Corporations are required to maintain bookkeeping or a general ledger of their activity. Depending on the size and volume of activity in your business, these ledgers come in various forms such as manual excel synoptics, online software such as Quickbooks or Wave or a full ERP system. CRA requires corporations to report all income earned, keep receipts and supporting documents for expenses and keep their records available for 7 years after filing their taxes.
The bookkeeping has to be done in a timely and accurate manner to ensure timely reporting to CRA and real time reporting on key performance indicators and cash flow management to the executives of the corporation. Without good bookkeeping, corporations would have a hard time measuring the success of their organization or managing cash flows. Clean audit trails and support management are the key to maintaining good books and records.
Another important factor in bookkeeping is proper categorization of the revenues earned by the corporation or the expenses spent by the corporation. Since the Income Tax Act (Canada) is complex and allows for various different treatment of items, for examples meals and entertainment, life insurance, gold dues, passive vs. active income, corporations can avoid unneccessary audits or tax increases if the categories are accurate and accounted for properly.
At Isaac Achal Professional Corporation, we service the Chestermere, Calgary and surrounding areas with all financial matters. Our Bookkeeping services include but not limited to the following:
- An accurate record of all your transactions
- Monthly reconcilliations of all your accounts
- Follow up on Accounts Receivable to ensure you receive payments from your customers in a timely fashion
- Accounts Payable to ensure you never miss a bill payment, and payment is made on time
- Payroll management including accurate source deductions, payments, ROE’s, T4’s, and dealings with Service Canada
To find out more on how we can assist with your financial matters, feel free to contact us at 1 (403) 605-6887 or fill in our online contact form.
