June 12, 2018 Are you the owner of a start-up, small or medium sized company in the Greater Toronto Area, Peel or Halton regions? Regardless of the size of your operation, you can always benefit from spending less money. Money is especially tight when you’re first starting out because your business may not be generating enough revenue yet, and you may be financing business expenses with your own funds. That need to cut down costs is part of the reason why we often see companies starting out of basements, garages, or living rooms.
And while it’s true that the owner of a new business needs to wear many hats out of necessity, there are some essential tasks, such as bookkeeping and payroll processing, that are better off delegated to a professional accounting firm. We’ll analyze a few reasons why you should hire Barakat Accounting, and how we can help you save time, money, and peace of mind.
Focus Your Time On Your Core Business
It’s very tempting to do your own bookkeeping in order to save money. After all, you’re probably already doing a great deal of tasks yourself, such as marketing, prospecting, hiring and purchasing equipment. Doing your own bookkeeping is essentially trading money for time, and when you’re a new business owner, it may sound like a fair trade. However, the cliché “time is money” exists for a reason.
There’s only so much you can do in a day, and no matter how skilled you are at multitasking, you only have 24 hours, and half of them are already scheduled. When you delegate your bookkeeping and other accounting needs to Barakat Accounting, you can spend more of your time on other essential tasks that cannot be delegated, or that require skills that only you possess.
You Can Rest Easy Knowing Your Bookkeeping Will Be Done Properly
Our accountants have decades of accumulated accounting knowledge. They understand that there is no one size fits all approach to businesses. Each one is as unique as their owner and customers, and require a personalized approach. In order to meet the demands and needs of our clients, we provide a wide range of services, from bookkeeping and payroll services, to financial planning and corporate tax return filing.
Our team of accountants is constantly improving its accounting skills, so it can continue to provide a high value to our clients, and let them focus on what they do best.
You Don’t Need To Worry About Software
Bookkeeping software itself isn’t prohibitively expensive. Some of it is even free. But figuring out how to use it effectively could be yet another unnecessary time sink. Freely available, open-source bookkeeping programs usually lack user-friendly interfaces, productivity features available on paid software, and have stability issues. Because they are open-source, and thus free, there’s no way to get any customer support.
On the other hand, paid software such as a single QuickBooks Plus Account costs around $40 per month, which adds up to $480 a year. It’s not exactly a bank-breaking amount, but it will still take you a long time to learn how to use it. Sure, you can to take an online course, study a lot of YouTube tutorials, or visit the software’s website, and go through their walkthroughs. But that’s time you could be using much more profitably elsewhere. Why buy a cow, if all you need is some milk.
Our Accountants Understand Canadian Tax Laws And Always Stay On Top Of Any Changes
For most folks, Canadian tax law isn’t the most exciting nor easiest to understand topic. Unless you have a guide, you may not know where to start, and you will spend (you guessed it) a ton of time figuring it out what’s expected from you and your business. To make matters worse, laws change every year.
Some tax laws are actually beneficial to you, but if you don’t have a deep and up to date knowledge of them, you might miss out on a wealth of benefits. The good news is that our team of accountants actually love tax laws, and are happy to help you use them to your advantage.
Our Experts Speak Your Language
Canadian Tax laws are difficult to understand by themselves, even if you’re a native English or French speaker. But it can be a nightmare if English isn’t your first language. At Barakat accounting, we speak not only legalese and English, but also Arabic, Urdu and Punjabi. Our team of experts can explain legal matters in your own language, in an easy to understand manner, so you can make wiser financial decisions.
Outsourcing Your Bookkeeping Is Cheaper Than Hiring An In-house Bookkeeper
When you’re running a new company, you’re not very likely to hire a full time accountant. The average salary for an in-house bookkeeper in the province of Ontario is $20.19 per hour, which translates into $3,230.4 per month. This amount doesn’t including benefits, office space costs, allowances and perks. Even if you’re running a medium-sized company, it might still be cheaper to outsource your bookkeeping.
Hiring an in-house bookkeeper only makes sense if you’re running a company that’s already well established, has many employees, and the nature of your business requires daily financial discussions with your accountant.
The Experts at Barakat Accounting Provide Invaluable Financial Planning Services
At Barakat Accounting Services, we work with hundreds of companies from all kinds of industries. The accumulated knowledge of our experts can help you secure financial resources and capital to expand your operation, create a polished business plan, and optimize your budget.
Whatever your short or long term financial goals may be, we can help you turn your them into reality. Our experts are willing and able to help you run your operation more smoothly and painlessly. We may not be doctors, but we do prevent financial headaches.