Benefits of Outsourcing Your Accounting and Bookkeeping Operations

As your business grows, you will eventually have to bring someone in to handle your accounting and bookkeeping operations. If you are considering outsourcing your accounting and bookkeeping operations, but are unsure of its potential benefits, read on. We will look at some of those benefits.

1. Access to the Latest Systems

Outsourcing your accounting and bookkeeping operations gives you more access to the latest tools in the industry. The majority of small and medium-sized enterprises can’t afford to pay for the latest accounting and bookkeeping software nor can they afford to keep up with the changing laws and policies. By outsourcing these functions, you’re basically purchasing those tools, but it’s even better – you don’t have to do any of the work.

2. Better and Faster Business Decisions

Businesses require accurate financial information to forecast quickly and frequently. By working with an accounting professional, you will get more reliable accounting information that will help you make improved business decisions in less time. 

3. Reclaim Some of Your Office Space

Bookkeeping on-site is something that requires a dedicated office space. Additionally, it makes it difficult to completely achieve a paperless environment. By outsourcing your accounting and bookkeeping operations, you will have the opportunity to make the switch to a completely electronic office. Additionally, you will free up at least 100 square feet of your office space. 

4. Achieving High Level of Accuracy 

Outsourcing accounting and bookkeeping operations can be very beneficial when it comes to attaining accurate results. Unlike internal accountants and bookkeepers who may be emotionally attached to your business, an external bookkeeper will be more objective in his/her work. The bookkeeper will give crucial insight into both positive and negative information so as to reduce the chance of error. 

5. Significant Cost Savings 

The real value of hiring an outside contractor is that it reduces costs. Outsourcing bookkeeping services eliminates the need to employ full-time or part-time staff. With an outsourced bookkeeper, you only get to pay for the job done and when you need them. And because the majority of bookkeepers work from their offices, you won’t have to buy additional computers or furnish your office to accommodate them. Additionally, you don’t have to worry about typical employee expenses such as paid leaves, benefits, payroll taxes and insurance among others. 

6. Focus on Your Business

Business owners normally find themselves struggling with bookkeeping work that seems to increase as their businesses grow. Outsourcing administrative tasks like accounting and bookkeeping frees up some of your time, allowing you to focus more on your business’ priorities. This way, you can scale your business, manage your employees and support your clients effectively. 

7. Faster Turnaround Time of Work 

With an outsourced bookkeeper, your accounting and bookkeeping workload will be completed on time. In-house accountants may be distracted by other things that are happening in the work environment and fail to deliver on time. An outsourced bookkeeper will do their job remotely, carry it out with precision and produce reports in good time. Additionally, he/she will work fast without compromising on quality and accuracy. 

Outsourcing can help you achieve your business objectives. It allows businesses to be more efficient and more competitive.

New Regulations Now in Effect, Making Canadian Citizenship Easier to Obtain

There is a good news for all the permanent residence in Canada that now they can apply for Canada’s citizenship which is a process known as naturalization. The process has become more easily and sooner now, after the implementation of Bill C-6 which was passed in June.

There was a time when the permanent residents had to have at least four years of the residency days out of the six years before they could apply for the citizenship but now they can only accumulate three years residence days out of the five years. Furthermore, the residents living in Canada as international students or foreign workers can also count this time as their permanent residence days requirement. Each day that was spent in Canada being on temporary residence would be counted as half a day for permanent residence, to a maximum of 365 days.

It has been also announced that the applicant doesn’t need to be physically present in Canada for 183 days before they have filed the application, which was the case prior to the new implementation.

The Federal Minister of Immigration, Ahmed Hussen said, “We want all permanent residents in Canada to become citizens. That’s our wish, because we value Canadian citizenship, we understand we are a community that continues to welcome people from all over the world. And we understand the importance and the positive role that immigrants play in our economy, in our society, and in our cultural life.”

There are some other changes as well which were made to the Citizenship Act.

Previous regulation

New regulation

Before any applicant could apply for permanent residence they had to be in Canada for four years out of the six. Any applicant who files for citizenship has to be in Canada for three years out of the five before the citizenship.
The applicant had to file some Canadian income taxes and had to clear them under the Tax Income Act, for the four years out of the six. Applicant has to file the income taxes under the Income Act tax, if they are required to do so, for three years out of the five.

Applicants had to stay in Canada for 183 days in their four out of the six years before their application

 Applicants are no longer required to stay in the country for the period of 183 days.
Before a person becomes a permanent residence, the time that he/she spent in Canada wouldn’t count. Applicants can now count each day that they have been in Canada as an international student or a foreign worker as half a day into completing their requirement for physical presence in citizenship application.

The applicants who were aged 14-64 had to meet certain language and knowledge requirements.

Applicants aged 18-54 had to meet certain language and knowledge requirements.

It has been announced that all the Canadian citizens will enjoy equal rights and they would be allowed to leave the country and re-enter it whenever they want. They would have the liberty to vote and also to run a public office. They can also apply for one of the most globally powerful passport i.e. the Canadian passport.

Assessment of Eligibility

Get your eligibility assessed by the experts of the best immigration consultants in Pakistan, Lalani & Associates. Visit our website and take the Free Assessment and start your immigration process to Immigrate to Canada.

washing machine repair in Dubai

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