Bookkeeping
Bookkeeping Service Edmonton
We proudly offer a
full range of Bookkeeping Services
Accounts Payable
Accounts Receivable
Bank & Credit
Card Reconcilation
Monthly Reporting
We proudly offer
online, web based solutions to your bookkeeping nightmares!
And at affordable
monthly rates!
Call or Email us
for details!
Trust us for all
your Bookkeeping, Accounting, and Tax needs today!
Edmonton Bookkeeping and Accounting Services
Put our expertise to work for you.
Keeping Track of Financial Transactions
Bookkeeping has
been around since ancient times. Of
course, the job looks a lot different now than it did back then! There have been businesses of one shape or
another since we began to trade with one another. It might not have been for currency, but
there was a payment system in place regardless.
All companies have
one similarity. They have transactions
with others and currency is trading hands.
It doesn’t matter if you are trading sheep or selling wool mittens. There are funds coming into the business and
funds flowing out of the business.
Without a system in place to track all of this, it leaves the businesses
not having any idea on how it is performing.
Are you spending more than you are bringing in? That’s a recipe for trouble. Or are you sitting on piles of cash that
could be used to expand? How can a
business owner make informed decisions without knowing how the business is from
a financial stand point.
Bookkeepers come
equipped with the understanding of tracking financial transactions and
recording them in ledger accounts. The
system they use is common for all accounting practices. Accounts will represent assets, liability,
and equity. There will be accounts that
reflect gross sales and accounts reflecting the cost to generate that sale. The structure of these accounts will be
consistent from business to business so that financial results are
comparative. Imagine, without a set
standard, how difficult it would be to compare or analyze performance between
businesses!
Being a business
owner, your focus should be on getting it up and running. A bookkeeper will help you with all the
financial tracking that needs to be done.
You shouldn’t have to dedicate time to those tasks, when your time
should be used to generate your income.
We should say that
having a bookkeeper to track your financial transactions does not replace the
need for an accountant. The benefit of
having a bookkeeper is to record the daily activity that will be handed off to
an accountant at tax time. Accountants
are more suited for strategic planning for the future. Bookkeepers are
important to ensure the daily transactions are recorded correctly, so the
accountants can get an accurate picture from that data.
So, what kind of
daily activities can you expect a Bookkeeper to take off your plate? Let’s take a look at that.
A bookkeeper will
take care of your account receivables for you.
They will invoice out any sales made on customer accounts. And record
the receipt of payment of invoices by your customers. They can really assist with cash flow, by
ensuring invoices are sent out as soon as possible after fulfillment. And follow up with customers who are tardy on
paying their invoices.
They will monitor
your accounts payable so that you don’t miss making payments to your vendors on
time. They can help you not incur late
payment fees. They can keep track of all payments coming up, such as loan
payments, credit card payments, and help maintain your good credit standing
with lenders.
They will monitor
and reconcile your bank accounts. They
can also manage any bank deposits for you.
They will monitor the cheques that have been cashed and reconcile the
outstanding ones. This will really
assist you, knowing exactly what your cash position is.
They will also
assist you with remitting required deductions and taxes to the government as
they come due. This can be GST,
Corporate Tax Installments, and Payroll Taxes.
They will be equipped with the ability to
produce 4 standard financial statements.
These are Income Statement, Balance Sheet, Cash Flow Statement, and
Statement of Retained Earnings. These
statements can be very valuable to a business owner, as a snapshot of how the
business is looking any given month. Or
compare statements to prior similar periods.
There will be a lot
of trust required – between yourself and your bookkeeper. They will have access to a good deal of
financial information. They need access
to be able to produce accurate results.
But they also need to respect the confidentiality of this
information. They need to protect
account numbers, passwords, logins, and even blank cheques. A responsible bookkeeper will always keep
your business matters secure.
There are many
bookkeeping services offered in every city and town now. With web-based software and remote access,
the need to have a bookkeeper in the shop or site might be a thing of the past
soon. Depending on the size of your
company, you may only need part time services.
Or if you have a larger business, there are bookkeeping services that
can be customized to your needs.
Regardless, often online platforms used make this function for owners
much easier and convenient.
We encourage you to
reach out and discuss your bookkeeping needs with us. You may soon discover why so many businesses
depend on their bookkeepers!