Solid financial management is the foundation for success in any industry. Regardless of the size or nature of your business, you need to document and monitor your income and expenses on an ongoing basis. This is the main focus of bookkeeping. A well-maintained bookkeeping system can help you track profitability, maximize operational efficiency, and protect your organization from penalties and fines resulting from tax non-compliance. This last factor is particularly critical when you consider the fact that the CRA dedicates well over 50% of its funding towards auditing small and medium-sized business.
Of course, standing up to this sort of intense scrutiny is no easy task. As your organization grows, your bookkeeping requirements will become increasingly complex, to the point where you may have to enlist specialist support to ensure the accuracy and relevancy of your financial records and statements. At Gary R. Landa, CA Professional Corporation, our corporate bookkeepers provide a range of services that are designed to meet your specific accounting challenges.
We Track Transactions
Our corporate professionals in bookkeeping in Mississauga will document incoming and outgoing transactions through your bank feed. Each payment will be matched to relevant payments in your accounting records. This will provide you with an updated record of your daily cash flow. At the end of each month, we will reconcile outstanding cheques which have not cleared your bank account. We always aim to keep your financial records up to date.
We Manage Your Receivables
We can help you stay on top of all receivables that are due to your business. Our corporate bookkeepers may generate and issue invoices for clients if requested, and record all payments in the accounts receivables ledger and bank account.
We Manage Your Payroll
Payroll is a highly specialized function that brings together aspects of HR, accounting, taxation, and law. Whether your employees are paid at an hourly rate or on a monthly basis, you need to ensure that all wages are sent out in an accurate and timely fashion with all appropriate tax deductions. Our specialist payroll staff can help you achieve this objective through a variety of services that include:
- Calculation of net pay and withholding taxes.
- Tracking of accrued vacation benefits.
- Calculating commissions, bonuses, and other incentives.
- Filing and preparation of T4 and T4 summary, and prepare the Record of Employment for terminated employees.
- Advising biweekly, monthly or quarterly installments required
We Prepare Periodic Financial Reports
Based on your specific requirements we can prepare monthly, quarterly or annual income statements, balance sheets, income statement and cash flow statements that provide you with up-to-date records of your company’s current financial position. These reports can prove invaluable for communicating future opportunities and risks to your key stakeholders; they will also assist the owner run his business, allow for cash flow management and tax planning opportunities that can be done in advance. It is better to do your tax planning proactively rather than reactively.