Are you still insisting that you do your own bookkeeping because you know how?
It is imperative that you maintain a current set of books. Canada Revenue Agency can audit you at any time with little notice. If you are not keeping up, think about the things happening around you that are causing you such unnecessary stress.
- CRA is likely hounding you because you haven’t filed last year’s taxes or, worse, HST and payroll remittances. They have likely decided to send you an assessment of what they feel you owe and it is due just like any other bill.
- Your cash flow is suffering and now you need to take a loan out to cover expenses until your backlog of receivables and payables are cleared up. But, wait, you don’t have any statements to show the lender. Your accountant is telling you to hire a bookkeeper if you can’t keep up… in the end causing much stress and money that didn’t have to be spent trying to get things caught up.
- You haven’t reconciled your bank accounts in months. Oopsie, was that an NSF charge on the last statement?
- Your vendor won’t ship your orders because you haven’t paid for the last few. You swear you did but can’t prove it.
- Your clients are loving their extended credit terms! (Good for them, not you.)
Does this sound familiar? Don’t try to be the expert in everything. Very few people can handle everything in a timely fashion and they are normally those workaholics we never want to be.
Just because you know how to do your own bookkeeping, doesn’t mean you should.