Bookkeeping

The recording of your financial business transactions can be done on a weekly, monthly or quarterly basis. This depends on how often you file GST or how frequently you want to review your financial position. Once we take a look at how your business operates and what kind of reporting you require, we will develop a system to organize the paperwork right from your hands, directly into the accounting system and then straight into the filing cabinet. Yes, we can organize that shoe box full of paper into a properly managed system!

All accounting entries and paper files will be neatly organized to help you find anything you need right away. And in the event of an audit, your CRA auditor will be very happy to see all your paperwork organized and corresponding to your accounting entries! The bookkeeping can be done at your place of business or at our office, depending on the needs of your business.

Having MYB take care of your bookkeeping for you, allows you the time to concentrate on running your business. You can focus on what you do best... the reason you went into business for yourself in the first place. Instead of spending many unnecessary hours struggling with your numbers, allow us to do it in less time, with less headache for you! You will also benefit from having accurate financial reports on a timely basis. These reports will give you an indication of how well your business is performing and allow you to make important financial business decisions.

Monthly Review

Some business owners, or their administrative staff, have the time to do their own everyday data entry to keep up the bookkeeping, however, there are still some important accounting duties to do on a monthly or quarterly basis that require more advanced accounting knowledge. MYB can provide this service for you. Examples of these tasks are: reconciling bank accounts, preparing payroll, filing GST returns, reviewing the general ledger and keeping an eye on accounts receivable and payable.

Many businesses time this review with the filing of their GST or payroll. It's also a prime opportunity for you to ask about other accounting questions that may have come up during the month. You may have purchased a company truck with a loan from the bank, and you many not know how to properly enter that into your accounting system. Have you been frustrated when a bookkeeper comes in to do your books, but doesn't take the time to answer your questions? We hear this complaint a lot. After all, it is your money and your financial situation that they are organizing. MYB takes the time to thoroughly explain everything. The bottom line is that you are ultimately responsible for your tax filings and payments. We want to make sure you fully understand everything. Training is an important part of MYB's monthly or quarterly review.

If this interests you, MYB can provide the necessary training for you. Then you can relax knowing that your entries will be reviewed regularly to catch any errors and make sure everything is balancing correctly. You can be confident that you are paying no more than exactly what you should in taxes. Your accounts payable and receivable accounts will be carefully monitored to ensure that you are paying your bills properly and that you are not missing out on any customer payments.

We have been overseeing data entry work for many years, and are very familiar with the most common bookkeeping errors. Having a second pair of eyes review your books not only catches these mistakes, but is also a security measure. Segregating your accounting duties makes it much harder for someone within your organization to cheat the system.

Not only should your bank accounts be reconciled on a timely basis, but how much your customers owe you and how much you owe your vendors, should be reviewed regularly. This way, any problems or bad data entry habits get caught early and are not as time-consuming to correct later. The benefit of a second pair of experienced eyes reviewing your books can save you a significant amount of time and money.

Year End Preparation

Many businesses are able to handle their own month to month bookkeeping, but may require extra assistance when it comes to year end time. In preparation for submitting your financial reports to your accountant for completion of your corporate tax return, there are a number of tasks that need to be done to wrap up the current fiscal year. MYB can help you to ensure that your numbers are accurate, your accounts are balancing, your GST and payroll have been filed correctly and all the paperwork that the accountant will require are all properly put together.

Your accountant will appreciate having everything professionally documented so they don't have to chase you for missing pieces of information. And you can be confident that your corporate tax return will be prepared using carefully reviewed and accurate numbers. It's amazing how just a few incorrect bookkeeping entries can change your taxes owing by hundreds or thousands of dollars!

And once the accountant has finished with your year end, MYB can assist by entering in the year end journal entries and making sure you start off your next fiscal year with a clean set of books!

CRA Filings

The government takes their tax collecting very seriously. Take the stress out of dealing with those government filings by having MYB take care of the GST, Payroll and Corporate Tax Remittances for you. Not only will you ensure that they are filed on time, avoiding late penalties, but you will also have the peace of mind knowing they are been filed correctly. There are a number of common bookkeeping errors that can result in overpayments to the government. MYB will make sure that your bookkeeping is accurate, and give you peace of mind that you are only paying the exact amount of tax that you should be. We will ensure that you are benefiting from all expense deductions and GST input tax credits. We will even deal directly with the government on your behalf!

Start Up Consulting

Congratulations on coming up with that great idea on how to earn your own income. Now... where to get started? If you are just getting your business off the ground, let MYB help you with the logistics of getting your accounting and administration set up.

We have helped many small businesses get their start and we know the logistics that need to be taken care of. We will focus on the paperwork details and let you concentrate on getting the rest of your business set up.

Some examples of the tasks we can take care of for you are:

Accounting

• Setting up your QuickBooks data file, including designing your Chart of Accounts, your data and customized financial reports so you can see your numbers in a way that makes the most sense for your business. We can help you track exactly the figures that are most important to you.
• Creating a paper filing system so that you can easily maintain and find all of your paperwork and accounting documents.
• If you are interested in maintaining your day to day bookkeeping, we can provide training on how to use QuickBooks and how to use the system that we set up for you. If your books are set up properly right from the beginning, no bad accounting habits will be formed. You won't create yourself too much work from over complicating the chart of accounts, or over simplifying your lists and losing out on your reporting options.

Logistics and Administration

• Applying for your CRA Business Account Number and opening your GST and Payroll account with the government.
• Assisting you with incorporating your company.
• Establishing a relationship with an accountant.
• Hiring employees and starting a WCB account.

Bookkeeping Training

We come directly to your place of business to provide training one on one. We can train you and/or your staff in any area of the QuickBooks program, or any part of the accounting cycle you would like to be more proficient at. Once you are up and running, we are always available for ongoing support and to answer your questions as they come up.

To be successful at doing your own bookkeeping, you need to fully understand three main areas: the general accounting cycle, the Canadian tax system and your QuickBooks software.

General Accounting Cycle

Using accounting software makes the day to day bookkeeping very user friendly, but it is important to understand your financial statements that these programs produce for you. You should know what each of the accounts on your Balance Sheet and Income Statement are for. You should understand debits and credits and differentiate between assets and liabilities. We can bring you this knowledge so you are more empowered when reviewing your financial reports. If you fully understand these reports, you will be able to interpret the financial health of your company and assist you in making smart business decisions. After all, it is your money!

Canadian Tax System

In order to run a business in Canada, you must be able to do such things as properly file a GST return, withhold and remit payroll taxes from employees and understand what you can and can not legally expense on your corporate taxes, among other things. There are many rules to learn and getting up to speed on these can be very time consuming. Let MYB teach you what is pertinent to your particular business.

Beginner QuickBooks User

If you need assistance getting your QuickBooks file open and creating your business accounting system, we can make sure it is set up correctly right from the start. Many inexperienced business owners spend too much time setting up very complicated systems in QuickBooks, making much more work for themselves than is necessary. Having a professional create your accounting system will save you time and headaches. After discussing how your business operates and what kinds of information and reporting you will want from your numbers, we will design a customized accounting system that will benefit you and your business.

Experienced QuickBooks User

Perhaps you have been using QuickBooks on your own for some time now, but you still have questions on how to use some of the functions within the program. Maybe you are unsure of how to properly clean up your accounts receivable list, or how to use the timesheet function in QuickBooks. Did you know you can memorize transactions to make repeat entries easier? The QuickBooks program is only as powerful as your knowledge of use in it. You can fully utilize the tools available in QuickBooks, and make the most of your data, by getting some one on one QuickBooks training from MYB.

The benefit of one on one training is that instead of sitting in a classroom learning at the speed of the other students, you can save time and money by learning at your own pace, in the comfort of your own office, and getting the questions answered that pertain directly to your business.