Small Business Accounting

• Preparation of year-end working papers 
• Ready for your accounting firm to process year-end financial statements
• Preparation of year-end financial statements
• Small business consultations, registrations, and setup
• Financial Statement Preparation
• Tax Planning & Preparation of Corporate Income Tax returns (varies depending on the engagement)
• Tax Planning & Preparation of Personal Income Tax returns
• EFile and NetFile authorized by CRA

You will be better able to clearly design the greatest possibilities to advance your business if your business accounting requirements are professionally organized.

You have more vital things to perform as a small business owner than to maintain your own books. I take care of your books so you may focus on running your company successfully again.

I'll carry out the following tasks for you each month or every three months:

• Adjust your bank account.
• Create a financial statement.
• Build a balance sheet.
• Get your general ledger in order.
• Offer unrestricted consultations

Your small business accounting system's strong foundation is comprised of these duties. Payroll, tax preparation, tax planning, or any of our other services can be added to the services you already receive as part of a customized package.

Bank Reconciliation

I can keep your bank account, accounting, and taxes current by reconciling your company checking account each month.

By having me reconcile your account each month you can:

• Identify lost checks, lost deposits, and unauthorized wire transactions.
• Detect and prevent excess/unjustified bank charges and ensures transactions are posted correctly by your bank.
• Detect and prevent embezzlement of funds from within your company.
• Know how your business is doing? You can't really know unless all accounts are reconciled and properly accounted for on your financial statement.
• Manage your cash more effectively. Proper management of funds not only saves money, it makes money for you.
• Protect yourself. By timely reconciling and promptly objecting to your bank about any unauthorized, fraudulent or forged checks presented to your bank and paid by that bank, you can relieve your agency of responsibility for the shortfall and transfer the risk to the bank. This reason to reconcile alone should be enough. Crime exists.
• Sleep Better. You will sleep more peacefully at night knowing your bank accounts are reconciled, in balance and that all escrow funds, accounts, checks and disbursed funds are properly accounted for.

Income Statement 

A profit or loss for the period is calculated by adding an itemized list of all your revenues and deducting an itemized list of all your expenses in an income statement, also known as a profit and loss statement.

Using an income statement, you can:

• Track revenues and expenses so that you can determine the operating performance of your business.
• Determine what areas of your business are over-budget or under-budget.
• Identify specific items that are causing unexpected expenditures. Like phone, fax, mail, or supply expenses.
• Track dramatic increases in product returns or cost of goods sold as a percentage of sales.
• Determine your income tax liability. 

Balance Sheet 

A balance sheet provides you with a momentary glimpse of the financial situation of your company.

Using a balance sheet, you can:

• Quickly get a handle on the financial strength and capabilities of your business.
• Identify and analyze trends, particularly in the area of receivables and payables. For example, if your receivables cycle is lengthening, maybe you can collect your receivables more aggressively.
• Determine if your business is in a position to expand.
• Determine if your business can easily handle the normal financial ebbs and flows of revenues and expenses?
• Determine if you need to take immediate steps to bolster cash reserves?
• Determine if your business has been slowing down payables to forestall an inevitable cash shortage?

Maintain a Clean General Ledger

The essential component of your company's financial records is the general ledger. The primary "books" of your system are these records. Every transaction passes via the general ledger, therefore any issue there affects all of your books. We are able to identify any anomalies, such as double billings or any unrecorded payments, by examining your general ledger system each month. To ensure that your books are always accurate and current, we will correct the discrepancies.

Unlimited Consultation

I'm always ready to talk to you so you can completely comprehend how to use and evaluate the financial data I give. If you discover that you are having trouble making decisions regarding your business, please feel free to call me whenever you have a query or concern as consultations are already included in value packages. We strive to build enduring relationships with all of our clients, and I have your best interests in mind. You could simply need a push, and accounting services for small businesses from Captain Bookkeeping & Accounting just might be it.