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1.Your sales by month.
2.Who owes you money and what bills need to be paid?
3.Your income and expense by month.
4.How much time you spend on each job or client?
5.Your cash flow.
6.To succeed in business, one of your most important tools is financial analysis based on your business records.
Accurate and timely financial records can help you answer some very important questions:
1.Are you making or losing money?
2.How much?
3.Is your business financially sound?
Bookkeeping is the process in which all valuable financial information is gathered and recorded.
Using an outside bookkeeping service will improve your financial records and minimize your expenses and help you take corrective action before it is too late.
To assess your situation consider the following:
1.How much time does it take you to do your books?
2.How much does this save you in monthly bookkeeping fees? If you used this time doing what you are good at and what you enjoy, how much more revenue and gross profit could you earn?
3.How much money do you have invested in bookkeeping equipment?
4.Does your accountant, who prepares your annual financial statements, comment on how much extra time he took because your bookkeeping was not accurately done? How the bank did not reconcile properly or how expenses were incorrectly distributed? Those are the reasons why your bill is higher than expected.
Answers to these questions may help you realize the savings that can be achieved by letting someone else handle your bookkeeping chores.
Outside bookkeeping services already have the knowledge and equipment needed to look after your books.
Selecting an accountant to do your bookkeeping will cost you more because accountants tend to offer a broader range of services.
Your total monthly bookkeeping charge depends on the type of services you request and the financial information you provide to the bookkeeping service.
A copy of a neat and orderly cheque register, as opposed to a shoe box full of cancelled cheques and receipts, will require less work on the part of the bookkeeping service and lower your costs significantly.
Using an outside bookkeeping service will also reduce your tax return preparation fees since neat and orderly financial records make preparing a tax return much easier. Poor financial records will certainly result in your accountant charging you higher return preparation fees.
Work experience since completing a two year accounting course in 1991.
*Services-
*Accounts Payable/Receivables
*Payroll Services/Remittances
*Bank Reconciliations
*HST Remittances-Monthly/Quarterly/Annual Financial Statements (From your computer program)
*WCB Remittances
*Year End Adjustments as per your Chartered Accountant.
