Bookkeeping Basics
Tara Cairns
March 4, 2026
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Do you ever wonder if you’re managing your numbers in a way that you actually get a grasp of what they mean for the future of your businesses?
Bookkeeping is a crucial function needed for all businesses and can be a very personal thing for small to medium size enterprises. It’s important to determine if and when it’s time to recruit a professional bookkeeper as your business continues to grow. It’s a move that can really help you make well informed business decisions that will ultimately encourage growth.
When you build a business from the ground-up, it’s difficult to relinquish some of the control, as you know your business best. This is a key benefit to managing your books in-house. As a business is growing, it’s important to be mindful of the expenses that are being incurred, and what the priorities for your business may be at any given time.
Some important questions to ask are: is bookkeeping a task that takes time away from myself or my team members’ time that could be better spent on business activities that grow the business? Is driving growth in a certain period of time a priority? Is the priority just to sustain the current capacity of your business or is the goal to scale up?
If you have a desire to gain a thorough understanding of your numbers, and where you can find efficiencies in your business, consider professional bookkeeping as an option. Building a collaborative partnership with a professional in this area has many benefits that will help push your business to the next level.
As your business is growing, it may be difficult to invest time further in staying on top of your books or implementing new processes in-house. Seeking advisory through hiring a professional can be an incredible way to efficiently utilize your time and resources.
Canadian insider reports that 51% of Canadian SMEs – Small and Medium-sized Enterprise – reported mistakes in their financial records that required correction. They also reported that at least 2/3 acknowledge that they spent too much time on manual data entry.
These in-efficiencies can also have an impact on your taxes. In a 2023 report conducted by the CRA, almost all SME businesses owners in their report stated that filing business tax returns annually was not difficult, but this is only largely due to their utilization of tax intermediaries, like accountants and bookkeepers.
To avoid errors that may impede your businesses’ growth, having a resource and or group of experts in their field may be what you need. A professional bookkeeper can have a great impact on your business, as they have a wealth of knowledge on how to increase accuracy across your books. QuickBooks highlights that through increasing accuracy in the records you need to supply to file your taxes, a bookkeeper can really simplify this process.
A great benefit of seeking professional management for your books is the exposure you can receive by utilizing and implementing a wide array of Fintec software. You, otherwise may not have the time or resources to implement these as smoothly.
Applications like QBO – QuickBooks Online – can really take how you manage your books to the next level. It streamlines tasks like invoicing, sending estimates, or tracking income and expenses, allowing you to focus on generating gains for your businesses.
Cloud-based application Dext, allows you to simplify processes such as keeping receipts through having the ability to scan them anywhere using your phone, or setting up automations that give you the ability to submit and approve expenses, or easily process and publish invoices. The benefit of Dext is that it also integrates with applications like QBO, allowing you to build comprehensive solutions for your books.
There’s no one shoe fits all solution for every business. Whether you’re a daycare, a local restaurant, or a landscaping business, the management of books is very individual to each business. Whether you want to leave your books to a professional bookkeeper, receive training to improve your processes, migrate the process to cloud-based applications, or just seek advisory from a professional, there’s a solution out there for every business.
Partnering with a professional bookkeeper can be a valuable asset to your business. Bringing in support doesn’t mean giving up control over your finances or your success – it’s a decision that will allow you to gain invaluable insights. It will empower you to make more informed decisions and accelerate growth. Doing so is a strategic move that can help your small or medium-sized businesses thrive!
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This article was written by the team at NVS Connect, bookkeeping professionals proudly serving Simcoe County, the GTA, and surrounding areas. The information provided is for general guidance and is intended for informational purposes only. For advice specific to your business, we encourage you to reach out to our experienced team.
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