Having a high volume of transactions is usually a good thing – high sales, high purchases, high turnover, lots of deposits and withdrawals. But sometimes it can be difficult to keep track of what it all means, beyond a long list of transactions on a bank statement – or a credit card statement. Very often records provided by third parties are incomplete or unhelpful – a credit card service providing a monthly statement of sales day-to-day, without disclosing the customers or what they purchased. Vendor invoices with a list of purchase orders and no identification as to what was acquired from them. Funds transfers on the bank statement with no information as to the sender – or the recipient. Further clarity is essential.
This is where bookkeeping comes in. The first step in the accounting process, bookkeeping involves recording all the information of importance and relevance to the organization and any interested users in as timely a manner as is practical. These include: sales journals recording each sale, setting up a schedule of receivables to match against deposits from customers as they are received; payroll schedules recording the gross payment to each employee and the relevant deductions from their paycheque as they are issued; purchase orders to vendors, setting up a schedule of accounts payable as bills are received and clearing them against bank disbursements; scheduling HST based on sales and ITCs on purchases; remitting the payroll deductions on a monthly or quarterly basis to the CRA; among other tasks.
We provide bookkeeping services for our clients, remotely or on-site, at reasonable and competitive prices, or as part of a suite of services. We can tailor our bookkeeping services to your specific needs, starting from a template based on our experiences with clients of similar size and outlook, in similar industries. Contact us today if you believe our bookkeeping services might be right for you!
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