Bookkeeping For GTA Inc.

Spend less time balancing your books, and more time reading one.

Organizing

Setting up for organized bookkeeping

note padOutsource your bookkeeping.

Have your books looked after by professionals. Use only the services you need. Flexible and reliable service provided.

filing cabinetSpend less time doing your books & be happy.

Instead of spending your time dealing with deadlines and bookkeeping, spend more time doing what you enjoy.

Having your paperwork organized and financial information set up properly is key to a successful business. We offer a variety of services to make this happen.

  • Registration of Company Name
  • HST Registration
  • WSIB Registration
  • Payroll Registration
  • Set up Employee files
  • Liaison with bank
  • Organize filing System
  • Implement a system to meet your needs
  • Set up books in system i.e. Quickbooks, Simply Accounting
  • System Conversion (manual or automated)

Small Business Accounting: Simple easy steps

Small business accounting though being a time consuming task, does not bring in additional income. This is what makes small business accounting a tedious task. If you look at the activities entrepreneurs are most often behind on, mostly recording and filing their small business accounting paperwork. It is not clear if balancing our books is so scary because it seems really complicated or scare of the bottom line – but you can take the problem out of both with an organized recordkeeping system.

Complementary Systems

Small business accounting should be done using a computerized accounting system to track income and expenses. This will not only tax time a lot easier, but will allow you to produce accurate projections and reports about business' financial situation. Even then business still needs a system for organizing accounting paper trail. The best solution is one that reflects your electronic system by the same chart of accounts, the same categories, and the same accounting structure. Bear this in mind while doing set up each part of your small business accounting file system.

Tracking Income

note padTrack Paperwork

Whether your customers pay you with a check or a credit card, it is a good idea to keep a hard copy of the sales receipt and proof of the payment method.

I recall the number of times that one of my business clients had a problem with a payment, and all it took was one little piece of paper to save the day. If your bank accidentally deposits your check into someone else’s account or credits the wrong amount to you, having a copy of the check will help them correct the problem more quickly. If a customer disputes a charge or claims that you processed a fraudulent purchase, your merchant account may require a signed credit slip in order to rule in your favor. So print out each order or service record and clip a copy of the check or charge slip to it – then file either chronologically (by month) or alphabetically (by the name of the customer). You’ll be glad you did if you need to refer back to this information later.

Tracking Expenses

filing cabinetUse Categories…

That make sense to you, keep in mind that the goal is to be able to easily find an expense record to refer back to it in future. If that means organizing your bills by month so that all of each month's paperwork is in one folder, to easily locate later.

As mentioned earlier, expense files should mirror company’s electronic chart of accounts. However, not necessarily to be detailed. Set up more generalized filing categories, that allow to group several types of expenses together into one folder – for example:

  • marketing
  • office supplies
  • furniture and equipment
  • professional services
  • business administration
  • travel
  • professional development

Tax Records

Another part of your small business accounting responsibilities will be to file the notices and statements that relate directly to your taxes. The simplest solution is to have a folder called “current taxes” in your file, as a catch-all for collecting this paperwork. Then when tax time rolls around, you can hand this folder and a disc with your small business accounting records on it to your accountant – easy as pie. Of course, you’ll also want to have separate files for storing previous years’ returns and supporting documents. Those can go in your archive files, rather than your active filing system.

Organize Your Financial Paperwork

Just taking a few minutes a month to organize your financial paperwork and update your small business accounting files will save you hours or days come April 15th. You will also have a clear idea of your bottom line, be able to pay bills on time without late fees, know which customers owe you money, and avoid any nasty financial surprises — SAVING TIME MEANS SAVING MONEY!