Bookkeeping
Bookkeeping is essential to every business owner; it is the best way to stay organized and keep adequate records of your business transactions. Keeping track of your day-to-day transactions can be time-consuming and we understand that as a business owner you already have plenty of things to worry about.
The Importance Of Bookkeeping
Problem
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Small business can be highly affected by inaccurate bookkeeping, which can lead business to financial frustrations, lack of visibility into future cash flows, late preparation of financial statements resulting in poor decision making. Many businesses that have poor bookkeeping will start to notice that their financial statements are never accurate or fully prepared, this can be caused by several factors such as not tracking income and expenses properly or in a timely manner. Several issues can result from poorly maintained records, such as inaccurate financial statements and late penalties for GST/tax filing.
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Solutions
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Our bookkeeping services and expertise allows us to help small businesses keep track of their income and expenses, effectively recording all business transactions properly and in a timely manner. Preparing bank reconciliations and month end reports in real time will help your business gain access to accurate financial statements. This will help your business save time and money when filing your GST or Corporate tax return.
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Who is it for
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Every business owner or self-employed individual can benefit from having proper and accurate bookkeeping procedures in place. Having a bookkeeper that can manage your business transactions, oversee your accounts payable and accounts receivable will help you keep your business on track for paying vendors and receiving customer payments when expected.
Bookkeeping Services
Our bookkeeping service focuses on effectively helping small businesses maintain financial records organised and accurate, to ensure efficient operation of your business. We help educate clients to make the right financial decisions that will help grow or save their business. Our services include:
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Accounts Payable – Data entry, and reconciliation
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Accounts Receivable – Invoicing, monthly statements, and reconciliations
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Bank Reconciliations
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Expense Management
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GST Filing
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Monthly Financial Statement Reporting
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Monthly Forecasting
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With proper bookkeeping better financial decisions can be made for your small business, our services will give you accurate financial records that will allow you to manage and analyse your business and better understand your current financial position. Having a better knowledge of where your business currently stands will help you strategically plan for future events. By having access to up-to-date transactions and reports, your business will have an easier time locating and providing accurate financial information to any interested third party (i.e., CRA, lenders, investors etc.)
Outside Bookkeeping Expertise Can Help Your Business
Recap
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Having to hire an entire staff of bookkeeping experts can be costly for your small business. Our bookkeeping services and experts can save you the time and costs of hiring a full-time bookkeeper. Our bookkeeping services' main focus is providing all our clients with efficient and proper financial records in a timely manner. Having access to a bookkeeper will help your small business maintain accurate record keeping, manage your cash flow, and organize financial records for when it's time to prepare year-end financial statements and file GST/Tax returns.
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Key services
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Our bookkeeping services include overseeing accounts payable and accounts receivables, monthly bank reconciliations, GST filing, and preparation of monthly statements. By utilizing QuickBooks Online, we can help your small business maintain the proper bookkeeping procedures in place.
Bookkeeping FAQs
Bookkeeping involves the systematic recording and organization of financial transactions for a business. It is essential because it helps maintain accurate financial records, track income and expenses, ensure compliance with tax regulations, and prepare financial statements. Good bookkeeping provides insights into the business’s financial health and supports informed decision-making.
WHY WE ARE DIFFERENT
At MJ Elite Accounting, we offer a comprehensive range of financial consulting services to address your unique financial needs. From financial planning and investment strategies to tax planning and accounting support, our team is here to provide the expertise and guidance you need to navigate the complex world of finance and achieve your financial objectives.
Many small-to-medium businesses rely on a single employee to manage their finances. It can be time-consuming and costly to rely on one individual to manage your company's finances. Your business finances will be analyzed by our finance professionals .
Finance Professionals
We'll keep your books and day-to-day financial administration up to date to give you an accurate view of your company's finances so you can make the best decisions possible. Depending on the volume of your business, we can update your books on a weekly, monthly, or even quarterly basis.
Keep Your Books Up To Date
We offer expertise based on deep professional backgrounds with decades of experience in legal, financial, business and accounting services all under one roof.
Robust
Network
It's critical to meet the CRA's compliance deadline. Keeping your books up-to-date can enable you to plan ahead of time. Hawco Peters and associates minimize the stress that comes with meeting deadlines, whether it's GST filing or paying employee remittance on time.
Meet Deadlines On Time
Keeping on top of your business finances can give you a clear picture of where your company is financially. Access to this data will enable you to meet your priorities and avoid late payments while also providing you with an accurate and transparent picture of your company's financial flow.
Operational Advantages
Our decades of experience, ongoing collaboration with others in the industry, and our network of business professionals allows for sound business and financial strategy that is tailored to your financial needs.