organize and declutter all your problems, especially when it comes to accounting and administration.
We provide full-cycle bookkeeping and other vital business services to small to medium-sized organizations and are up-to-date with all the latest practices and software. Payroll is important for your business and is an important thing that all businesses need to pay their staff and stay ahead of the game when it comes to taxes. They can travel to you if required. So, what are you waiting for? Contact them now and let them help your business prosper.