Category: Finance

Accounting Considerations For New Startups

Established entrepreneurs and new technology startups are constantly reminded of the importance of tracking metrics such as costs, revenue, social media engagement targets and even likes, followers and re-pins on a daily basis. Ask anyone who has been immersed in this lifestyle for a while and it becomes clear that measuring all your key performance indicators or KPI’s and optimizing them can become a little bit of an obsession – so much so that other aspects of running an actual business can be put to the side and often overlooked.

ottawa bookkeepers

Keeping your monthly bookkeeping needs in order is one of those that definitely cannot be overlooked or it will end up costing you much more in the long term.  Whether you are a freelance web designer, a medium-sized inbound marketing firm or even repairing broken iPhone’s out of your basement keeping track of expenses and knowing what can and cannot be deducted can be the difference between making it past your first year in business and drowning due to financial mismanagement. Hiring a reputable Ottawa bookkeeping service is one of the best ways to get these financial concerns off your mind and focus on production and revenue. As with most financial services, there are tons of online platforms available such as Minto.com or Bench.co which offer monthly services but we’re going to make the case for an actual bookkeeping representative based out of Ottawa that can handle all your accounting needs as they arise.

How Much Should Monthly Bookkkeeping Cost – And What Do I Actually Get?

A big concern for new tech start-ups and it’s generally warranted is centred around the cost and ROI of these accounting services. The good news is that general competition has driven the price down so that even a new business owner that is not producing much revenue can justify the cost. Hiring an actual bookkeeper to handle your books on a monthly basis is invaluable because it can keep you from making mistakes that can crush you when tax season comes around. If you’ve ever fallen behind on your taxes and had to pay an accountant to get back on track you know it can be expensive and cumbersome.…