Need Help! Business Bookkeeping 2020

Avoid unnecessary stress

If you are a business owner who finds the bookkeeping process difficult to understand, you’re not alone.  When it comes to understanding all the requirements involved in managing your organizations books, many small business owners find themselves overwhelmed with the endless paperwork.

The good news is that Bookkeeping is one of the simplest, easiest and most inexpensive tasks to outsource.  It can however, be costly when done incorrectly.  Regular bookkeeping is the key to avoiding a lot of wasted time, money and unnecessary paperwork when it comes to filing your taxes.

Keep on top of these very important tasks – paying on time.

Your purchases from Vendors

Are you having trouble understanding your accounts payable when it comes to your purchases from vendors?  It is important to keep bills for paying vendors on time.   This includes keeping all bills received from vendors including all packing and delivery slips (as confirmation in writing of the dates they were received).

Still confused? Goods purchased are listed on a packing slip showing the goods received on the delivery date.   A copy of the packing slip and delivery slip is given to the bookkeeper to be matched with the vendor bill for billing which updates your accounts payable.   As a business owner, it is important to verify the cost on the goods purchased for resale to the customer’s pricing and perform monthly inventory counts.

A bookkeeper makes this process simple for you by updating the inventory, entering vendor bills, and separating unpaid bills,  is a process known as a cheque run.

Saving you time and energy so that you can focus on running your business.

Your shipment to customers

A customer request product(s) the customer order is entered, items are picketed and in order to complete the order, a packing slip is shipped with the order.   A customer invoice has sale price for accounting lets customers know amount OWING, it moves the items on the packing slip from inventory into Cost of Goods Sold (COGS) and updates the accounts receivables and all unpaid customer payments.   When a payment is received from your customer this payment is applied against the outstanding customer’s invoices and a deposit is made.

A bookkeeper will help you apply customer payments, bank deposits, purchases, and account terms and/or credit limits so that you don’t have to think about it.

Payroll reporting, record keeping

Hands On Accounting does the payroll for you as part of our mission to make accounting easier on you.  This means that you no longer need to worry whether you are behind on Government payments.   Our Cloud Accounting System will include the payroll.   All you will need to do is track employee hours using time sheets, keep employee records and pay the payroll taxes by the due date (15th or 20th the following month depending on your payroll frequency).

We also take care of workers compensation and sub-contractor forms if you are hiring contractors or consultants.

Keep all of the current regulations and standards for payments to your employees’ including; sick pay, vacation pay, overtime with bank hours and statutory holiday pay by paying workers compensation and payroll taxes.

These are just a few of the regular payroll items included in the RECORD OF EMPLOYMENT.

Help With Year End

By using our knowledge of best bookkeeping practices, the paperwork is double checked for accurate financial reports.   When you outsource the bookkeeping to us, we do the bookkeeping for your company.

This is important when it comes to making government payments and filing your year end taxes.

Let us do the heavy paperwork so that you don’t have to.

Navigate the 2020 Tax Year

Finally, 2020 has been an exceptional year and there have been many layoffs, temporary leaves and work shares as a result of the global pandemic.  We are here for you with continuous payroll support for 2020.  We work with business owners like yours, looking for our expertise, to help with 2020 Payroll Questions.

Similarly, if you were on CEBA as a small business owner, we can help you navigate repayment of CEBA by setting aside money when it comes time to repay it.

Filing your taxes can be simple with the regular maintenance of your bookkeeping.  Call Ina

Get yourself set up for filing this year’s taxes in the most stress free way possible.  **If you need help catching up, contact us today!





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