Nickname as the turnaround accountants and bookkeepers we take the pressure off private individuals and small business owners by maintaining their books so that they can concentrate on their day to day task of running their business.
In today’s world most individuals face financial problems due to mismanagement of funds and improper documentation.
To be able to come out, to have a peace of mind, maintain successful financial management of this problem people look for professional help.
Overall, business financial records can be complex and very time-consuming to prepare correctly, weather you are a Sole Trader or a large Corporation. Your business records need to be prepared accurately and then verified for validity ----- doubling the time!
It is essential for every business to maintain and submit the relevant documentation to meet the CCRA, Company law requirements as well the Accounting Standard Board. At a minimum, your records must clearly show your business income and summarize transactions through original and supporting documents
The success of a business lies on a good bookkeeping system is based on the source documentation and proper file maintenance in order to prepare the Income and Financial Statements. Bookkeeping is all about numbers. Once complied together in proper classification budget controls can be set in place, reports of various natures can be produce and above all you've complied numbers required to be submitted, payments made or to be recovered for tax purposes.
If proper bookkeeping is not in place then the accounting system will fall apart leaving you liable to various penalties and fines etc.
Whether you manage your accounts monthly or quarterly, we can provide our professional accounting experience -- ensuring your financial records are accurate, and let you concentrate on running your business.
The history behind bookkeeping goes beyond five hundred years when a Cistercian monk call Luca Pacioli invented the basic system of double entry bookkeeping which became the base of today’s bookkeeping system and is used throughout the world.
In short the double entry bookkeeping system is the heart and soul of a company’s financial system. A good bookkeeping system produce results whereas bad bookkeeping brings disaster and the Fraud squat on your back.
The misconception that double entry system does not apply in Canada by some companies and that Canadian bookkeeping system is completely different from the rest of the world is a myth. Whether you are living in Europe, Asia or America including Canada, the basic double entry system applies.
Similarly, whether you are living in Europe, Asia, America including Canada, no matter how large or small your businesss, you are required by law to “keep books”. The term “keep books” does not mean keeping your books in a show case. It means recording your financial transaction on a day to day basis either manually or computerized.
Today companies tend to rely on computerized bookkeeping due to convenience. Nevertheless it would be beneficial to the company if the owners understand basic bookkeeping techniques, better still learning the art manually first and learning the concept of bookkeeping before computerizing their system.
The sign of good bookkeeping system is when the company is:-
1. Able
to provide a reliable and
timely set of financial records - a critical component of an effectively functioning
business.
2. Able to demonstrate that the
necessary disciplines are in place to track taxpayer dollars, mitigate waste
and error, and provide meaningful company reports on finances, including what the
company own and what the company owe.
3. Not only able to show that through good bookkeeping the company has yield better performance at the same time be able to use the information attained to make smarter decisions about how to manage their resources.
Bookkeeping is a task that can be executed only with the tools of hard work and intelligent planning. In many cases, it has been noticed that in-house bookkeeper’s get loaded and distracted with other office administrative duties that the day to day bookkeeping routine is overlook. The importance to maintain a strict organized work strategy where bookkeeping is concern cannot be emphasized because when not followed it can lead to added pressure of work in the month end. Therefore, in order to rectify this flaw many owners are now going for a better alternative of getting bookkeeping services through outsourcing techniques.
An organized bookkeeper through a series of bookkeeping techniques will be able to perform the daily entries filing, creating monthly finance reports, scheduling the entire financial year activities and managing the companies’ accounts without problem. This would give the business owner an opportunity to concentrate on other important areas of his business such as retailing, marketing and promotion.
It is wrong to conclude that a company can sincerely dream of achieving heights by selecting from option of bookkeepers. The key is to find the right bookkeeper, is to choose one who knows how to maintain the books in a timely reliable manner not one you can get at the lowest rate.
With today’s high technology there is no problem to maintain direct contact when your outsource bookkeeper wherever that bookkeeper may be living. Every projects detail can be transferred through electronic services. Moreover you can also keep a constant check over the functioning of your offered projects.
However, before getting linked up with any bookkeeping outsourcing firms, it is necessary an mandatory to conduct a good, productive market research, so that you can have a clear picture of the present market rates and a valid list of genuine bookkeepers in the area.
Once you enlist your preferred bookkeeper, start with the procedure of certifying their creditability and reliability in the market. You can also contact their previous clients, as they will form the best source for gaining information on the same.
In the present corporate world almost every intelligent business owner is taking up the easy solution of hiring good bookkeepers, so that they can have the advantage of quality work performance. Many service providers offering the assistance of outsourced bookkeeping.
We as internationally acclaimed bookkeepers and Accountants are associated with various Accounting, Bookkeeping and Payroll bodies within Canada and overseas and have gained enough experience in various accounting, bookkeeping and payroll fields. Moreover at times of financial issues incurred in your company, you can also seek our advice as we have the expertise of handling complicated bookkeeping tasks.
So, if your company has also maintained a messy bookkeeping management and is not able to fulfill the required bookkeeping duties, then, this could be the perfect time to form business alliance with our company. We are highly qualified and clearly understand the concept of time management. Hence interested clients are assured of getting their jobs done in the specified duration.
We have extensive knowledge about bookkeeping and know the importance of running a successful business. To know more about our services contact us …
On this basis it would do well to read the article – a result from bad bookkeeping.
http://www.thestar.com/News/Ontario/article/589795
“Consistent cash flow is the lifeblood of commerce and the catalyst for healthy economics”
... Thomas McCarthy
What is more destructive to business survival is than lack of customers is lack of cash flow to produce goods and services in a high demand market.
One of the most available options to increase cash flow is to make sure that your customers are invoiced regularly and correctly in a timely manner.
What is an invoice?
According to a Webster dictionary invoice is “an itemized bill for goods and services provided, containing individual prices, the total charge and the items”. In other words, an invoice is a bill sent by a provider (seller) of goods or services to the purchaser (buyer).
By doing this it establish an obligation on the part of the purchaser to pay, creating an accounts receivable.
Invoice Content
There are certain crucial information that your invoices MUST have to make it official especially if you are charging GST/HST and/or PST. These are:
- · Your business name
- · The date of the invoice
- · Your Business Number (also known as the GST Registration Number)
- · The purchaser’s (Buyer’s) name
- · A brief description of the goods and services performed
- · The total amount paid or payable
- · The terms of payment
· An indication of items subject to GST at 5% or HST at the appropriate provincial rate, or that the items are exempt and either the total amount of GST/HST charges, or a statement that the GST/HST is included and the total rate of tax
· If applicable, an indication of items subject to PST (also known as RST) at the provincial rate, or that the items are exempt, and either the total amount of PST charged, or a statement that the PST is included and the total rate of tax.
So, what is the different between an invoice and a statement?