As we all know bookkeeping is one of the most challenging tasks a business owner can come across. You can go through the whole time and money consuming hiring process of a bookkeeping employee and then carry all the associated costs, such as salary, benefits, sick leaves and payroll taxes. Or, alternatively, you can hire an outsourcing bookkeeping firm to handle your day-to-day business transactions, government reporting, payroll etc. Depending on the size of your business, you might need a bookkeeper just a day or two a week or on a monthly basis.
We are aimed at the individuals and businesses that do not have time or willingness to be involved in their monthly bookkeeping routine, so that these individuals and businesses can focus on their preferred field of expertise.
We work closely with our clients to learn thoroughly their business in order to provide timely, reliable, efficient and accurate bookkeeping services that fully correspond to accounting and governmental filing requirements.
Our main services can be summed up as:
• Complete Bookkeeping Services
• Temporary and Interim Bookkeeping
• Accounts Receivable/Payable Management Services
• General Ledger Maintenance, Accounts Reconciliation
• Maintain Payroll and related functions
• Prepare month-end financial reports
• Comprehensive Financial Statements and Management reports
• HST, WCB and other Governments remittances
Accounts Payable. Aboutaxes will ensure that the invoices from your suppliers or subcontractors are paid in a timely manner while making the most profitable use of your discounts and savings.
Accounts Receivable. Aboutaxes will invoice your customers and keep track of funds collection as necessary. Should the need be, payments can be deposited directly into your bank account.
General Ledger Maintenance. General ledger is the book where business transactions data (such as purchases, cash, sales, etc.) is stored. Our general ledger maintenance services include:
• Record all transactions classifying them according to legislation, accounting standards and business needs
• Adjust for prepayments and accruals
• Process purchase, disposal and depreciation of assets
• Record payroll journals
• Review all general ledger accounts to ensure accurate and complete entries. Correct any possible errors
• Accounts reconciliation
• Ensure to keep all the data secure, provide necessary copies with detailed explanation on any adjustments
• Review and report monthly income and expenses
• Prepare financial reports and analysis of the recorded data for business management
Payroll Administration includes:
• Maintain payroll records: timesheets, calculations of bonuses, overtime and commissions
• Calculate source deductions
• Statutory sick pay and statutory maternity pay
• Process payroll cheques
• Prepare Records of Employment
• Prepare T4 forms
• Financial Reports
Financial reports, Statements and Management Reports are an essential part of any business as they reflect the financial status of your business. Financial reports include analysis, summaries and presentation of your company’s current performance. Financial statements preparation we focus on are:
• Balance Sheet Growth
• Cash Flow Statement
• Trial Balance
• Profit and Loss Account
Government Remittances. The importance of proper government reporting is not worth mentioning. Late or missed filings can lead to huge penalties and therefore lost revenue for your company. Aboutaxes can assist you with the following standard government reporting procedures:
• Remittance of CRA payroll source deductions
• T4 issuance summary report
• Any other government remittances