Are you planning to start a new business this New Year and looking for a bookkeeper, who is equally responsible for his work, effort and reputation to manage all the official task of the business, then understand its tactics, before you hire one?

Bookkeeping is the systematic and consistent recording, organizing and maintaining of financial transactions in a company or a business. It doesn’t matter what kind of business you are having, Starting and maintaining solid, professional accounting practices for bookkeeping is honestly essential for the overall growth of the business.

In general, accounting should be performed daily on financial transactions and information related to a company. The reason why we are so concerned is whenever there is a situation when we want to verify the task like the sales, tax or something which is related to the benefit of the company, it ensures that records of the individual financial transactions are correct, up-to-date and comprehensive.

Make sure you are ordering in work with accuracy and consistency is therefore vital to the process. Basically, accounting means recording and keeping track of the financial numbers which is vitally involved in the financial aspect for both individuals and non-profit organizations.

It is obvious because detailed and thorough accounting is crucial for companies of all sizes as it controls the business which is a never-ending process coupled up with increasing to-do lists. Later on, if we didn’t aware of keeping a track, accounting quickly becomes more complex with several taxes, assets, loans and investments responsibilities. So, the bookkeeper is equally responsible for its reputation and comprehensive work.

Now, the main and truest purpose of a business is the tracking and maintaining company’s financial assets that allows bookkeeper to responsibly keep an up-to-date record of current incoming, outgoing and outdated amounts. This is what we talked about earlier.

The bookkeeper responsible for bookkeeping a business would record all transactions that are related to business, but not limited to:

• Basic Accounting Records
• Handling the Vendors and Customers Invoices
• Cheque books and Reconciling Bank Statement
• Payroll Records and Payroll Files
• Receivable Accounts
• Sales Tax Reports
• Relevant Ledger Entries and so on

Bookkeeping and accounting are often heard being used interchangeably and sometimes confuses a person which one to consider, however, accounting is the overall practice of managing and tracking finances of a business or individual, while bookkeeping usually refers to more specifically to the tasks and practices involved in recording the financial activities.

This however looks same but is somehow different depending upon the task and services which business are offering.

Now you know the difference between the two, so find which one suits for you. Well in our case, both are necessary and vital for handling the reputation of your business

At H&T Accounting Services, we can prepare for you any documents you need to present to various government departments on income tax, harmonized sales tax, occupational safety insurance and payroll. All the documents we prepare are highly confidential and tax-efficient. We also carry out all the necessary records and accounts to support the information used in the archived documents so that next time it can come in use. With our accounting services, we can help improve the administration and profits of your business. For more information on how we can help you regarding your business, consult our professionals.

In the context of business, bookkeeping services is required for the foundation of the business organization accounting system where Bookkeepers are liable for recording, analyzing and maintaining the financial transactions of the respective business firm properly and systematically. Purchases, sales, receipts, and payments transact by an individual or an organization is one of those transactions.

In day-to-day basis, recording of the financial transactions and relevant information about business has become necessary. It clarifies that the existing records of the business individual financial transactions are accurate, up-to-date and authentic.

Top 5 Bookkeeping Tips:

Keeping assets separate:

Incorporate business affairs, always try to secure your business finances in a separate place because the business is viewed as a separate legal entity. Thus, keeping your business finances isolated reduces your legal liabilities and helps you manage your tax and business bills more efficiently.

Filing tax compliance reports timely:

Taxpayers generally get issued notices due to delay in filing an income tax return, calculation errors or not reporting income correctly and so on. File your ITR using the correct tax return to avoid getting legal notice of faulty return or levy of charges.

Organize your records:

Records are all your accounting records and other financial information documents. Always plan a method for handling all your paperwork reports by entering your bookkeeping data in batches of records so that you can actively manage where the cash is flowing from.

Audit your tax records:

A tax audit defense examines your company’s financial records to verify its accuracy. Try to keep all your receipts at the place where it needs to be kept, no matter how small or big the amount is; also make sure whether they are worth legible or not. Deposit your cash into the business in such a way that in future you can prove what was taxable and what the loan was.

Don’t run business into debt:

No cash to cover up the expenses? Try to run your business on your existing cash flow and figure out where to cut down your expenses and also not to offer any sort of credit to your existing customers as it helps you save some much amount of money for your future business.

At H&T, we offer premium bookkeeping and accounting services for businessperson to prepare journals, ledgers, and compliance reports or schedules for your firm in Mississauga, Toronto.