Availability
Your CPA is usually remarkably busy. This is especially true during tax season because of filing deadlines and an abundance of work. While I do offer income tax services to my sole proprietor clients, I do not offer corporate tax services like CPAs do. With me, you will always get a quick respond to your phone call, text or email and I always do my absolute best to respond within 24 hours, except on weekends or holidays.
Value
CPAs usually charge more than double the rate of experienced and qualified bookkeepers. If you do your bookkeeping with a CPA once a year, that is a huge hit of expenses you will take at one time. With a bookkeeper you will pay less and pay gradually each month, so you never feel that financial pinch.
Individual Attention
Your CPA has many clients and does not have the time to get familiarized with the nuances of your business. Most of the time you will not deal directly with you CPA, you will deal with junior staff or assistants. Generally, bookkeepers have fewer clients than your CPA, which means your bookkeeper will be able to learn all the small details about your business and be a second set of eyes on your books.
Increased Profitability
When doing your books once a year with your accountant, you really have no way of knowing the health of your business. You are buying tons of inventory, but how are sales? You are a lot busier, but is there a profit? You hired a new employee, but can you really afford one? These are questions that can only be answered with and up-to-date set of books. Your bookkeeper will also be reviewing your books with you every month and providing advice and recommendations on improving your profits and overall business efficiencies. This can lead to increased profits and reduced costs that do not get addressed by your CPA during the year.
Fewer Headaches
If you give your work for the whole year to your CPA, you will have to call him or her more than a few times to find out the status of your taxes. But before they are even able to get to your taxes, they need to do your books—during their busiest time of year! Do you really want to deal with that frustration for another year? With a bookkeeper you will be ready for taxes with clean financial statements and backup documents on hand. And most importantly, no stress for you! Yay!
Both bookkeepers and CPAs want you and your business to be successful. CPAs focus on keeping your income tax as low as possible while adhering to CRA rules and regulations. Bookkeepers focus on your day to day financial health so that your business can be as profitable as possible. For your business to be as successful as possible I recommend you have a bookkeeper and CPA that work together on your behalf. That way you get the best from both professionals.