In the dynamic world of business, where decisions are made every day that can impact the bottom line, accounting plays a pivotal role. It's the backbone of any organization, helping to track financial transactions, manage resources, and provide valuable insights for strategic planning. In this blog, we'll delve into the crucial role of accounting in business and why it's so important for companies of all sizes and industries.
 

Maintaining accurate books will provide the business owner with more control, better business insights, increased cash flow and minimized taxes. Entrepreneurs often find it time consuming and challenging to understand the numbers, and new business owners with limited experience may consider bookkeeping to be a cost centre with little value. 

At Freestone Associates, we are QUICKBOOK ONLINE specialists that render accurate and
responsive solutions. We strive to find answers to our client’s bookkeeping challenges.

A bookkeeper is an industry professional who helps businesses track and understand their finances. By consistently tracking your financial data, bookkeeping can provide information about the progress and financial health of your business, thereby supporting your best decision-making for improved cash flow and profit.    

Most small business owners understand the importance of good bookkeeping practices, but they often become pulled in so many directions that the bookkeeping takes a back seat. The result of the complacency will be missed opportunities to minimize tax liabilities, missed deadlines that result in penalties and interest charges, lack of insight into the health of the business, constraints to cashflow, and a business that fails to truly launch. 

Starting and running your own business is exhilarating and liberating. But that liberating feeling can quickly disappear with the daunting list of tasks required to build and grow a successful business. Tasks like naming the business, creating a logo, writing the business plan and detailed marketing strategy draw heavily on your creative and fun side. But it is the implementation of key pieces like the management of staff, and the controlling of finances that will ultimately determine the success of your business.

We start new business ventures to offer our communities new opportunities, better services, or access to products that make their lives better. Businesses are established to make a profit and improve the lives of business owners and employees.

At Freestone Associates, we are reliable bookkeepers committed to rendering accurate services to our clients. Our founder Kim Freestone has over thirty years of accounting experience which ensures we minimize taxes and add value. We are also consistent and responsive in our approach, enabling us to be proactive and take on unexpected challenges for our clients.

Freestone Associates is a bookkeeping firm in Toronto, Ontario. We provide bookkeeping for small businesses, including not-for-profit, charities, and corporations. We currently are a team of four and work solely with QuickBooks online and desktop software and serve clients across the Greater Toronto Area, Mississauga, Oakville, and Vaughn.

Great bookkeeping applies systematic routines and accounting principles to ensure the financial data of the business is valid. Keeping the books in great shape monthly, quarterly, or semi-annually takes time and money, and sometimes it is worth it and sometimes it is not worth it until the fiscal year-end. How do you know how often you should have the bookkeeping done?  

As an entrepreneur, it can be challenging to juggle all areas of the business. When so much of your time is taken up with operations, marketing, and customer service, it is the accounting that tends to suffer. Procrastination on your accounting requirements will have a detrimental effect on the success of your business. To avoid this scenario, hire a great bookkeeper who will save you time, improve cashflow, avoid expensive pitfalls and provide peace of mind.

The year 2021 is marked as the year of great resignation and the emergence of various variants of COVID-19 in some parts of the world. In the global market, these changes have impacted many small businesses. While some of them have been able to pivot sales streams to online successfully, others suffered from the lack of human capital.

In a bid to save money and time, some small business owners manage their finances by doing the bookkeeping themselves instead of handing these critical responsibilities to a professional. The result tends to validate the saying ‘penny wise, pound foolish’.

In today’s fast-moving business environment, the savvy business owner must demand greater reliability to render accurate and timely financial information. The experienced business owner considers the good bookkeeper to be an integral ingredient to success. A dependable bookkeeper will ensure your records are accurate and comprehensive because they understand your success relies on meaningful managerial reports. A great bookkeeper will provide insight and proactive recommendations to add value to your operations. A great bookkeeper will prepare financial statements and offer suggestions for strengthening management procedures and improving operating results.

Established by Kim Freestone, a bookkeeper and QuickBooks Pro Advisor based in Toronto, Freestone Associates has been in operation for more than a decade, specializing in bookkeeping and managerial accounting for small and growing businesses in the Greater Toronto Area. Prior to starting her practice, scores of successful freelance assignments led Kim on the path of continuous development from basic bookkeeping to providing valuable business advisory services. 

Bookkeeping is a key aspect for any business to manage and organize its financial data. It also helps them plan ahead and make smart decisions. With the advancement of bookkeeping technology, it is easy to prepare accounts and store them online. These accounts can be accessed from anywhere with a network connection, thereby benefiting businesses and their bookkeepers. Moreover, with online bookkeeping, companies don’t need to worry about data theft or destruction as they have a foolproof backup system that stores these records under high security.

Season’s Greetings from Freestone Associates. We wish you and your family a wonderful holiday season and a happy, healthy, and prosperous New Year 2022!

Bookkeeping for any business helps in maintaining the records related to financial transactions. It provides a business owner with the information necessary to make sound financial decisions for the future. However, it can be bothersome to record every transaction when running a business. Fortunately, hiring a bookkeeper frees up valuable time that can be put into improving the company. They have decades of experience and developed processes and procedures for each type of business.

As a business owner, apart from running your business activities, you also need to look into your accounts and ensure your books are in order. If you have up-to-date and accurate accounting records, your company will be on the road to success. But, if you fail to focus on your accounting tasks, your business can quickly sink before it has the chance to grow. To help you manage your bookkeeping better, here are five tips for better bookkeeping that every business should know. 

When you own a small, growing company, quality bookkeeping is an essential ingredient. However, new tax rules and regulations and the owner being pulled in too many directions makes it very difficult to maintain the books and the tax requirements accurately and on time. If you make the slightest mistake, it could lead to heavy losses that put your business at risk. To help you steer clear of bookkeeping pitfalls that could lead to accounting and tax issues, the experts at Freestone Associates have compiled a list of the most common mistakes people make with bookkeeping.