Tax Tip Tuesdays – What’s So Funny About Bookkeeping??

So what IS so funny about bookkeeping??

Answer: not a whole lot but let’s see if we can’t come up with something….

First of all, most words with a double-k in it are hilarious.

Knickknack.  Yakker.  Trekker (or Trekkie, an identification with which I am proud to associate myself).

Secondly, bookkeepers are inherently comical as the word conjures up imagery of the classic bespectacled accountant hunched over their old-school wooden desk, pounding numbers into an adding machine and buried in a mountain of scattered papers. But that bookkeeper was from 1954.  These days we have these boxes called computers and are no longer buried in paper but in floppy disks!!

stock-photo-12198459-businessman-buried-in-mountain-of-crumpled-papers

But I digress.

In the real world, bookkeeping is a VERY serious matter.  It’s the foundation of the structure that supports your business, from small, at-home side business to massive corporation.  Without a strong bookkeeping function, the business owner leaves themselves open to a huge variety of risk, the most important of which is audit. Think about it this way – hiring a good bookkeeper (ummm….like me maybe???) has only 1 downside risk; the financial commitment!

For a small business, the cost can be very minimal.  In general, think $100-$150/month for a small business with 30-40 transactions per month, depending on your needs. The upside of strong bookkeeping? Too many to count:

  • Peace of mind that your business is being run correctly and that an audit (and the stress and cost that comes with it) is far less likely to occur.
  • A strong reporting function so you know at all times where your business needs improvement, where you can cut costs and where you should be spending more.

I could go on but we both know that wouldn’t end well for either of us…plus, I know how excited you’ll be to hear the rest of the upside of bookkeeping during our first meeting!

So, in summary:

Bookkeeping = exciting + important + floppy disks + framework = awesome.

The Funny Accountant.

As always, if you have tax questions, need advice on your personal taxes, corporate taxes or anything else accounting or business related, please contact The Funny Accountant/President of MK & Associates at mitch@mkassociates.ca

One thought on “Tax Tip Tuesdays – What’s So Funny About Bookkeeping??

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s