BOOKKEEPING & INCOME TAX PREPARATION
We provide accurate, reliable and professional bookkeeping services tailored to meet your business needs.
In Business For Your Business
Z financial Bookkeeping Service provides bookkeeping, accounting and tax services for small business owners desiring the advantages of accurate, well-organized records but without the complexities or costs involved in employing a full or part time bookkeeper or accountant.
Your company's books have the power to make or break your business. Many small businesses close each year because the owner made poor financial decisions that can be directly related to an insufficient, ineffective, or non-existent accounting information. Not having a good
accounting system or not having enough finance intelligence will break your company. Outsourcing non-core functions, such as accounting and financial services allow you to keep your focus on core business activities so you can stay competitive.Our goal is to help you keep your business well organized and running smoothly.
Why struggle to get your books done accurately, when you can be concentrating on your business or personal life? What could you do with the extra time saved?
Who Needs A Professional Bookkeeper?
- Those who have their own business and are pressed for time,
- Those wanting to know where they stand financially.
- Those who dislike working with numbers and find it frustrating.
- Those wanting to manage their business with accurate information.
If you can relate to any of the above circumstances you could benefit from the services of a qualified, and organized bookkeeper.
What Benefits Can You Expect?
- Relieve stress over getting your financials up to date.
- No more late payment for government remittance.
- No more leaving work to make payments at the bank.
- No more high cost for year end.
- No more searching for invoices or receipts.
- More time for your business.
- More time for you and your family
- More time for your hobbies.
We will maintain a complete set of books, keep records of accounts, verify the procedures used for recording financial transactions, and provide personal bookkeeping services. The term bookkeeper refers to a person who can complete a full set of books up to and including a trial balance.
Services We Offer include:
Data Entry - Post journal entries and reconcile accounts, prepare trial balance of books, maintain general ledgers
Bank Statement Reconciliation - Keep financial records and establish, maintain and balance various accounts
Accounts Payable - Calculate and prepare cheques for utility, tax and other bill payments
Accounts Receivable - Monitor and issue invoices for services
Government Remittances - Complete and submit tax remittance forms (PST & GST), workers' compensation forms (WSIB) and any other government documents
Payroll - Prepare employee payroll via Direct Deposit or manual cheque
Financial Statement Preparation - Prepare statistical, financial and accounting reports.
Business Planning - Assist in annual budget preparation and cash flow projections
Quality Service Guarantee
- Bookkeeping that is complete, accurate, and on schedule.
- Prompt responses and courteous service always.
- Staying current with any tax changes that may affect your business.
- Complete confidentiality. What happens in your business stays within your business.
Understand what your bookkeeper is talking about?
To be able to relate and discuss your finance with your bookkeeper, these accounting terms will help you understand. They are the simple terms used to describe all the tasks done by your bookkeeper to arrive to a financial statement.
The accrual method of accounting accounts for income and expenses in the 12-month period earned or incurred, which is not necessarily when it is received or paid.
The cash method of accounting accounts for income and expenses when actually received or paid.
Accounting is a general term that refers to the overall process of tracking your business's income and expenses, and then using these numbers in various calculations and formulas to answer specific questions about the financial and tax status of the business.
Bookkeeping refers to the task of recording the amount, date, and source of all business revenues and expenses. Bookkeeping is essentially the starting point of the accounting process. Only with accurate bookkeeping numbers can meaningful accounting be done.
An invoice is a written record of a transaction, often submitted to a customer or client when requesting payment. Invoices are sometimes called bills or statements, though the latter term has a separate meaning, as explained just below.
A statement is a formal written summary of outstanding (unpaid) invoices. Unlike an invoice, a statement is not generally used as a formal request for payment, but is more of a reminder to a customer or client that payment is due.
A receipt is a written record of a transaction. A buyer receives a receipt to show that he paid for an item. The seller keeps a copy of the receipt to show she received payment for the item. Receipts are sometimes called sales slips.
A ledger is a physical collection of related financial information, such as revenues, expenditures, accounts receivable, and accounts payable. Ledgers used to be kept in books pre-printed with lined ledger paper -- which explains why a business's financial info is often referred to as the "books" -- but are now commonly kept in computer files that can be printed out.
An account is a collection of financial information grouped according to customer or purpose. For example, if you have a regular customer, the collection of information regarding that customer's purchases, payments, and debts would be called his or her "account." A written record of an account is called a statement.
A balance sheet is a statement listing a business's assets, liabilities, and net worth, or equity (the difference between the value of the assets and the liabilities).
Accounts payable are amounts that your business owes. For example, unpaid utility bills and purchases your business made on credit would be included in your accounts payable.
Accounts receivable are amounts owed to your business that you expect to receive. Accounts receivable includes sales your business made on credit.
Bad debt is money owed for a business debt that cannot be collected; it can be deducted as an operating expense.
Net income is gross income less expenses; it represents a business's profit for a given year.
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