Accounting Options For Home Renovation Businesses

Posted by kim on November 24, 2015
Finance, Home Renovations / Comments Off on Accounting Options For Home Renovation Businesses

Bookkeeping solutions are plentiful, especially for small business owners in the renovation industry in Ottawa, and it’s for good reason. If it’s your first time operating a business in the construction space (mold removal or dumpster rental included) the financial landscape can appear like a WW2 minefield. There are so many angles to watch out for and deadlines to be aware of that it’s highly likely you’ll need the monthly support and counseling offered by a local Ottawa accounting professional. Quarterly HST submissions need to be done on time, payroll needs to be kept up with and of course you need to be out churning up new business. Delegation is a key skill for growing businesses, and finding a solution to recurring (and of course boring) tasks needs to be done. What are the first steps and what are your options for getting monthly bookkeeping in Ottawa?

Who to use for small business accounting in Ottawa?

Our best recommendation is to explore ALL your options, however I personally think getting an actual small business bookkeeper in person with experience relevant to your industry. For example, remodeling and renovation firms are constantly spending five figures sometimes weekly on supplies and costs and having a small business tax expert handle those input tax credits accordingly is certainly going to save you tons of money and future headaches. There are plenty of accounting specialists that have industry specific experience and while it can cost more, it will certainly save you more when you do end up scaling and getting more customers.

For sole proprietors or those with side businesses (or attempting to build those additional streams of income), it may be worth it to just get an initial consultation so you know what your obligations are in terms of taxes and what you can and cannot write off. This key step is often overlooked and can make the difference between becoming profitable sooner than you may think. Monthly bookkeepers can be affordable, often for a few hundred dollars a month and be permanent financial advisers and assets that help your business ventures grow responsibly and decreases tax liability.

The services commonly offered by Ottawa bookkeepers include the following;

  • Quarterly or annual HST submisions
  • Questions regarding input tax credits
  • Credit card and bank reconciliation statements
  • Personal and corporate tax returns
  • Payroll deductions organized on a bi-weekly basis.