From Behind to On Track: Your February Rescue Plan
Stop dreading your tax accountant's calls. Get your books current before March hits.
Editor's Note: The business examples in this post are composite profiles based on common patterns we've observed across hundreds of Canadian service-based businesses. While the names and specific details are fictional, the challenges, solutions, and outcomes reflect real situations faced by business owners.
The Sunday Night Reality
It's Sunday night. While other business owners are planning their week, you're:
Staring at a pile of unopened CRA letters
Wondering if your GST/HST filings were done right
Realizing your books haven't been reconciled since June
Avoiding your tax accountant's calls
Sound familiar? Your business is growing (maybe $300K, $500K, or approaching that exciting $1M mark), but your bookkeeping feels like it's stuck in startup mode.
Why This Matters Right Now
February is your last chance to:
Get your books current before tax season hits and clean up any GST/HST filing mistakes
Actually understand your 2024 profit
Set up systems that work for your growing business so you don’t have a repeat of tax time panic this time next year
The Real Story
Meet Alex (just like you, she started as a freelancer):
Revenue: Growing from $200K toward $1M
Old Setup: Part-time bookkeeper + annual tax accountant
Reality: Books perpetually 6 months behind
Biggest Fear: Making a mistake that triggers the CRA to get upset
“I kept thinking once we hit certain income targets, everything would fall into place,” she says. “Instead, my problems just got more expensive. Same chaos, bigger numbers.”
Two Paths Forward
Path A: The DIY Rescue (For the Weekend Warriors)
If you're determined to tackle this yourself, here's your emergency checklist:
First: Document Gathering (3-5 hours)
Download all bank statements
Collect receipts from every possible location
Gather CRA notices and correspondence
Export reports from your accounting software
Second: Basic Organization (3-5 hours)
Sort documents by month
Create a simple filing system
List all outstanding questions
Note missing documentation
Third: Reconciliation Sprint (10-20 hours)
Start with most recent month
Work backwards systematically
Flag anything unclear
Keep a running list of questions
Total time investment: 16-30 hours of focused work
Path B: Professional Support (For Those Ready to Sleep Better)
Let experienced bookkeepers handle everything while you focus on growing your business:
What We Handle:
Complete catch-up of behind books, bank reconciliations made current, GST/HST review and corrections
Systems setup to prevent this from happening next year
Regular monthly maintenance which will make tax time a breeze
Peace of mind that you’re onside with the CRA
Your only task? A 30-minute call to get started.
The Real Numbers: DIY vs Professional Support
DIY True Cost:
Your time (16-30 hours) = $3,200-$6,000 value
Potential mistakes = $500-2,000 in cleanup fees
Missed tax deductions = Unknown
Stress and anxiety = Immeasurable
Professional Support Investment:
One-time catch-up fee - $1,000-$2,000 estimate
Monthly maintenance that grows with you
No surprise cleanup fees
Confidence that there are no skeletons in the closet = priceless
Why Growing Businesses Choose Professional Support
We work with successful service-based businesses at every stage, but we have a special spot in our hearts for growing businesses like yours. Why? Because we've been there. We know what it's like to:
Outgrow basic bookkeeping and worry about CRA compliance
Need more than just data entry at an ad hoc pace that gets incredibly frustrating
Want a partner who can grow with you and explain the numbers to you in plain English
Ready for a Fresh Start?
If you're considering Path A (DIY): print this post and get rolling.
If you're ready for Path B (Professional Support): Book a free consultation to:
Get a clear picture of your catch-up needs
Learn about our February rescue program
See how other growing businesses found clarity
Start sleeping better about your finances
P.S. We have 5 spots left in our February catch-up program. Whether you choose DIY or professional support, don't wait until March when tax season panic hits full force.
*Based on patterns seen across hundreds of Canadian service-based businesses.
