Sound bookkeeping records are crucial for any small business owner. The Canada Revenue Agency (CRA) recently shifted gears and is focused on supporting documentation and line audits. Would your business be able to withstand an audit from CRA? Keep reading to see the benefits a small business can receive when outsourcing their bookkeeping and using KB Accounting Services Inc.’s Bookkeeping Services for Small Businesses.
One of the most common challenges small business owners face today is not having enough time for their day-to-day business operations. Bookkeeping is notorious for taking up a large chunk of time. Unfortunately, bookkeeping is a necessary evil and is an essential part of doing business.
By definition, bookkeeping is the recording of financial transactions and is part of the process of accounting in business. Transactions include purchases, sales, receipts and payments by an individual person or an organization/corporation.
Generally, when people start a business, many do not understand what is included in bookkeeping, what needs to be recorded, when items need to be filed, how to balance the books, let alone — do everything correctly. CRA’s take on a business’s books is “Ignorance is NOT bliss”. Therefore, as a business owner, you are responsible to know the Income Tax Act and do your bookkeeping accordingly.
Fortunately, KB Accounting Services Inc. employees are well-versed in bookkeeping for small businesses and have processes and systems in place to help ease the workload for business owners using KB Accounting Services Inc.’s Bookkeeping Services for Small Businesses.
Here’s an overview of what you can expect when trusting KB Accounting Services Inc. to manage your business’s books:
Scope of Bookkeeping Services
Bookkeepers at KB Accounting Services Inc. have been educated and trained to perform essential bookkeeping tasks for small businesses, which include:
- AR - Invoicing, Monthly Customer Statements & Reconciliation
- AP - Data Entry, Payments (Check Run) & Reconciliation
- GST/PST & Payroll Remittances
- Payroll, T4 & T4 Summaries, Worker's Compensation Employer's Statement
- Bank Reconciliations & Inventory Adjustments
- Inventory & Manufacturing Accounting, WIP Accounts
- Departmental Bookkeeping
Bookkeeping Records
Bookkeepers at KB Accounting Services Inc. use industry standard online software to ensure strong records of all areas of the business are being kept. In addition, to being able to identify any potential problems if numbers aren’t adding up. Bookkeeping records consist of:
- Sales
- Purchases
- Receipts
- Payments
- Cash/Bank Transactions
Main Financial Statements
Bookkeepers at KB Accounting Services Inc. also create reports using the records they keep from the small businesses accounts they manage. These statements can help determine what condition a business’s finances are in. The main financial statements for small businesses are:
- Income Statement (aka P&L)
- Cash Flow Statement
- Balance Sheet
- Statement of Changes
Using KB Accounting Services Inc.’s Bookkeeping Services for Small Businesses is guaranteed to save you time and future headaches down the road. Not to mention, allow you to concentrate on the areas of your business that help bring the bacon in!
Hiring a Professional
KB Accounting Services Inc. is happy to help your small business with its bookkeeping. Want to see the most common bookkeeping mistakes small businesses make? We recommend checking another one of our articles out here.
Contact Us
For any questions you may have, please feel free to contact us by phone at (306) 530-9548 or by using our online contact form below.
