What is bookkeeping?
All businesses must maintain records of their transactions. Businesses should record these transactions in a ledger. Bookkeeping is the process whereby all transactions are recorded accurately. There are many benefits of maintaining an accurate and up to date ledger system, including knowledge of profitability, cash flow, sales growth, accounts receivable and payables, payroll, inventory, expense tracking, etc. With an up to date ledger, resources can be used optimally and owners can plan most effectively. It provides the business owner with a clear picture of their business performance.
Do I need a bookkeeper?
All businesses require someone to record it's transactions. Many organizations will hire a bookkeeper. If you currently have somebody who fulfills the bookkeeping role and you are happy with the arrangement, then that is great. If there are things that you believe you are missing out on, such as real time financial data, monthly financial reports and communication with the CRA, then you may want to consider an online (virtual) bookkeeper.
Why would I want a virtual bookkeeper?
The virtual bookkeeping services at Elias Accounting provides the following benefits:
- Traditional bookkeeper duties, including maintaining the general ledger and reconciliation of accounts.
- Sales tax (GST/HST) filings, payroll support, corporate tax filings and communication with the CRA
- Monthly financial reports, including the balance sheet and income statement
- Flat monthly fee - For a flat monthly fee, you will have the assurance that your records are maintained throughout the year.
- Real time support - Financials can be monitored in real time and discussions about the company's financials can be made throughout the year.