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Services

Accounts Receivable

Process customer invoices and payments

Reconcile aged receivables

Chase overdue invoices

Accounts Payable

Process supplier invoices and payments

Reconcile aged payables

Set reminders

Payroll

Process payroll

Remit payroll taxes, WSIB, EST or other remittances

T4 processing

Bank & Credit Card Accounts

Process fees and interest

Process direct deposits and debits

Reconcile accounts

Liabilities

Process and remit sales taxes

Process and remit payroll source deductions

Process and remit corporate or income taxes

Process and reconcile loan accounts

Procedures & Manuals

Create and maintain Client’s Bookkeeping Manual

Year End

Reconcile sales tax accounts

Reconcile payroll and deductions accounts

Provide accountant with clean and clear data file for Tax Return Preparation

Highlight any questions or issues for the accountant

Set Up New Books

Advice on software

Install software

Set up new data file

Organize physical files

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Start-Up Businesses

If you are a start-up business the process is straightforward:

  • We will recommend the most appropriate software for your needs and advise you of our discounted prices to buy software
  • One of our “Specialists” will install the software, customize the Chart of Accounts specific to your business needs, customize Sales Invoices and set up the Payroll if required
  • We will introduce The Pure Bookkeeping Systems for organizing your paperwork ready for processing
  • Depending on your needs we will arrange to do the processing on-site at your office or off-site at ours at an agreed time

Rescue Jobs

What is a rescue?

It’s not deliberate. You had good intentions. Time runs away from you because you are busy running a business. Before you know it, it’s TAX time AGAIN and you know you’re going to have to spend the weekend getting it done.

Or maybe you had someone who you thought you could trust but got it all wrong because of their inexperience.

Over time the problem becomes so big that:

  • It has taken over your office
  • It keeps you awake at night
  • You don’t know where to start
  • You’re fearful that CRA will call
  • You have no idea how much income tax or HST/GST you owe
  • You are completely in the dark

It’s what we call “The Bookkeeping Monster!”

What’s the good news?

We can tame The Bookkeeping Monster because we have a team of highly skilled and dedicated bookkeepers who use The Pure Bookkeeping System to empower business owners in their financial matters, removing confusion, fear and uncertainty and replacing it with clarity, freedom and control.

Because every “rescue job” is as individual as you are, we can’t say exactly what we need to do to clean it up, get you up to date or how long it will take. During the initial consultation when we complete a “Health Check” (link to Health Check) we will explain to you what the problems are and what needs to happen to transform your data file into a source that provides you with reliable information.

Bookkeeping Issues:

Essentially though, we will do whatever it takes as quickly and efficiently as possible. Some of the issues we will address are:

  • Bank Accounts or Credit Cards that don’t reconcile with the Statements
  • Old outstanding transactions in the Bank Account or Credit Card
  • Trade Receivables and Trade Payables don’t balance with the Balance Sheet
  • The Trade Receivables and Trade Payables aren’t “real” i.e. outstanding invoices and bills have already been paid but still showing as outstanding
  • Incorrect previously remitted HST and source deductions
  • Payroll Categories that are incorrectly set up therefore giving you incorrect information
  • Calculations and Payment Summaries
  • Unreliable Inventory figures

The implications of these issues are:

  • You may be paying the wrong HST, Income Tax and Source deductions
  • You may be subject to penalties and interest
  • You may be making strategic business decisions based on unreliable figures with dire consequences

Reporting

Making sure all the compliance requirements are fulfilled is good bookkeeping. What empowers our clients around their finances is providing them with meaningful reports.

We can provide the standard set of Profit and Loss reports from your software, but if you need more information, we can provide you with a variety of reports to suit your budget and your needs.

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Quarterly Financial Reports

In this report, we make comparisons of this year to last year, this quarter to the same quarter last year and this month to last month. We include the COGS and Expenses represented as a % of the Sales.

A copy of this report also goes to your Accountant so that they can see in a snapshot, where your business is at and to give a more in-depth analysis of the story behind the figures.

We recommend this for micro to small business owners who don’t want to grow their business beyond what they can manage themselves.

Quarterly Board Reports

Most Sole Proprietors or small to medium sized businesses don’t have a “Board” that they are required to report to each month. We encourage our clients to think and behave they are larger than they really are which has a flow-on effect of generating growth in their business.

On the other hand, some business owners keep a lot of the financial information in their head and manage to run their business successfully for many years. There usually comes a point though where the business has outgrown them and they need to share part of that load. The only way of doing this successfully is to have a set of reports that can be discussed with all the shareholders in the business.

The Quarterly Board Reports include:

  • The Fitness Review (Board Report) which examine six KPI’s in the business:
    • Cash Flow
    • Sales
    • Gross Profit
    • Net Profit
    • Accounts Receivable and Accounts Payable Collection Rate
    • Current Ratio
  • The Quarterly Financial Reports
  • An analysis by a Specialist Bookkeeper

Monthly Strategic Board Reports

This set of reports is suitable for business owners needing to make strategic decisions month by month.

It includes:

  • KPI reports (customised for your business)
  • Budget analysis
  • Cash Flow Analysis
  • A session with a Specialist Bookkeeper to determine your specific KPI’s