It's no secret that entrepreneurs are typically very good at what they do, but usually have little time or interest in doing their own bookkeeping. That's when they often ask a family member or friend to help, even if that person has little or no bookkeeping experience.
Despite good intentions of a business owner or friend helping with bookkeeping, the information provided to the accountant for tax planning or tax preparation is usually incomplete or inadequate.On top of missed deductions and higher accountant bills, as a business grows, there are bookkeeping tasks related to payroll, required government remittances.
Despite good intentions of a business owner or friend helping with bookkeeping, the information provided to the accountant for tax planning or tax preparation is usually incomplete or inadequate.On top of missed deductions and higher accountant bills, as a business grows, there are bookkeeping tasks related to payroll, required government remittances.
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A: Financial Statements are critical to an owner, so he or she has accurate and timely information to make informed decisions. The balance sheet and income statement are financial statements typically prepared by a professional bookkeeper at the end of the month. They are run after the books are closed and are submitted to a CPA to verify accuracy and then to the owners or management to apprise them of the financial health of the company.
Michele Passey has been appointed as the Treasurer of the Comox Valley Small Business Association for a second term (September-June). Be sure you keep a log for your business mileage if you want to take a deduction for miles you drive. If you are expanding and need more help, be sure you categorize "employees" or "subcontractors" in accordance with CRA guidelines.
Reviews (2)
Rock Solid
Jun 10, 2017
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Eric Toneff
Sep 23, 2015
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Michele has been doing our bookkeeping for the past 3 years and I can't say enough about her. Before having Solid Rock and Michele taking care of us, my records were a mess, she has us back on track and I finally understand my financial statement. In the process of working with her professionally, personally she has become a very dear friend
