Bookkeeping is a necessary function for every organization; however, proper bookkeeping requires a special skill set that many executive directors and entry level employees don’t possess. We can perform all your bookkeeping functions including data entry, bank transactions, reconciliations, payroll and GST filings. We also routinely report to the executive director and to the board if necessary, to ensure they are aware of the organization’s operating results.
You could do your own books, or hire what appears to be economical office help to do it for you. What you might end up with is a less effective, more costly result. Consider:
The cost of your own time
Maximizing profits through growth and effective management of your business should be the focus of the business owner. If your earnings capacity is greater than that of a bookkeeper, does it make sense to spend your time on those tasks?
The cost of ineffective or untimely information
A well designed accounting system highlights items that have the greatest impact on your results. At Haworth & Company, time is taken to understand your business. We structure your books to give you what you need – clear, concise business performance information in a timely manner.
The cost of inaccuracy
Hiring a professional accountant to oversee your bookkeeping functions can reduce the cost of year-end financial statement and tax return preparation. Since your records will be prepared accurately with correct adjustments for timing and accruals throughout the year, you won’t have to pay for clean up at year end.
The cost of in-house bookkeeping
Sometimes, it makes sense to hire in house bookkeeping staff. Often, it doesn’t. If you look at the hourly rate, you may conclude that it is less expensive to hire part time staff to enter data in your accounting system. When you look beyond that, you may come to a different conclusion. First, you will spend money and valuable time hiring, training and managing your employee. You will be responsible to purchase office furniture, space and a computer to support your employee and will be liable for statutory benefits, workers compensation and any other perks your company offers. Further, you will pay for inefficiencies or down time during the day. The result? Maybe just a collection of data entries.