Hiring an accounting firm can be a somewhat overwhelming task especially if your needs are not at the same scale as a large company doing millions in revenue. For the small mom and pop brick and mortar business, or even someone just starting out with a web design business with a few clients choosing the right Ottawa accounting firm can help you establish and stay within budget so you can get off your feet and get stable as soon as possible. Here are our tips for weeding out the losers from the winners and choosing the right affordable accounting or small business bookkeeping firm. For more tips, check out our upcoming posts – our website has more details
Industry Specific Experience
Tax and HST filing regulations can be murky territory and definitely not something you should leave to an experienced CGA. Furthermore, certain industries like those in the hospitality or export/import space have even murkier regulations and if you don’t have the right experience you won’t be able to leverage these write-off’s and structural issues to get every advantage you can. When interviewing accountants don’t be shy and ask if they have any industry specific experience they bring to the table.
Flexibility & Accountability
Probably the best part of using a bookkeeper on an on-going basis is having them on your side for whatever financial questions you or your business may have. Whether you are deciding how to scale and what to spend revenue on, open a new location, or even what aspects of your expenses you can write off having someone on-call to verify can make a huge difference. Most new businesses go out of business due to a failure to manage cash flow and part of this is not having enough knowledge of the regulations they can take advantage of.
In the end of the day, an on-going bookkkeeping arrangement is ideal in our opinion and can easily be setup to fit your budget even if you are a small business just starting out. The stress of not knowing if your books are in order can really be heavy and having it handled so you can focus on dealing with larger customer facing issues is definitely worth the increase in monthly expenses.