When do I know
I need a bookkeeper?
The most common sign of needing bookkeeping services is that you are spending a lot more time on your financial records than before.
As your business grows things might get too busy and complicated. If you are afraid that your business won’t comply with the newest regulations or other requirements it’s time to hire a bookkeeper.
How is bookkeeping different
Even though bookkeeping and accounting are closely tied, there are some differences between the two.
Bookkeeping focuses mainly on identifying and recording financial transactions in order to keep proper and organized records.
Accounting requires special skills and its objective is to evaluate the financial situation allowing taking important business decisions.
What is double-entry bookkeeping?
Double-entry bookkeeping works with the concept of two sides of accounting transactions. For example, if you borrow money, your cash amount increases but your debt increases as well at the same time. So each entry has a debit and a credit side.
If you’d like to know more details, feel free to book a free consultation with us using the form below.
What bookkeepers do for you?
You may be wondering what bookkeepers actually do during their day. At RMI LLP we help our clients with, for example:
- Monthly, quarterly, and yearly bookkeeping
- Organizing invoices, receipts, bank and Visa statements
- Preparing payroll, making remittance payments on time, or assisting in that
- Preparing and e-filing GST returns on time
- Preparing T4, T4A and T5018
- Wage and rent subsidies
Our bookkeepers can also work as controllers on behalf of some clients etc.
Why is bookkeeping so important
for your business?
Many small business owners hire a bookkeeper to have that extra peace of mind.
They know they are prepared for taxes, their records are organized, and most importantly they meet government requirements and regulations.
With proper bookkeeping you also get a better picture of business cash flow. That will help you in making future decisions regarding investments and other development of your business.
What documents are needed
The list of all required documents would be quite long, so here are just a few examples:
- Bank statements
- Credit card statements
- Vehicle information
- and many more…