Bookkeeping Questions Bookkeeping Questions and Answers

What is a bookkeeper?
A bookkeeper keeps full, accurate, up-to-date records of all financial transactions. Proper bookkeeping can help businesses effectively manage cash flow, and stay in touch with their profits and losses. A bookkeeper can remit your GST, PST and Source Deductions accurately and meet your deadlines avoiding costly penalties and interest. Furthermore, accurate bookkeeping is required by both federal and provincial tax agencies. A bookkeeper can deal with Revenue Canada on your behalf if the need ever arises.

Should I hire a professional bookkeeper to maintain my books and records?
If you do not have the background skill and experience of a professional bookkeeper, than you should retain the services of a professional. It is very important to maintain a complete and accurate set of books for your business. Some of the reasons to maintain accurate records are:

  • To give you an indication of how well your business is performing,
  • To ensure you benefit from all expense deductions and GST input tax credits,
  • To allow for a smooth audit in case your business is audited by the Canada Revenue Agency,
  • To assist you in establishing the value of your business.
  • To extend more credibility to your financial statements and enable you to obtain loans from your bank with more ease.

Does my small business need an Accountant if I have a bookkeeper?
Yes you need an accountant to do your year end taxes. An accountant can get you the best possible deductions for your business. A bookkeeper will keep track of your daily expenses, incomes and payroll so your accountant can take them to the next step.

How do I choose a bookkeeper?
Selecting a bookkeeper is a critical decision for any business - new or established. You need to choose a bookkeeper that you feel comfortable with. The right bookkeeper can build a strong foundation to help a company grow.

Let us look after your books, so you can do what you do best: Accurate Bookkeeping Solutions is here for you.

If you have any questions regarding how a professional bookkeeper can help your business, we would be happy to answer them for you.

Please contact us for a free consultation

Bancroft Bookkeeper - Keeping Your Books In Balance

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