Christiana Mbazigwe, Duric Business Solutions, Toronto, ON, CYBF Mentor
Unless you happen to be an expert in accounting, tax and finance, you will benefit from hiring an accountant or a bookkeeper to efficiently manage your business’ books and the money you make.
Good bookkeeping is crucial for a business’ well-being. Research shows that up to 32% of businesses fail because of financial mismanagement. Out of the businesses that fail, 12% have poor or no financial records.
Proper record-keeping helps you to properly track, analyze and manage your financial situation, accurately file your tax returns and makes it easier to get loans from banks or private lenders. If you have not yet set up your business, find out more about the role accountants or bookkeepers play in a business and involve them from the early stage.
As a business owner, you are undoubtedly busy running the business. A well-trained accountant or bookkeeper will help you maintain the books, save money, reach your goals and add value to your business.