I hope you have spotted some areas where money might be leaking out of your business. If you need some help or would like to investigate the possibility of having an outside company do an assessment of your current procedures, we would be happy to help. For professional bookkeeping services in Campbell River and the North Vancouver Island please contact us.
Even the top bookkeepers can’t make up for a business owner who’s disorganized and chaotic.
Here are some common problems:
- Failing to track business mileage
- Losing receipts and therefore deductions, especially GST credits
- A chequing account that’s used for both business and personal
All of these can cause more taxes than necessary to be paid.
Poor money habits add up to higher bookkeeping expenses. The good news is there are easy fixes for most issues once you put good bookkeeping practices in place.
Do you know which jobs, customers, or projects are more profitable than others? The first step is to be able to measure revenue and expenses at the job, customer, or project level. Then you can compute your profitability at a more detailed level than the enterprise-wide number that’s on your Profit and Loss statement.
There’s power in knowing these detailed profit numbers, because then you can go after jobs, customers, and projects that are more profitable and avoid the ones that are less profitable.
You can’t manage what you cannot measure. Even if you don’t sell services or charge by the hour in your business, time tracking will help you discover where you and your staff are spending time so that you can manage it. You need some way to know where your most valuable resource is going.
Does the idea of time tracking turn your stomach? We can help you set up your bookkeeping system so that it tracks results by employee, whether sales, customer service, or some other measure.
Most business owners take care to reconcile their chequing accounts each month. But what about all the other accounts that need reconciling?
Consider the following:
- PayPal accounts
- Bank Loans
- Merchant accounts
- Petty Cash
- Credit Card accounts
- Mortgages or Leases
- Prepaid or Deferred accounts
You need internal controls in place to reconcile all of the accounts in your business.
Many businesses suffer from this, but the reason is surprising: we’re sometimes too afraid to ask our customers for money.
You’re not a bank! Don’t let other people use your hard earned money. The sooner you bill, the sooner you’ll get paid. Even better, rearrange your terms so that you receive a retainer or deposit before work is started.
As soon as the job is done –get the invoice out!
Check back soon for helpful tips that’ll change the way you do business!
Thank you so much for your amazing customer service and precise bookkeeping. Growing from a proprietorship to an incorporated company has been a bit complicated and scary. You sure helped make the transition a positive one. Your services really free up my time to concentrate on growing my business, and its great not having to worry if my paperwork is being done properly and/or filed on time. I will highly recommend you to everyone! Thanks again!
Tod Dugas, Excel Pest Solutions
We have been using Tap Bookkeeping for the past 7 months. I have really appreciated the professionalism and efficiency that Patricia brings to the job. She came at a time when we desperately needed some help and was able to make sense out of a complicated bookkeeping scenario. She has been available to help even on days that she is not on our site. As the director of a non-profit it gives me great assurance to know that the books are being done efficiently and without wasted time. I can have the confidence to know that the job is being handled well and with integrity.
Irwin Harder, General Director
Patricia of TAP Bookkeeping has been working with Sagewood Homes for the last 3 yrs. She is very knowledgeable and efficient, which has helped us to streamline our booking needs to benefit our business.
Kris Bauchman, Sagewood Homes LTD, Handcrafted Quality Homes