The Top 10 Bookkeeping Duties

Bookkeeping is essential to your business. It is the paperwork that binds your company’s operations together. Accurate and up-to-date financial records are essential for helping you, the business owner, make informed decisions about your company, track income and expenses, and ensure you pay your taxes as and when you need to in order to avoid penalties.

Here are what I consider my Top 10 Bookkeeping Duties.

Daily Management
 
As your bookkeeper, I ensure that no transaction is unaccounted for. By using QuickBooks Online (QBO) to keep track of every transactions – credit and debit – that your business processes, I keep your books up-to-date, organized, and tax compliant.
 
Accounts Receivable
 
This is your income. I enter, categorize, and reconcile all your company’s deposits. I ensure each deposit has an attached receipt and the correct tax code added. I handle the invoices, ensuring they are sent and paid when they need to be. This improves your cash flow and minimizes bad debt. No amount owing to you slips through my net.
 
Accounts Payable
 
These are your expenses. I enter, categorize, and reconcile all your company’s expenses. I ensure each expense has an attached receipt and the correct tax code added. I ensure each expense or bill is paid when it needs to be. No amount you owe to a vendor will be left unpaid, which ensures you maintain good relationships with all your vendors.
 
Bank Reconciliation
 
Every bank account you use for business purposes needs to be added to your QBO. Each account has a bank feed with transactions that I will – on a daily or weekly basis – accurately identify, match, and reconcile. I will discover any errors or discrepancies and fix them immediately.
 
Statement Reconciliation
 
Once the bank feed is reconciled, I will reconcile the bank statement, usually at the beginning of the month for the proceeding month. This ensures that the information in QBO matches the statements from the bank, and that all transactions are correctly categorized.
 
Payroll Processing
 
Everyone wants to get paid on time, and payroll has a lot of variables. I make sure you, your employees, and your contractors get paid accurately and on time, whether this is through QBO payroll or a third-party payroll software such as Wagepoint. I calculate employee wages; deduct taxes and other withholdings; issue paychecks or direct deposits; send paystubs; process ROEs when an employee leaves; keep track of raises, bonuses, and expense reimbursements for each payroll; and file the necessary tax forms, e.g. T4s, at year-end.
 
Monthly Financial Statements
 
I can provide you with key monthly financial statements for you to evaluate the health of your business. These usually include profit and loss, balance sheet, and cash flow statements. These reports provide valuable insights into the financial performance of your business, helps identify areas for improvement, and supports collaborative decision-making.
 
Tax Remittance
 
To keep the CRA happy and off your back, I help you prepare, file and remit your GST return and, if applicable, your provincial tax returns, accurately and on time. If you do not file on time, the tax authorities may charge you penalties and interest; and let’s be frank, the only thing worse than paying taxes is paying interest on those taxes.
 
Inventory Management
 
For small businesses that have inventory, I can keep track of inventory, including purchases, sales, and returns, and produce timely inventory reports. If I discover any errors or discrepancies, I report this to you immediately so you can rectify. Keeping accurate inventory records helps you to minimize low stock problems and maximize profitability.
 
Year-End Preparation
 
I can file your annual T2 Corporation Income Tax Return, but I prefer to get all your books up-to-date and in order for a CPA-registered accountant to review and submit. Any questions that the accountant may have go to me. As the owner, you are as involved or as hands-off as you want to be with the preparation and maintenance of your bookkeeping procedures.
 
Don’t leave your books on the shelf. I am an experienced QuickBooks Online Certified ProAdvisor with years of experience. Trust me to manage your books and keep them timely and accurate, so you can make informed and calculated decisions about what’s best for your business. Contact me today for a free and in-depth consultation.