If you have the knowledge and the time, you can technically handle your own bookkeeping—but most small business owners find it challenging to keep up. An accountant plays a crucial role in ensuring financial obligations are met, especially with CRA, but they typically focus on higher-level analysis and tax planning rather than daily record-keeping.
In reality, bookkeeping often gets pushed to the bottom of a busy owner’s to-do list. Falling behind can be costly: CRA charges penalties and interest for late filings, and “catching up” can become an expensive, time-consuming process. One of the biggest reasons small businesses struggle is getting overwhelmed by financial tasks and government remittances.
A bookkeeper provides ongoing support to keep your records accurate and up to date, preventing problems before they start. For many small or sole-proprietor businesses, a skilled bookkeeper can even handle year-end reporting and personal tax filing, reducing or eliminating the need for an accountant. Surrounding yourself with professionals who excel in their field lets you focus on what you do best—running your business.
