At: Payroll
Remittances on time
A late payroll remittance brought a penalty.
What we do
Payroll: calculating CPP, EI and income tax deductions, remitting them, and preparing T4 slips and the T4 Summary.
Bookkeeping & Accounting
We keep your books up to date every month: transactions coded, bank and card accounts reconciled, payroll deductions calculated and remitted, and GST/HST tracked. You get a short monthly report for running the business, and year-end starts from clean books instead of a shoebox.
Where bookkeeping comes into play across the month
The points where this service comes into play are numbered.
- Stage 1TransactionsSales, purchases and expenses coded in your accounting software.
- Stage 2PayrollA company with a few employees that needs payroll run and source deductions remitted on time.1
- Stage 3GST/HSTA business registered for GST/HST that files quarterly or monthly.2
- Stage 4ReconciliationBank, credit card and loan balances matched to their statements.3
- Stage 5The month’s reportProfit and loss, balance sheet and cash position, with a short commentary.4
- Stage 6Year-endA corporation whose year-end takes weeks because the books are not reconciled.
Numbered points are explained below.
The four points, explained
At: GST/HST
GST/HST without the scramble
GST/HST collected and paid is not tracked, so each return is a scramble.
What we do
GST/HST tracking and returns.
At: Reconciliation
Books that match the bank
The bank balance and the books have not matched for months.
What we do
Bank, credit card and loan reconciliations.
At: The month’s report
Profit before the tax return
You don’t know your profit until the tax return is done.
What we do
A monthly management report: profit and loss, balance sheet, cash position and a short commentary, for your own use.
What the engagement includes
Request a proposal- Recording
Monthly transactions coded in your accounting software.
- Reconciliation
Bank, credit card and loan accounts reconciled.
- Payroll
Deductions calculated and remitted, and the slips prepared, such as T4 slips and the T4 Summary.
- GST/HST
GST/HST tracked through the period and the returns filed.
- Receivables and payables
Schedules of who owes you and whom you owe.
- Monthly report and year-end
A monthly management report for your own use, and year-end adjustments for your tax return.
- Something not listed?
Ask us. If it is Canadian tax, bookkeeping or advisory work, we will tell you plainly whether we can help.
How it runs
Set-up
We connect to your accounting software and bank feeds, agree the chart of accounts, and bring the books up to date.
Monthly routine
You send receipts and invoices as they arrive. We code and reconcile each month.
Payroll and remittances
We run payroll on your schedule and remit source deductions and GST/HST by their due dates.
Monthly report
We send the management report with a note on anything unusual, and answer your questions on a short call if you want one.
Year-end
We close the year and hand clean records to the tax return.
When are T4 slips due?
The T4 information return must be filed, and slips given to employees, by the last day of February after the calendar year they cover.
Which accounting software do you use?
We work in the common cloud packages. If you already use one, we usually keep it.
Can you catch up books that are months behind?
Yes. We bring the books up to date first, then move to the monthly routine. We will tell you how many months are involved once we see the statements.
Are the monthly reports something I can give my bank?
They are management reports for your own decisions, not reports prepared for a bank or anyone else to rely on. If a lender asks you for financial information, talk to us first about what it needs.