Bookkeeping is an important part of running your business.
From Calgary to Okotoks, we offer professional bookkeeping services for small business owners from a variety of industries. Bookkeeping involves recording all the transactions your business makes, including sales, cash receipts and all expenses the business incurs, and recording them in a general ledger.
See True North owner Matt Peterson talk about the value of True North’s bookkeeping services.
New bookkeeping tools
There are a number of new tools we use to simplify bookkeeping, including Xero, Quickbooks, Sage and Freshbooks. These new technologies make bookkeeping much more accurate and more efficient than the old way of entering receipts and invoices. We start by importing your bank and credit card transactions into our bookkeeping software, then code every line item to the proper accounts. You’ll be shocked at how affordable it is to have us do your bookkeeping.
A bookkeeper vs accountant
While a bookkeeper records your daily transactions, your accountant ensures you followed all the accounting laws and used all available write-offs, and also prepares your financial statements and corporate tax return. The accountant is responsible for compiling the income statement and the balance sheet, which make up the financial statements. An accountant’s job is a lot easier if they have also done the bookkeeping. We’re proud to offer bookkeeping and accounting services under one roof.
Get all your write-offs
Common write-offs include everything from mileage, and home office expenses to interest and depreciation. If you have very few transactions per month, you can just bring everything to us at the end of the year and we can do all 12 months of bookkeeping at once. Just make sure you keep all your receipts, even though we can often see transactions on your company credit card statement. By law you have to prove expenses were incurred for business purposes and you must be able to show proof of payment.
When we do your company bookkeeping, we promise we’ll be there for you if the Canada Revenue Agency comes knocking. If the CRA calls requesting backup documents or asking for explanations, we‘ll be your representative and promptly answer all their questions. With proper documentation, quick and satisfactory responses, and respect for the process, we can prevent the vast majority of CRA audits. If you get audited, the CRA can go back 6 years and request receipts, which is why we recommend keeping all receipts for 7 years.