Below is a full menu of all the bookkeeping services we offer. Some plans may not offer all the services listed below.
- Catch-up on bookkeeping and clean-up books
- Produce tax reports for CPA’s
- Enter data into QuickBooks and reconcile against bank statements and credit card statements
- Research transactions to appropriately categorize transactions
- Apply payments received from customers in merchant accounts to the appropriate customer invoices
- Categorize transactions into standard chart of accounts
- Cleanup General Ledger using journal entries
- Create customer invoices based on products sold and time sheets for services delivered
- Create vendor bills based on products purchased and services used
- Pay vendor bills using Bank Web Site or QuickBooks
- Process payroll, file forms & pay taxes
- File and pay sales taxes to state agencies
- Generate year-end tax reports for IRS
- File 1099s and W2s with IRS and state agencies
- Organize all electronic documents in file folders on a cloud share like Dropbox or Google Drive
- Answer questions via email and/or phone
- Email Excel/PDF financial reports on a daily, weekly or monthly basis.
- Bank reconciliation reports
- Credit Card reconciliation reports
- Merchant account reconciliation reports
- Accounts Payable Aging reports
- Vendor unpaid bills reports
- Accounts Receivable Aging reports
- Customer Balance reports
- Income Statement or Profit and loss reports
- Balance Sheet or Net worth reports
- Employee paystub reports
- Payroll reports
- Sales and Use Tax reports
Why is bookkeeping Important:
So, why is bookkeeping so important, anyway?
1. Avoid a IRS Audit
In 201614% of small businesses were audited by the Internal Revenue and this may just be the tip of the iceberg as the 2017 Federal Budget announced an additional $100 million toward IRS compliance programs. In other words, more money is available to audit you
Want to avoid an audit? Do your books. Messy records and books are one of the audit triggers that could get you audited.
2. Limit the Pain of an Audit
In the unfortunate case that you are audited, if your books are in good order, the IRS will be able to finish quicker letting you get back to work sooner.
And, this is important because on average a company loses 61.6 hours complying with IRS auditors.
3. Dodge IRS penalties and sanctions
The IRS advises that if you don’t keep adequate records or don’t provide them access to your records, you may face penalties and sanction
4. Make Sure You’re Not Missing Deductions
Sloppy bookkeeping may lead to overlooking legitimate tax deductions. Or, the CRA may disallow your deductions unless you have the required paperwork.
The rule of thumb in any tax assessment is the CRA is right and you are wrong – unless your records prove otherwise.
5. Save Time When You File
We all know the usual tax season routine. When the time comes to file your year-end taxes or submit your GST/HST remittance, you do the last minute scramble to find all that paperwork. Why not avoid this headache by recording transactions as you go.
6. Keep a Clear Picture of your Company’s Financial Health
If you don’t have an accurate handle on your business income and expenses, how do you know if you’re actually making money? Monitoring cash in and cash out can help you make better decisions — before it’s too late.
Besides, when it comes time to sell your business or secure capital to grow your business, being able to thoroughly document your past performance will help your company’s valuation.