Our team eats, sleeps and breaths bookkeeping. Our bedsheets are made of spreadsheets… well not actually – but you get the point! We’ll compile monthly financial statements and expense overviews to help you stay in control of your money. We can show you the big picture and give you insights into your businesses finances that let you take precise action. The numbers will never be a mystery again.
Here are just some of the services we offer you:
Accounts receivable is the amount of money owed to the company due to products or services previously supplied. Tracking this amount on monthly financial statements means you can keep track or how much you are due to receive which is often accompanied by the contrasting amount for accounts payable.
Accounts payable is the amount you/your company owes to others. Your bookkeeper can prioritize the payables to assist you in making timely payments. In addition to our receipt filing service, accounts payable can highlight the products or services that are resulting in the most expenses.
Our Bookkeeping services provide bank reconciliations which involves matching the balances of financial accounts to ensure all cash flow is accounted for. Correct accounting prevents bad cheques occurring and can identify fraudulent transactions. Financial balancing can provide peace of mind for the business owner.
Remittances deal with the payroll deductions of CPPcontributions, Employment Insurance and income tax deductions. A bookkeeper ensures this information is prepared in a timely manner and accurate to ensure your business is not overpaying contributions or missing deductions you may be entitled to. GST is applied to most items and services but with some exceptions. Accurate recording of GST is an important factor in Bookkeeping to ensure accurate payments if applicable.
A bookkeeper handles all your payroll needs including monthly deductions such as CPP & EI in addition to yearly payroll accounting such as T4, T4A and T5018
As part of our bookkeeping services, we record and file your receipts so these are organized and accounted for during tax returns and as indicated on your expenses financial reports so you can see what your major costs are.
To ensure you are up to date with your business’ finances, you will receive monthly financial statements. Financial statements take the important details and make them presentable to you so you don’t have to worry about the small details. A review of your General Ledger keeps you informed and ensures data recording is accurate.
If you want to know how a bookkeeper can help you with your business, here is some information on the basics of bookkeeping and the benefits of hiring a professional bookkeeper?
A bookkeeper has the responsibility of recording financial transactions including sales, purchases, payments and receipts for an individual, a business, organization, group or corporation. Bookkeeping is part of the overall accounting process for every business.
A bookkeeper can be tasked with recording a vast range of financial transactions on a daily basis. Recording involves not only the values but the method of the transaction whether cash or credit.
Bookkeeping involves recording of the transactions into a ledger or varying types. Using these ledgers, a financial report can be more easily generated to be reviewed allowing the business operation to be evaluated regularly.
Professional bookkeeping is much more than simply recording and processing data for a business or individual. It is accepting the responsibility of the client’s trust. That trust comes from the sharing and handling of intimate knowledge about their personal finances and their business finances. Additional reasons to hire a bookkeeper are:
1. Professional bookkeeping can be the key to maximising your business profits by offsetting expenses and paying appropriate taxes. Not only does this keep the business legal, it also can be the single factor determining the survival of the business.
2. A professional bookkeeper should be a professionally certified bookkeeper. Certification ensures the bookkeeper you have entrusted your business to has proven ability to perform the task. A professional bookkeeper has been evaluated by an independent body such as the Institute of Professional Bookkeepers of Canadaor the Canadian Institute of Bookkeeping.
3. Bookkeepers are required to undergo continued professional education to ensure they are knowledgeable about any new aspect in bookkeeping in order to maintain certification as a professional bookkeeper.
4. A bookkeeping certification is industry recognized at a high standard in the accounting community. A professional bookkeeper can work with other industry professionals like accountants where shared work can be presented in an agreed format.
Well the simple answer is, if you are a business owner, you probably don’t have the time or experience to do it properly. In addition, it always takes much longer to learn how to do something than to have someone who already knows how to do it perform the task. In addition, as in any industry, experience and training is an added benefit in bookkeeping ensuring everything is done correctly.
No, bookkeeping changes frequently due to changes in governments and changes in both provincial and national taxes (GST & HST). These changes bring about variations in deductions that can be made affecting the costs borne by the business or service cost offered by the business for example.Contact Us