Bookkeeping is the recording of financial transactions. Transactions include sales, purchases, income, receipts and payments by an individual or organization. Bookkeeping is usually performed by a bookkeeper. Bookkeeping should not be confused with accounting.
The accounting process is usually performed by an accountant. The accountant creates reports from the recorded financial transactions recorded by the bookkeeper and files forms with government agencies. There are some common methods of bookkeeping such as the single-entry bookkeeping system and the double-entry bookkeeping system. But, while these systems may be seen as “real” bookkeeping, any process that involves the recording of financial transactions is a bookkeeping process.
A bookkeeper also known as an accounting clerk or accounting technician is a person who records the day-to-day financial transactions of an organization.
A bookkeeper is usually responsible for writing the “daybooks,” which consist of purchases, sales, receipts, and payments. The bookkeeper is responsible for ensuring that all transactions are recorded in the correct day book, supplier’s ledger, customer’s ledger and general ledger.
As you can see, bookkeeping and accounting tasks are not easy. They bring a lot of responsibility with them. A bookkeeper and an accountant are responsible for every data they enter. They are the ones who will be responsible if some of the data is not true or there has been a mistake. Bookkeepers and accountants are one of the most important partners who can give you valuable information about every process that is going on in the firm. That’s why you should leave it to us to pay special attention to this field of your business.
With a limited fixed monthly fee, you have a virtual accounting department and you can focus on running your business. The advantage is you can save some expenditure on office space, equipment, software, employee benefits, etc.
We can provide in-house bookkeeping service in Toronto/GTA area. The working schedule is flexible: weekly, bi-weekly, monthly, or schedule on-call basis. You reduce the cost of hiring a full-time staff accountant.
Some of our other Accounting and Bookkeeping services:
- Accounts Receivable Reconciliation and Collection
- Accounts Payable and Purchasing
- General Ledger Maintenance
- Banking and Bank Reconciliation
- Cost accounting (ABC)
- Financial Statement Preparation & Analysis
- Federal and Provincial Sales Tax remittance (GST, HST, PST and QST)
- Source Deduction Filing
- Inventory Control
- Computerized Accounting program set up
- Accounting system consulting
- Tax Assessment Reconciliation
- Year-end adjusting journal entries are prepared from working papers which analyze and reconcile all balance sheet accounts
- Reports for specialized businesses
- Package preparation for delivery to accountant
- Associated with CA and CGA Accountant for year-end completion (if requested)
Convenient and flexible service
Pickup and delivery
Just give us a call and we will collect your work.
When your reports and taxes are completed
we will deliver them to you.
In Home Tax Return Service
(by appointment, conditions apply.)
We come to you in the comfort of your home;
or you are welcomed to visit us in our offices at
Evenings and Weekend Service (by appointment)