Why bookkeeping matters
Meaningful, well-organized financial records help a business run more efficiently, and they're the foundation of a successful business. Good books tell you whether you're making money, who owes you, what you owe, and how much tax to set aside, long before anyone asks at year-end.
Our qualified staff assist with day-to-day bookkeeping tasks for small and medium size businesses, from sole proprietors to incorporated companies. Our bookkeeping charges are $100 per hour, so you pay for the work your records actually need.
Whether you'd like ongoing help through the year or need a year's worth of receipts brought into order before tax time, the goal is the same: accurate, organized records you can rely on.
What our bookkeeping covers
Practical, day-to-day tasks that keep your records accurate and current.
Recording transactions
Sales, purchases, deposits and payments recorded and categorized, so your income and expenses are clear.
Bank and card reconciliations
Matching your books to your bank and credit card statements, so nothing is missed or counted twice.
Accounts receivable
Tracking what customers owe you, so unpaid invoices don't slip through the cracks.
Accounts payable
Tracking bills and amounts owed to suppliers, so payments are recorded properly and nothing is paid twice.
GST records
Separating GST collected from GST paid, so your GST returns are straightforward to prepare.
Year-end preparation
Clean, reconciled records ready for year-end financial statements and your tax return.
Bank and credit card reconciliations
Reconciliation is the step that turns a list of transactions into books you can trust. For each period, we compare your records with your bank and credit card statements and resolve any differences – a missing deposit, a duplicated expense, a cheque that hasn't cleared, or a personal purchase on the business card.
Without regular reconciliations, small errors pile up quietly. By year-end they can take hours to untangle, and that time costs money. With them, your balances are correct, your expenses are complete, and year-end becomes mostly a matter of review.
Preparing for GST and year-end
If your business is registered for GST, your books need to track the GST you charge on sales separately from the GST you pay on business purchases, which may be claimed back as input tax credits. GST/HST returns are filed monthly, quarterly or annually depending on your revenue and any elections, so your bookkeeping rhythm often follows your GST filing period.
At year-end, organized books mean your financial statements and tax return are prepared from reliable numbers. That's true whether you're a sole proprietor reporting on form T2125 with your personal return or a corporation filing a T2.
- GST collected and paid tracked separately
- Records ready for each GST filing period
- Year-end balances reconciled and supported
- Owner and shareholder transactions identified
- Documents organized in case the CRA asks
Catch-up bookkeeping
Falling behind on bookkeeping is common. A busy season hits, receipts go into a drawer, and suddenly it's been months – or a full year – since anyone looked at the books. It happens to plenty of good businesses, and it's fixable.
Catch-up bookkeeping starts with gathering your bank and credit card statements for the period, along with whatever receipts and invoices you have. We work through the transactions, reconcile each account and flag anything we need you to explain. Because we bill $100 per hour, the time depends on volume and how organized your records are, and we'll talk with you about the work involved before we begin.
Once you're caught up, it's much easier to stay that way. We'll help you set up a rhythm that suits your business, so you don't end up in the same position next year.
How we work with your receipts and statements
A simple process that fits around the way you already run your business.
- 1
Talk to us
Call (780) 439-0050 or book online at Whyte Ave or Sherwood Park, and tell us about your business and the state of your records.
- 2
Agree on a rhythm
Together we set up a rhythm that suits your business, often matched to your GST filing period.
- 3
Gather your records
Bring or send bank and credit card statements, sales records, bills and receipts – sorted by month if you can.
- 4
We record and reconcile
We record and categorize transactions, reconcile your accounts, and list any questions for you.
- 5
Review and next steps
We go over the results with you and make sure the records are ready for GST filings and year-end.
Clean books save money at year-end
Year-end accounting takes longer when the books aren't ready. Every unreconciled account, missing receipt or uncategorized transaction has to be dealt with before financial statements and returns can be prepared, and that time has to be paid for one way or another.
Clean books also help you claim what you're entitled to. Expenses that were never recorded can't be deducted, and GST paid on purchases that were never tracked can't be claimed back. Good records are also what support your return if the CRA conducts a review or an audit.
Tax records and receipts must be kept for six years from the end of the tax year they relate to. Organized bookkeeping makes that requirement easy to meet, and it means you can put your hands on any document quickly when you need it.
Habits that keep bookkeeping costs down
A few simple habits make bookkeeping faster, and at an hourly rate, faster means less expensive.
Habits that help
- Use a separate bank account for the business
- Use one credit card for business purchases
- Keep every receipt, on paper or digitally
- Write a short note on unusual receipts
- Record cash sales and cash expenses
What to send us
- Bank and credit card statements
- Sales invoices and deposit records
- Supplier bills and receipts
- Payroll and GST documents
- Loan and lease statements