Bookkeeping Services
Whether you are in small business sector or in trucking industry, we offer cost effective monthly, quarterly or annual accounting services thus allowing you to focus on things that are most important to help grow you business. Our scope of work includes, but not limited to, maintaining general ledgers, accounts receivable, accounts payable and payroll systems. Provide you with computerized financial statements and assist in the preparation of GST, PST & HST reports.
A S & ASSOCIATES ACCOUNTANTS INC. – Chartered Professional Accountants works with their clients to accurately capture historical information of business; thus enabling reliable financial projections. Our professionals work closely with you in chalking out sensible and innovative planning roadmap that extra edge to help you achieve your financial goals.
Key aspects of a bookkeeping service include:
- Recording Transactions: Bookkeepers record all financial transactions, such as sales, purchases, receipts, and payments, in a systematic manner. This involves categorizing transactions and maintaining a clear audit trail.
- Double-Entry System: Bookkeeping typically follows the double-entry system, where each transaction has equal and opposite effects on at least two accounts. This system helps ensure accuracy and maintains the fundamental accounting equation (Assets = Liabilities + Equity).
- Chart of Accounts: A chart of accounts is a structured list that categorizes a company's financial activities into different accounts. It provides a standardized way to organize and track transactions, making financial reporting more manageable.
- Bank Reconciliation: Bookkeepers reconcile the company's financial records with bank statements to identify and resolve discrepancies. This process ensures that the recorded transactions match the actual financial activities.
- Financial Statements: Bookkeepers prepare financial statements, including the income statement, balance sheet, and cash flow statement. These statements provide a comprehensive overview of a company's financial performance and position.
- Compliance: Bookkeeping services help ensure that a business complies with tax regulations and reporting requirements. Accurate and organized financial records are crucial for filing taxes and meeting legal obligations.
- Financial Analysis: Bookkeepers may assist in basic financial analysis by providing insights into trends, variances, and key performance indicators. This information can be valuable for business decision-making.
- Confidentiality and Security: Bookkeepers handle sensitive financial information, so confidentiality and data security are paramount. They should implement measures to protect the privacy and integrity of the financial data they manage.