Part of setting up a new business or taking your company to the next level is ensuring that you have quick access to current information about your business expenses and revenue. The experts at Canwest Accounting help new business owners and those whose businesses are growing to get set up on Quickbooks Online; plus, they provide training and ongoing support.
“Business owners need current information in order to make decisions about where they spend their money,” says Sharlane Bailey, owner of Canwest Accounting with offices in Victoria and Langford. “Looking at your company’s information on Quickbooks can give you better information to make faster business decisions.”
An example of this could be deciding whether your construction company can afford to buy a new truck. Through Quickbooks Online tracking your income and expenses, you can look up how much money you have made on each job or even review an ongoing project to see whether you are making or losing money on it. These details can help you to forecast whether you’re in a good position to purchase a new truck.
Sharlane points out that for the growing business nearing the $30,000 annual earning threshold, which is when you must begin collecting and paying GST, Quickbooks helps with keeping track of earnings, so you don’t end up learning only when you file your annual taxes that you owe GST. If you hadn’t collected GST on your sales over $30,000, the funds would need to be paid regardless. Additionally, Quickbooks can help you to figure out whether your tax installment payments should be larger.
As the economy approaches a recession, business owners can track changes in their earnings and workflow in order to stay on top of how it’s affecting their business. That information can factor into deciding on new business opportunities, large expenditures, employee pay increases, raising customer rates, and much more.
“Quickbooks gives you more control over your business to then make sound decisions,” adds Sharlane.
To have the exceptional team at Canwest Accounting save you time and money by getting your business set up on Quickbooks Online, doing your taxes, bookkeeping, tax planning for your business, or filing estate returns, call or email us.
The suggestions and advice provided by Canwest Accounting should not be relied upon in place of professional advice. You are responsible for checking the accuracy of relevant facts and opinions provided.