Edmonton Accounting Firm For Business
Posted On: 20/05/21 - 0

Edmonton accounting firm

 

Why It’s Important To Hire An Edmonton Accounting Firm

Today we are going to talk about why hiring an Edmonton accounting firm for your small business makes sense. Accounting is an important function in a business that makes a huge difference at the end of the day.  Entrepreneurs wear many hats and attempt to handle accounting on their own, only to make a lot of errors in the process. Others tend to neglect their accounting entirely and later discover that they’re threatening the existence of their business, sometimes when it’s too late to turn things around.

Not Having a System in Place

This is a mistake that some business owners tend to make. Having a functional accounting system is essential to any business, and some owners are guilty of not having one. For example, some owners don’t differentiate between their personal expenses and business expenses. That’s a problem. Not having a solid system in place will make it really hard for you to arrive at reliable numbers, numbers that you act on to make key decisions in your business. Without reliable numbers to guide the way, you wouldn’t know what the actual financial position of your business is. When this happens, the business owner has no way of knowing if the revenue they generate is declining, what’s happening to the profitability or what area of the business needs extra immediate  attention.

Failing to Keep a Track of Expenses

Accounting is several things all at once. An important part of accounting is regularly and systematically recording all business transactions. This involves keeping detailed records. Why bother with such an overwhelming task? To save taxes, of course! And to have insight into making solid business plans based on facts.

Incorrectly Handling Your Receivables

The collection of regular payments from your customers is an essential practice that is central to every business. Not making note of these receivables doesn’t help your cause and makes an already difficult process even more complex. Consider  the several thousand dollars you’re letting go of if you fail to collect it from your customers and how that messes with the records.

Not Seeking a Professional Accounting Firm

Unless you’re familiar with accounting concepts and have some formal education in the field of accountancy, it’s best to seek the professional services of an accounting firm. When you hire a reputable, licensed, experienced accounting firm you can be sure that your  records will be regularly maintained in a timely and efficient fashion.

We’re an accounting team that specializes in small business accounting and bookkeeping.   We are ourselves entrepreneurs.  Why not partner with a firm that understands small business.  From one entrepreneur to another.

Contact us to get started!

12203-107 Avenue.
Edmonton, Alberta.
T5M 1Y9

Call us:
780.482.7297