Frequently Asked Questions About Bookkeeping

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

Blog by Bookkeeping Sense Inc.

If you’re new to business or have been in business for a few years, you may have several questions and doubts about bookkeeping and accounting. These may pertain to your business’s progress, expenditure, and overall financial health. To clear your confusion and arm you with the information you need to make the right decisions, Bookkeeping Sense Inc. has answered some of the most frequently asked questions about bookkeeping. These answers are based on our personal experience so that you have first-hand information that gives you the power.

1. What is Bookkeeping?
Bookkeeping is the process of keeping records of day-to-day business transactions. A company’s financial position depends significantly on its ability to maintain an efficient bookkeeping system which in turn helps them make the right financing, investing, and operating decisions for the business’s success.

2. What is the difference between an accountant and a bookkeeper?
Even though accounting and bookkeeping work together for the same objective, each one focuses on a couple of different things. Bookkeepers are in charge of managing a company’s financial transactions. Whereas accountants review and analyze the final results, which display what position the company is in.

3. How will signing up with you help my business?
At Bookkeeping Sense Inc., we will help your business succeed by making sure your company is generating profit through our management of financials and day-to-day business operations. For a company to grow, it is crucial to make sure each transaction is tracked and analyzed. Therefore we as bookkeepers are in charge of ensuring your business is not just running smoothly but growing and reaching new heights.

4. Can bookkeeping be done remotely?
Yes. One of the advantages of bookkeeping is that we can work from anywhere and connect with clients through virtual meetings. In today’s world, we are a company that does not have limits. We are constantly innovating and improving so as to offer the best service for our clients.

5. Do I need a bookkeeper for my small business?
Running a business, no matter how small, can seem complicated. This said, making sure expenses are tracked, and no extra money is spent is crucial to ensure that the company is generating profit. Similarly, to make a business grow, it takes a lot of time, attention to detail, and analysis to observe and compare and see where progress is needed. This is where we come into the picture, as we are the best at what we do and will ensure you achieve your goals.

6. How do I get started?
There is no time like the present. We are here to help your business succeed, so feel free to become part of the Bookkeeping Sense Inc. family and book a free consultation. We have experts with over ten years of bookkeeping and accounting experience who can make those nagging numbers feel like a breeze.

7. What are the primary duties of a bookkeeper?
As bookkeepers, we ensure HST and WSIB (payroll) are up to date. We also collect financial data and keep it organized and post expenses to their corresponding accounts to generate a report about the company finances.

If you have more questions about bookkeeping and accounting, get in touch with the experts at Bookkeeping Sense Inc. We are certified bookkeepers in Hamilton, ON, specializing in QuickBooks, cash flow reports, and business administration budgets. Our packages include managing payroll, credit card expenses, quarterly HST, and WSIB filing. We also offer clients an initial free thirty-minute Zoom consultation.

To learn more about how we can help you, please click here or contact us by clicking here.