Sometimes it’s hard to know when you need help in your business. Other times, you know you need help, but you’re nervous about hiring the wrong person. Or maybe you’re not sure you can afford to hire someone. That’s where a virtual controller can help.
A virtual controller is the perfect solution. They can take on all the things keeping from the work you love at a fraction of the cost of hiring a full-time employee. Here are nine signs you might need a virtual controller.
1. You’re Constantly Behind
When the paperwork is piling up, it’s difficult to get to the work you need to do to keep your business running. A virtual controller can take over the paperwork and other tasks that are causing you to fall behind.
2. You’ve Received a Late Filing or Penalty Notice
This is a continuation of number one. If you’re constantly behind, it’s only a matter of time before you get a late filing notice, or worse, a penalty. When it comes to penalties, the Canada Revenue Agency (CRA) can be brutal. They charge higher penalties for repeat offenses to encourage taxpayers to file on time.
3. You Have No Idea Where Your Business is Financially
You’re so busy doing the work you enjoy that you haven’t had time to update your bookkeeping. This can spell big trouble when it comes time to file your taxes. If you have no idea how your business is doing financially, that also means you aren’t able to plan for paying your taxes.
Let a virtual controller sort out your books so you’re not caught off guard with a large tax bill. Knowing where your business stands financially every month is also useful if you need to make a large purchase, say to replace some aging equipment.
4. You Don’t Understand the Government Paperwork
Let’s face it, the government isn’t the best at explaining things. It’s never a good idea to file something you don’t understand. This can result in you inadvertently filing fraudulent forms or your business paying more than what you really owe.
When you run a business, not only do you have to deal with the CRA, but you’ll also be dealing with the provincial government. This can add up to a lot of notices and required reporting. Ignorance isn’t an excuse for filing incorrect forms. The government expects you to find someone to do it correctly if you don’t know how.
5. You’re Guessing How to Do Things
It’s not just government paperwork that can be confusing. Many business owners struggle with bookkeeping if they’ve never done it before. Guessing where to allocate expenses is not the best way to go. A virtual controller can take over your bookkeeping and make sure it’s done accurately, saving you time and money.
If you are interested in learning to record your income and expenses yourself, with a little guidance, you can keep your books up-to-date with an accounting app like Xero. Many virtual controllers offer training, so you’ll no longer be guessing about how to do things.
6. You Don’t Have Time to Collect Customer Payments
If you’re so swamped you don’t have time to collect customer payments, this is a problem. It’s important that accounts don’t get too far behind. People have a tendency to forget they owe you money, and you want to make sure you collect your payment while you’re still fresh in their mind.
This is another task a virtual controller can help you with. Often this is a service that can easily be added to a monthly bookkeeping package.
7. You’re Behind on Your Own Accounts
On the flip side, you don’t want to get behind on your own accounts. If you need supplies in order to do business, you want to make sure you keep your suppliers happy. A virtual controller can take over paying your bills and reconciling your bank account, so you always know how much cash is in the bank.
8. Taking on More of the Work You Love Feels Stressful
You started your business because you love what you do, but if you’re swamped with all the tasks required to run your business, it makes it difficult to take on more of the work you love. Why not hand those tasks off to a virtual controller and free yourself up to do more of the work you enjoy the most.
9. You’re Starting to Think You’re Not Cut Out to Be an Entrepreneur
Stress and overwhelm can cause you to see your business in a different light—one that’s not too positive. There are a lot of things to do as an entrepreneur, and many people don’t think about these things when they’re starting their business. If you don’t get the help you need it, you can end up feeling so overwhelmed that it feels like the only solution is to sell or close your business.
Don’t let things get to this point. Find some help before you get overwhelmed. Figure out what tasks you can delegate and what you can afford to pay based on your budget. Many virtual controllers offer packages tailored to your needs and budget.
Business can be tough, but it doesn’t have to be. All these things (and more) can be handled by a virtual controller. We’ve helped many clients in situations similar to those above. Do yourself and your business a favour by taking some of the stress off your plate, and checking out our virtual controller services. Contact us to learn more.