Small Business Bookkeeping Solutions
Performed By Certified Professionals in Calgary
Our bookkeeping services include accounts payable and receivable, invoicing, payroll, cheque printing and bank reconciliation. As one of the most professional companies in Calgary, we pride ourselves in knowing that your work is fulfilled by certified professionals with accuracy and proficiency.
What’s the difference between Bookkeeping and Accounting?
Bookkeeping is the recording of all of your business’ income and expenses, typically using bookkeeping software. Accounting is then taking the bookkeeping data and forming the reporting necessary for the Canadian Revenue Agency. Concerns arise when the bookkeeping data has errors. That makes the accounting also incorrect. The importance of using standardized bookkeeping practices is key to making informative business decisions.
Should I keep my receipts and bring them to my Accountant to do my bookkeeping?
Only if you want to pay more to have your bookkeeping done. Bookkeeping doesn’t need to cost that much. If you don’t look at your financials regularly, then you may have been losing money and not know it. Trades are especially vulnerable in this area as they often think that a project is lucrative only to underestimate the true value of labour and materials. Find a bookkeeper that will accept your receipts every month and keep you abreast of what's going on with a monthly operating statement.
I had a Sole-proprietorship and Incorporated the business part way through the year. How does this affect my books?
The bookkeeping needs to be kept as two distinct companies as they are two separate businesses. It is very important that each business has its own business number and GST number as well. The business numbers cannot be shared and each business requires its own unique bank account. Furthermore, if there are a lot of assets that you are moving from one company to the other, you may want to consider having a lawyer fill out a Section 85 Rollover form which could save you on taxes.