Are you costing your business money? | Bookkeeping Services for Small Business
Wouldn’t it be nice to finally have confidence in your small business finances instead of singing Notorious B.I.G lyrics every time the CRA sends you a letter?
“I don't know what they want from me.
it's like the more money we come across,
the more problems we see.”
DJ, bring it back! Because mo money shouldn’t equal mo problems in your biz.
But, the reality is that many small business owners are making the costly mistake of improperly keeping their books and it’s costing them hundreds (and even thousands) of dollars every year. And every year the reasons have a similar echo along the lines of…
Kristine, I’m a creative, not an accountant!
Numbers are the scariest part of my biz - I just don’t understand them.
For me, ignorance is bliss. *Adds another Starbucks Receipt to the pile*
Listen, we’ve all been there at one point or another with our small businesses. But I’ll let you in on a secret: it’s scarier to learn how much money you’re losing out on than it is to learn how to keep your books in check.
Because mo money can actually mean mo freedom, mo clarity, and mo action in your biz.
YAS! It can. Pinky swear. But, the only way to avoid the costly mistakes associated with improper bookkeeping is to track your numbers. Which just so happens to be my specialty, and will quickly become yours, too.
Cue the Whitney: How Will I know *if I’m losing moneyyyyy?*
You might be wondering exactly how improper bookkeeping could be costing you money. So let’s take a look at 3 ways this could be impacting your small biz.
Not knowing how much money is coming in and going out of your business means you can’t adequately plan ahead. This is especially true for Canadian, service-based businesses that are impacted by seasonal work (looking at you, wedding professional friends!) Staying on top of your books every month will give you a clear picture of your financial situation so you can have peace of mind knowing exactly what you need to do next.
Overpaying in taxes. Yes, I said overpaying. As small business owners, we are entitled to deduct business expenses (those “write-offs” you’ve heard about) that can reduce the amount you owe the government.
There are a few factors at play when determining what can be written off like sole proprietor vs. being incorporated, but understanding what can be written off could save you from overpaying come tax time. Meaning you have more moolah to reinvest in your biz growth the following year (or buy yourself a little somethin’).
On the contrary, you could be tracking items that are ineligible for a deduction. This could result in having to repay the government should you ever be audited.
Small Business Bookkeeping for Entrepreneurs with Big Dreams
Go from hyperventilating into your Ziploc of receipts to hip-hop hooray! Before I share the good news let’s just take a deep breath in (1, 2, 3) and out (1, 2, 3). Ok, ready?
You don’t have to be an accountant or a certified bookkeeper to do this for your own business.
Join my virtual Bookkeeping Bootcamp and have peace of mind knowing your numbers. I’ll walk you through everything you need to know about tax deductions for your small biz, how to pay yourself properly, and how to stay in the driver’s seat of your money train.
No more storing receipts in your car visor.
No more second-guessing your finances.
No more living in fear of entrepreneurship.
This is your year, can you feel it? It’s time to know exactly where your money is coming from, where it’s going and how you can have a breakthrough year.
The Bookkeeping Bootcamp is waiting for you right here!