Bookkeeping

At the heart of every successful business is meticulous bookkeeping, and we're here to make that process seamless for you.

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Financial Organization

The key to business success lies in clear and concise record-keeping. By organizing your income and expenses, we can ensure that all financial information is easily accessible when needed.

Informed Decision Making

Our meticulous approach to bookkeeping involves organized record-keeping, timely financial reporting, and expert analysis to ensure informed decision making and sustained success for our clients.

Bookkeeping FAQ’s

  • Essential documents include invoices, receipts, bank statements, purchase orders, sales records, and any other documents related to financial transactions. Proper organization and retention of these documents are vital for accurate bookkeeping.

  • Regular updates are essential. Ideally, businesses should update their books weekly or monthly to maintain accuracy and ensure that financial information is up-to-date. Regular updates also facilitate timely decision-making.

  • The GST is a value-added tax in Canada. Businesses with annual revenues exceeding a certain threshold are required to register for and collect GST. Bookkeepers need to accurately track GST collected and paid on purchases for reporting on GST returns.

  • Regular bank reconciliation is crucial for identifying discrepancies between bank statements and your books. Compare transactions, account for outstanding checks or deposits, and ensure that the ending balance in your books matches the bank statement.

  • Common financial reports include the income statement, balance sheet, and cash flow statement. These reports provide insights into a business's profitability, financial position, and cash flow trends, helping with strategic decision-making.

  • Generally, the Canada Revenue Agency (CRA) recommends retaining financial records for at least six years. This includes invoices, receipts, bank statements, and other supporting documents. Proper record retention is essential for tax audits and compliance.

  • Accurate bookkeeping is crucial for preparing and filing business tax returns. It ensures that all income and expenses are properly accounted for, supporting the accurate calculation of taxable income and compliance with tax regulations.