Running a business requires your undivided attention. And business decisions require solid financial information. Our professional accountants and bookkeepers will take the time to learn your business and will apply their expertise to prepare your business financial statements in easy to understand format and will answer all your questions. Reliable and accurate business financial statements is an integral to any business decision. It should also be noted that financial statements are required by law for most corporations. Our certified bookkeepers and payroll specialists will ensure that your organization’s financial position is always up to date by providing the following services:
- Data entry
- Bank Reconciliation
- Credit card reconciliation
- Accounts Payable
- Accounts Receivable
- Standard and special purpose reports
- How Bookkeeping Services Benefit Small Businesses
Bookkeeping is the act of recording business financial transactions. Bookkeeping services include the preparation of various financial documents that can take a significant amount of time to figure out on your own. Documents such as cash flow records, balance sheets, and profit and loss statements help your business remain organized and tax-compliant. They also make financial planning easier because you’ll know exactly what you’re working with in terms of potential losses and available cash. Accurate bookkeeping is a necessary task for any small business owner who plans on running a profitable business that will grow over time.
The advantage of bookkeeping is following standard practices, through account reconciliations, will ensure error free financial statements. Financial reconciliation is performed to ensure all transactions are properly recorded and nothing is missed.
Time and Money
Some business owners view the time or money spent on bookkeeping as disadvantageous. A business owner who does not want to spend time on bookkeeping must buy financial software and do it themselves. If a business owner handles his own bookkeeping, he takes time away from other activities that generate income for the business. A bookkeeper helps the business bottom line by diligently collecting all financial records, ensuring all filings are done on time, preventing late fees penalties and interest and providing the owner with information to help him make sound financial business decisions.
Tidy books and financial statements provide the data you may need in case of an audit. Canada Revenue Agency will perceive the risk profile as low if you utilize good bookkeeping practices as opposed to having your calculations on a piece of scratch paper.
It is easy to miss an expense if you are just basing your financial statements on your memory or on paper receipts. Receipts could be misplaced or lost, but good bookkeeping practices will ensure that all expenses are properly picked up and reflected in your financial statements.
It is a well-known fact that users consider financial statements much more reliable if they are prepared by a professional bookkeeper as opposed to generated from owner’s notes. If you ever have to go to the bank asking for loan or line of credit, they will likely reject your application if financial statements are not considered to be reliable. After all, bank is giving you money – they need to be sure you can pay it back
Streamline Payroll Operations
The more team members you hire, the more complex record keeping gets, especially if you work with independent contractors in addition to full-time employees. By handling all payroll tasks, bookkeepers make sure that everyone gets paid the correct amount. Bookkeeping services also ensure all payroll related filings such as T4, remittances, WSIB are complete, timely and correct.
Avoid Tax Problems
Efficient financial management with a professional bookkeeper sidesteps a variety of tax headaches. All income and expenses are accounted for, and all tax documents are filled out correctly and mailed on time.
Professional tax assistance avoids audits and late fees.