FAQ

What, exactly, is a bookkeeper?

The Institute of Professional Bookkeepers of Canada explains...

A full-charge bookkeeper is someone who is responsible for seeing that all of your business transactions are properly recorded in the various ledgers, sub-ledgers, journals, etc. 

One of the most important technical aspects of any bookkeeper's job is the proper maintenance of the company's general ledger.  For it is from this collection of vital transactional information, the general ledger, that a company's financial statements (balance sheet, profit and loss statement, etc.) will be prepared.

 When should I hire a bookkeeper?

Typically, the sooner the better is a good rule of thumb.  For the first year of starting a new venture, a new business owner is usually too busy to focus much on recordkeeping, Having a bookkeeper on board right away ensures that critical financial data is available to the owner every step of the way.

Do I need a bookkeeper or an accountant?

It's a trick question, you may need both

An accountant can analyze the big picture of your financial situation and offer strategic advice.  He or she produces key financial documents, such as a proft and loss statement and, if needed, files corporate taxes.

A bookkeeper does the day-to-day hands-on tasks involved in keeping accurate and up to date financial records.  Record keeping includes invoicing, maintaining accounts receivable and payable, payroll, government remittances, account reconcilations and other industry specific financial tasks.  A bookkeeper should also provide a trial balance and clear and consie working papers to the accountant at year end.

I need specialized financial reports - can you help with that?

Absolutely!  Give us a ring and let's brainstorm a custom solution.

 

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