In addition to the legal requirement to have a proper set of financial records in place, there are a number of other operational and strategic benefits to having an optimal set of bookkeeping records together with associated accounting, tax and advisory services in place for your business:
* Have the ability to keep track of key performance measurements like cash flow, profit/loss, and net worth.
* Attain direct management of your cash, to ensure you are able to meet your obligations.
* Draw comparisons about your business growth (or lack of) from year to year.
* Obtain reliance on your ability to pay all of your bills and financial obligations on time as agreed.
* Determine whether or not certain business strategies are actually working to your advantage.
* Save time and lowering stress involved in finding the documents and information needed in the event of a Canada Revenue Agency audit.
* Benefit from the possibility of saving money on tax preparation because your tax preparers / advisor doesn’t need to bill you for time spent getting your information organized correctly.
* Avoid late fees, penalties and interest from Canada Revenue Agency if your business is non-compliant in its business filings and payments.
* Access enhanced records that will assist and facilitate in the preparation of yearly tax returns without extra worry.
* Avoid Canada Revenue Agency tax penalties, interest or taxes determined to be payable, due to your inability to defend deductions claimed.
* Simplify the process of raising capital with lenders and partners through your financial statements and disclosure of past performance.
* Attain a sense of pride in your financial records and eliminate anxiety about their presentation.
* Have the ability to stop worrying about your business money and focus on making your business profitable!