When should you hand over your bookkeeping?
Whether you are self-employed or run a small business, these signs show it is time to delegate your bookkeeping.
- Documents are piling up
Invoices, receipts and statements are piling up, and filing is falling behind your business.
- You discover your results at year-end
Your accounts are not reconciled during the year: variances appear at the last minute.
- Tax filings catch you off guard
GST, QST, financial statements: deadlines arrive while documents are still missing.
What our bookkeeping service includes.
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Ongoing bookkeeping
We organize your documents, classify your revenue and expenses and reconcile your accounts with your bank statements.
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Month-end
Each month is closed and reconciled: variances are resolved throughout the year rather than at year-end.
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Compiled financial statements
At year-end, we record adjusting entries (depreciation, income tax for the year, dividends), prepare your financial statements, review them and draft the notes. An engagement report accompanies them.
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GST, QST and corporate tax returns
We prepare your GST and QST returns, as well as T2 and CO-17 corporate income tax returns when they apply.
What is included, and what is not.
Included
- Books kept and reconciled all year
- Compiled financial statements, with an engagement report
- Your GST, QST and corporate tax returns, when they apply
- Correction at no charge of any error attributable to us
Good to know
- We perform compilation engagements: neither reviews nor audits.
- Prior years and books that need to be put in order are assessed separately.
- Payroll, restatements, tax representation and personalized tax advice are covered by a separate proposal.
Questions about bookkeeping
What is bookkeeping?
Bookkeeping means organizing a business’s supporting documents and recording its transactions: revenue, expenses and payments. Account reconciliation then checks that they agree with the statements.
What is the difference between bookkeeping and compiled financial statements?
Bookkeeping records your transactions throughout the year. The compilation comes at year-end: it checks that the adjusting entries have been recorded, then prepares and reviews the financial statements and their notes. It does not provide the assurance of a review or an audit.
Do you prepare GST and QST returns for self-employed workers?
Yes. When your business is registered for GST and QST, we prepare these returns from the transactions recorded in your books.
What information is useful to discuss it?
Describe your business, how you currently keep your books and the difficulty you are facing. This context helps us understand your needs without presuming the engagement to be carried out.
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