Putting a spotlight on Bookkeeping and Accounting Firms

Here in Ottawa, as with anywhere else, there are a surprisingly large number of accounting and bookkeeping firms that offer their services to both businesses and individuals. Nonetheless, whether a business is medium sized or small the added value that outsourcing their accounting needs presents a definite advantage.

The main advantage is the savings from not having an in-house accounting department, where an outsourced service only works as needed, which translates to a lower expense, without having to pay insurance for an employee. Furthermore, when it comes time for those ever important financial reports and tax payments having a professional chartered accountant along with the aid of a professional bookkeeper generate them ensures the accuracy of the financial picture depicted by the reports and the correct amount of taxes due for the given period.

An Outsourced Accounting & Bookkeeping firm adds Value

A frustrating part of running a small business is understanding the financial picture of the operation and keeping a handle on the forward movement of the company. Many times the reason small businesses fail is because of a poor financial strategy. This is another advantage of working with an Ottawa accounting and bookkeeping firm. Their experience and expertise in financial recording and reporting becomes a valuable asset.

The bookkeeper’s role is to record all transactions that occur as a function of the operation of a business. From these records they generate the financial reports that represent the financial state of the business. An Ottawa accountant’s role is to provide financial guidance and to help perform tax calculations and valuations for the business through aiding with the evaluation of the financial reports.

This makes the key functions of an Ottawa accounting and bookkeeping firm important additions for any business small, medium , or large.