Why is bookkeeping important?

• Helps keep records up-to-date

• Categorizes expenses correctly for tax and budgeting purposes

• Maintains accurate invoices and receipts

• Monitors cash flow

• Reviews financial reports monthly

• Prepares for taxes year-round

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What software can help automate my bookkeeping?

We currently use QuickBooks Online for all bookkeeping.  We are also able to help use several different payroll companies, including Payworks.​​

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Do I need a bookkeeper if I have an accountant? What is the difference between the two?

Accountants and bookkeepers perform distinctly different tasks for the businesses they serve. Bookkeepers are responsible for on-going maintenance of their clients’ financial records. A bookkeeper’s common responsibilities consist of:

• Compiling data on a daily basis

• Categorizing expenses in the financial records

• Reviewing the general ledger for accuracy

• Reconciling bank statements against the financial records

Accountants use the accurate and up-to-date general ledger maintained by the bookkeeper to provide advisory services, such as:

• Analyzing the company’s financial data

• Creating financial reports

• Preparing income tax returns

• Providing tax planning advice

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How often should bookkeeping be done?

Bookkeeping should be done on a monthly basis to ensure accurate financial records and timely reporting. Payroll, however, may be processed on a bi-weekly, semi-monthly, or monthly schedule depending on the organization’s needs

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What is a chart of accounts?

A chart of accounts is a list of all accounts used in a business’s financial records. It helps categorize financial transactions for reporting and analysis.

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What is reconciliation in bookkeeping?

Reconciliation is the process of comparing internal financial records with external statements (like bank statements) to ensure they match.

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What does a bookkeeper do at year-end?

A bookkeeper will ensure all transactions are recorded properly. This includes current year bills and invoices even if they haven’t yet been paid. Bookkeepers also review your supporting documents (receipts, bills, invoices etc.) to make sure that you’ve recorded everything. If your accountant does your taxes for you at year end you need to provide them with all the receipts, invoices, and bank statements for the year. A bookkeeper can gather all the information needed.

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Do you do catch up work from previous years?

Yes. Catch up work involves gathering up all records such as invoices to customers, business expenses, vendor invoices (bills you have paid), records of bad debt, etc. As your bookkeeper, I will sort and organize this information and reconcile all bank statements retroactively.

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How do I contact CRA?

There are two ways to contact the CRA:

• You can go to their website and create an account. You can also call them personally or have an authorized representative contact them for you.

• For more information (in either English or French), please click on the following link, http://www.cra-arc.gc.ca/.

• For personal income tax questions, call 1-800-959-8281.

• For corporate tax questions call, 1-800-959-5525.

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