Small Business Bookkeeping
Balance your books with Tangs Accounting Services,
Tangs Accounting Services is a CPA firm that provides bookkeeping services in Toronto for small to medium-sized businesses.
Bookkeeping plays an essential role in a business’s operations and finances. Businesses — small companies, especially — face many corporate expenses, and it is crucial that these fees, and any earnings, are appropriately recorded.
With bookkeeping, a business can see where they are succeeding, identify any room for growth, and keep track of their corporate tax obligations.
At Tangs Accounting Services, we specialize in bookkeeping for small businesses in Canada. Learn more about our small business bookkeeping services and what we can do for you.
Small Business Bookkeeping Services in Toronto
There is no universal bookkeeping approach for small businesses, as businesses vary in stage, industry, and size. We offer various bookkeeping services to help small to medium-sized businesses balance their books.
Tangs Accounting Services provides monthly, quarterly, and annual bookkeeping services to suit smaller businesses’ varying needs. We are currently offering online bookkeeping services for our customers.
Get monthly bookkeeping services to balance your books every month. This bookkeeping frequency may be overwhelming, but it is an excellent way for small businesses to stay on top of their financials and prevent last-minute tax preparation. Monthly bookkeeping will also help you to identify any red flags in your books.
Monthly bookkeeping involves:
- A monthly expense report
- Credit Card and Bank Account Reconciliation
- Individual Credit Card Purchase Transaction Records
- Payroll reconciliation
- Maintain Vendor W-9 Information
- Collections Process
- Tax Returns
Many businesses operate quarterly, which means they review their financials four times a year. This is typically a seasonal effort.
Tangs Accounting Services provides quarterly bookkeeping services to help you balance your books every quarter.
Quarterly bookkeeping is a great way for businesses to identify their strongest quarters every year and plan accordingly for years to come.
Your quarterly bookkeeping will involve:
- Payroll Payments
- Tax payments
- Cash Flow review
- Profit & Loss Statement
Over the year, you should be balancing your books every month and quarter to make your end of the year taxes go smoothly. Tangs Accounting Services provides annual bookkeeping services in Toronto to help businesses review, track, and record their year’s financials.
Your annual bookkeeping will require:
- A copy of any priorly prepared financial statements
- Individual bank statements for the last 12 months
- Cheque stubs & returned cheques (sorted numerically)
- Deposit book & slips
- Individual credit card statements from the last 12 months
- All purchase receipts from the last 12 months (sorted by month)
- Monthly customer invoices from the last 12 month
- GST remittance forms (current year)
- Payroll remittance forms (current year)
- All records of government communication
- Annual home office expenses
- Monthly vehicle expenses (include annual mileage)
Frequently Asked Questions About Bookkeeping
Bookkeeping is the act of recording a business’s financials; this includes its earnings, expenses and taxes.
The difference between bookkeeping and business accounting is that, while bookkeeping is the act of recording a business's finances, accounting is analyzing a business’s records to make educated suggestions based on financial insights.
Bookkeeping is essential because it helps you keep track of your financials. Bookkeeping allows businesses to plan for their income tax returns, but it also comes with a broader range of benefits for companies and their owners.
When you start or run a small business, your focus needs to be on running your business and making the decisions necessary to grow and expand it. We offer small business bookkeeping and will set up your business for bookkeeping and accounting.
To do bookkeeping for small businesses, you need to keep a record of earnings and spending; this includes profits, sales, invoices, employee payments, and more. Get in touch with Tangs Accounting Services to see how we can help you with your small business bookkeeping.