A Bookkeeping Checklist For Our Clients

Author: Bookkeeping Sense Inc. | | Categories: Accounting Services , Bookkeeping Firm , Payroll

Blog by Bookkeeping Sense Inc.

Knowing that a professional handle your bookkeeping and accounting functions reduce stress. You see, making mistakes in this department can be very costly. In terms of missed saving opportunities, recording errors, and accounting mistakes, a professional can ensure your bookkeeping is done as it should be.

However, if you have never dealt with bookkeeping responsibilities before, you may struggle with the process. At Bookkeeping Sense Inc., we understand that you need all the support you can get and make the dreaded task of maintaining your books a pleasant experience by educating you and ensuring you’re on top of things. To help you do some basic bookkeeping, we’ve created a handy checklist of things you need to keep handy.

1. Corporation documents

Incorporation documents are the primary rules governing the functioning and management of your company. This includes a certificate of incorporation, which contains your company’s registration number and date of incorporation, issued by a government or a legal entity.

2. HST number

A GST/HST account number is a unique nine-digit number activated by the Canada Revenue Agency that identifies a person as a registrant for GST/HST purposes in Canada.

3. Sales invoices and payment details

A sales invoice is an accounting document sent by a provider of goods/services to a purchaser. It records services rendered, items provided, the amount owed by the customer, and how they can make payment.

4. Cash receipts

A cash receipt is a printed statement of the cash received in a cash sale transaction. A copy of this receipt is given to the customer, while another copy is retained for accounting purposes. Note that only business expenses, which include utilities, are included.

5. Internet and telephone expenses

These are the expenses incurred on internet and telephone changes.

6. Insurance

It is essential to keep all of your insurance policies up-to-date and accessible. Make sure you also have the contact information for your insurance company if you ever need to make changes or ask questions about any procedure.

7. Supplies

Keeping track of supplies used in your business will help you stay on top of budgeting and expenses. This includes anything from office supplies like pens and paper to items used in production or services offered by the business.

8. Vehicle expenses

If your business involves vehicle use, then it is important to track gas or fuel usage, repairs, and other costs associated with having the vehicle operational. This will help you understand how much money needs to be set aside for these types of expenses so that they don’t take away from other parts of your budget.

9. Promotion and advertising costs

If you are paying for advertising or promotion through different outlets, keeping records of this information and the results from each campaign is vital. Knowing which methods yield the best ROI will help ensure your marketing dollars are spent wisely.

10. Bank statements (detailed transfer and deposit information)

Transferring funds between accounts requires precise tracking, so there is no confusion about where money has come from or gone. Deposit information should also be tracked in order to easily access it when needed.

11. Asset purchases information

Anytime an asset is purchased, whether a piece of equipment or software, its cost should be recorded along with any warranties or maintenance contracts associated with it to always have accurate records regarding its value over time.

12. Loan payments, including loan document information

When taking out a loan, not only should payment history be tracked, but all documents related to the loan itself, including interest rates and amounts paid off each month, among others, should also be kept on file at all times.

13. Payroll HST information

Payroll HST information needs to be kept current to ensure employees and contractors are paid correctly every month on time without delay or confusion as long as their pay rate or amount owed does not become an issue.

For more tips on bookkeeping and accounting, reach out to the professionals at Bookkeeping Sense Inc. It is our mission to assist businesses with making sense of stressful accounting numbers and improve their profit margins and overall success rate.

Get in touch with us today!

To learn more about what we do at Bookkeeping Sense Inc., please click here. If you have questions about tax issues, get in touch with us by clicking here or calling us at  (905) 923-1001.