ACCOUNTING

Having an accountant and bookkeeper on your team is crucial for starting your business off on the right foot. These professionals help you establish a solid financial foundation, ensuring that your books are organized and compliant with regulations from the very beginning. An accountant can guide you in setting up your accounting system, choosing the right structure for your business, and understanding tax obligations, while a bookkeeper will manage daily financial transactions, tracking income and expenses accurately. With their expertise, you can make informed financial decisions, identify potential cash flow issues early, and avoid costly mistakes that could hinder your growth. Ultimately, having an accountant and bookkeeper allows you to focus on what you do best, running and growing your business, while ensuring your financial health is in capable hands.

Bookkeeper

A bookkeeper is primarily responsible for managing daily financial transactions and maintaining accurate financial records. Their tasks typically include:

  • Recording financial transactions such as sales, purchases, receipts, and payments.
  • Maintaining the general ledger, which is a comprehensive collection of all financial accounts.
  • Reconciling bank statements and ensuring that all transactions are accurately recorded.
  • Preparing financial statements like balance sheets and income statements on a periodic basis, typically monthly or quarterly.
  • Ensuring compliance with financial regulations and internal policies.

Bookkeepers focus on the day-to-day operations of financial data entry and management, ensuring that the books are current and that financial records are accurate.

Accountant

On the other hand, an accountant has a broader and more analytical role. Their responsibilities extend beyond those of a bookkeeper and may include:

  • Preparing and analyzing financial statements and reports for internal and external stakeholders.
  • Conducting audits to ensure compliance with accounting standards and regulations.
  • Providing strategic financial advice, including tax planning and financial forecasting.
  • Preparing and filing tax returns, as well as advising clients on tax compliance and optimization strategies.
  • Assisting with budgeting and financial planning activities.

TAXES

It is important to understand your obligation under both Provincial and Federal tax requirements