MRSB Tax Update
On July 18, 2017 the Federal Liberal government announced proposed legislative changes that will have a far reaching tax impact on private companies and their shareholders. The draft legislation would mean significant policy changes to the taxation of:
As a member of DFK Canada we have compiled four papers that discuss the proposed changes and the potential impact on the taxation of small businesses and their owners. For a copy of each detailed paper, please click on the above links to access our website.
We encourage your feedback and welcome your input by sending along direct comments to firstname.lastname@example.org or by phone at 902-368-2643.
|MRSB Tax Update|
One of the services we offer within our firm is bookkeeping services. Quite simply, bookkeeping is the record-keeping aspect of accounting regarding the transaction and financial activities of a business. Keeping accurate bookkeeping information is crucial to any business, but ironically, often overlooked. It is a service that is often lumped together with another employee's role (i.e. administrative assistant or a business owner taking on the responsibility themselves). This can lead to delays and getting behind, getting pulled into other tasks or uncertainty about certain aspects of bookkeeping recording.
Here's a look at a few of the advantages of outsourcing your bookkeeping needs:
- The bookkeeper you hire is paid by the amount of work that gets done. Their sole focus for you is on your books, nothing else. They will not be pulled into other company matters and can diligently work in an effective time period.
- There is flexibility in hiring someone outside - the hired bookkeeper can work remotely or as part of an integrated team. They work according to what works for you - whether it's once a week, once a month, a few hours a week or month, etc. The frequency depends on your need.
- There are no overhead costs to you - the bookkeeper comes prepared with their own infrastructure and assets to perform the job. You do not have to look at creating office space for a bookkeeper. You are paying them for only one job, and don't have to get into mandatory employee deductions.
- We get it, bookkeeping is not always the most exciting task, but it is what we do, we know the rules and we're experts in it. We have seen many instances where an employee was tasked with bookkeeping duties and they get in to a monotonous routine, stop learning, which leads to boredom and either end up doing lots of complaining or ultimately, resigning from the company. Because an external bookkeeper works for multiple businesses, there is never time for boredom.
- An external bookkeeper provides outside perspective on your business. They are not involved in the day to day operations, nor are they involved in a common habit, "well we've always done it this way". Hiring externally can bring new insights without emotional or historical ties and a clear perspective on your bookkeeping processes.
It is important for any business owner to find a bookkeeper that fits your needs and brings the best value and expertise. Trusting an expert to help you through this saves both time and money for a crucial part of your business.
If you've got questions on our bookkeeping services, contact Karen Zakem for more information.