A well-established business usually needs to take bookkeeping services for the smooth functioning of the firm. Here’s why it is important to take the services of a bookkeeper cum accountant in Edmonton.
Accounting systems: An accountant or bookkeeper can assist you to select the right accounting software and set it up so that it works well for you and your employees.
Bookkeeping work: A bookkeeper can specialize in keeping your company’s accounts up to date. She/he can also suggest the use of technology for your business.
Account reconciliation: The accountant cum bookkeeper will work regularly. He/she may meet you in person or they work remotely, using cloud accounting software with shared access. Either way, the accountant will check out the figures in the accounts, and also the bookkeeper will explain any numbers and decisions that are not clear.
Reporting: The accountant will report back to the business owner and therefore the board members. The accountant will report on the state of the accounts so that the board and owner have a transparent picture of the financial health of the business. A bookkeeper can also report you about the state of accounts on a more regular basis. These reports are often used by the business owner as checkpoints to ascertain where the business is heading weekly.
Strategy: Armed with up-to-date figures, the accountant will be ready to make recommendations to the business owner and also the board. The accountant will offer advice about any planned expansion and investment. They’re going to also advise on whether the business can afford to move into new markets and other financial strategies.
Legal compliance: The accountant will use information prepared by the bookkeeper to write down company reports. These reports will include information about income and expenses, profits, assets, liabilities, and tax. The accountant will also file income tax returns on your behalf.
This is a smart way of sharing the workload. Hiring or outsourcing accounting and bookkeeping services Edmonton can help you to grow your business and revenue. An accountant cum bookkeeper will handle all the essential functions for you and allow you to allocate your time on more important tasks relating to business development. It is a good idea for businesses to consider taking the services of these specialized professionals which not only facilitates business growth but also aids in easy management of accounting records.