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Bookkeeping, what is it good for?

To those who miss the rich nuances in the art of bookkeeping, this chore is simply keeping track of invoices and bills in order to pay the staff and your taxes. And that’s good enough, which is perplexing to us accounting geeks because in our experience “good enough” isn’t good enough for entrepreneurs. You started your business from an idea and worked hard to build what you have now. Keep that momentum going by harnessing the powers of quality bookkeeping and turn “good enough” into dollars and sense.

Bookkeeping

Bookkeeping entails intimately tracking your income and expenses in a book called a ledger – by now we sincerely hope you’ve discovered the sanity-saving software versions. You bought an online advertising package? That goes in the ledger. You paid your employee? That goes in the ledger. Even unpaid invoices are included.

It’s the details of bookkeeping that trip most people up. The idea of noting your latest gas receipts and weekly mileage regularly sounds easy, but it’s even easier to say, “I’ll do that next week.” Say that a few times, and suddenly your fiscal year end is upon you, and you’ve got mountains of debits and credits to enter. Now your bookkeeping is a nightmare! *cue horror movie soundtrack* It doesn’t have to be like that. Take 5 to 10 minutes and balance your latest bank statement or hire a bookkeeper to come in once a month and do it for you. If it’s not obvious that investing time and maybe a bookkeeper’s wage is going to make you money, look closely at the data.

Up-to-date bookkeeping is a map of your business that provides clear navigation to success. When you can easily review the details of where you’ve been, you can plan where you’re going with accuracy to relieve stress and get excited about the future. Updated bookkeeping allows for:

Tax Planning

Know how much you’ll owe in taxes, and plan for it – we know, that one’s easy. Good bookkeeping also means you can look ahead at current and upcoming tax credits that you or your business qualify for and make plans for eligibility, like hiring and apprenticeship credits. And make sure you’re updated on the current fiscal year’s expense allowances administered by the CRA before you blow the budget wooing a new client.

Forecasting

Forecasting is an incredibly satisfying perk of bookkeeping. Use your historic financial and business information to project your upcoming year. Know when your busy season is and be prepared to hire additional staff. Know when your quiet season is and be prepared to lay staff off. Examine your upcoming projects and find out whether any of them qualify for government funding. Look at your growth to devise an expansion strategy.

Realistic Budgeting

Budgeting and Forecasting are best friends. Use your financial forecast to set a budget – a realistic budget based your own historical data. Know when it’s critical to save extra funds in order to support slow times. Use your budget to measure your real-time financial situation as the year goes on and make adjustments based on what has already happened and what your business’ history suggests will happen so that you aren’t left scrambling to pay bills or fulfill orders.

Upside Accounting can help you develop excellent bookkeeping skills and plan for the future. Never done this before? That’s okay! We’re here to help. Book a consultation today by calling (226) 214-3233.

Bookkeeping

MikeWiddis No Comments

Firm of the Future

September 20, 2016–CAMBRIDGE, ONTARIO: UpSide Accounting places runner-up in Intuit Inc.’s Firm of the Future 2016 contest. Firm of the Future winners are selected from an international pool of accounting firms dedicated to dynamically changing the landscape of business bookkeeping from a necessary service to a supporting role in the clients’ success. As a runner-up in the Firm of the Future contest, UpSide Accounting is being lauded as one of the top 20 forward-thinking firms supporting small business on an international stage.

Contest entrants push the boundaries of traditional accounting with cloud-based accounting and value-based billing, enabling the firm to serve progressive small business owners from anywhere. UpSide Accounting also provides support to clients with business development consultations in addition to financial management. Incorporating technological advancement into their regular workday–like apps and social media communication–allows UpSide Accounting to meet with clients on their terms, and speaking the same language. While UpSide Accounting takes the initiative to train clients on cloud-based accounting apps, new clients seek them out because of this specialty. The increased efficiencies provided by cloud accounting allows the partners to engage with clients anytime, on any platform, “We always tell our clients that we won’t charge them for a five-minute phone call because we want them to save money and be confident that they’re doing the right thing,” says Mike Widdis, CPB at Upside Accounting.

Over 95% of UpSide Accounting’s clients use cloud-based accounting software and third-party apps to conduct business. However, Widdis says, the most noticeable difference between forward-thinking firms and traditional isn’t so much the technology as it is the company mindset. Accountants embracing technology are talking to each other and learning together as equals rather than distancing competition. “We have a niche clientele,” says Widdis, referring to their client-base consisting of creative start-ups and solopreneurs, “and we will send clients who don’t fit that to firms better suited to their needs.”

Intuit Inc.’s Firm of the Future contest is open to cloud-based accounting firms using Intuit financial management solutions in Canada, Australia, The United Kingdom, and The United States of America. The top prize is $10,000 USD and the winner is chosen by public voting committee from 4 finalists – one from each eligible country. Fifteen runners-up are selected from the international pool of entrants and are awarded $2500 USD.

ABOUT UPSIDE ACCOUNTING

UpSide Accounting supports startups, entrepreneurs, and solopreneurs with customized financial and business solutions, providing a rich source of support for businesses at every stage. The greatest source of career satisfaction for partners Mike Widdis and Phil McTaggart rests in their open communication platforms which straddle the traditional lines and ever-evolving social media. Embracing cloud-based accounting techniques and third-party app efficiencies puts UpSide Accounting on the leading edge of frustration-free accounting and business management skills to suit every definition of success.

Intuit’s Press Release

UpSide Accounting - Firm of the Future

UpSide Accounting – Firm of the Future

CONTACTS FOR UPSIDE ACCOUNTING

Mike Widdis and Phil McTaggart – (226) 214-3233 – office@upsideaccounting.ca

Website: www.upsideaccounting.ca  Address: 10 Queen St. W, Cambridge, ON  N3C 1G1