Use the Most Efficient Bookkeeping System for You

Payroll  |   Bank Reconciliation  |  Government Remittances  | Accounts Payable & Receivables Receivables

& More Bookkeeping

 

What we offer

We provide both Accounting & Bookkeeping services. We work out of our offices, and occasionally visit our neighbouring clients to deliver and pickup documents as needed.  A lot of our communication is done online that involves putting programs and documents on a server or website to be accesses by you and us.

Our bookkeeping rates are generally $35/hr. Hourly rates can be difficult to interpret, as the real question is, how much do things cost in total or a weekly, monthly, or yearly basis.  If you have a professional firm, efficiency is often better. The bottom line varies from several hundred a year for bookkeeping and taxes, to many hundred dollars a week. By setting up a well thought out system, you can save a lot.Intuit Quickbooks Accounting/Bookkeeping Software

 

What to know about Bookkeepers

Bookkeepers are good at recording transactions and in knowing the bookkeeping software that they work with every day. But they are not accountants. They may have varied experience in doing taxes and dealing with CRA audits and negotiating late payments with governments. But there are often structural errors that could eventually cause serious problems, such as payroll shortcuts and other “trust account” issues that are closely monitored by CRA. The bookkeeping has a lot of detail, detail that might be wrongly recorded. If an accountant has poor bookkeeping, it will cost, if corrections or missed items that result in higher taxes. You need an accountant who has a lot of business experience with banks, CRA and labour issues. If you are using a firm that has both bookkeepers and accountants working together, then you are in an ideal situation.

 Is your current bookkeeper up to par?

Do you currently have a bookkeeping system in place and a bookkeeper that you are happy with? If you do, then we need to know if things are being done correctly. The point of our concern is that reliable reports must be generated in order to conform to CRA requirements for year-end corporate or personal taxes.

Are HST, WSIB and Payroll Obligations being met? Do you have subcontractors that CRA would accept? Are all of the allowable tax deductions being claimed properly?  Eg. Automotive, Credit Cards and Cash Transactions.  Are your books clean, or raising “flags for CRA” to audit?  Such as, percentages of HST or operating margins in the acceptable range. Are your backups and document controls adequate?

Do I need a Bookkeeping Software?

Bookkeeping systems range from worksheets to formal software like QuickBooks. You can often have a very good system on a well-designed worksheet.  We can also set up Excel worksheets for payroll from standard templates that we use for other clients.  Receipts can be put into envelopes by month, in case you are audited and need to show receipts.

 

You will need a formal software program like QuickBooks if you have a lot of Accounts Payable or Receivables or Payroll. With 3 -4 workers or payroll we recommend you have a Payroll software included QuickBooks or a standalone payroll software. You can also have the banks farm in out to a large company like ADP for about $70 per pay run, using direct deposit.  Sage 50 (Simply Accounting) or QuickBooks usually costs around $250 – $300 and can be used for many years. You can also pay monthly $30 – $40 for all services.

 

If you have any questions, please don’t hesitate to call us.

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