Deciding on what method of bookkeeping to use and what you can and cannot claim within the corporation is the next important step after incorporating and finding clients of course! There are many ways to set up your bookkeeping depending on what kind of business you have, and how many transactions you expect to have on a monthly basis. It also depends on how much (if anything) that you plan to do yourself.
1. What methods should you use?
Excel Spreadsheet: If you are a corporation with minimal clients and transactions, then an excel spreadsheet may be sufficient. We offer our clients a template that covers everything that you would need, and that is customizable based on your specific business. This is a very simplistic method of bookkeeping for fairly simple corporations.
Accounting Software: No matter how many clients you have or how many transactions you have in a month, accounting software is always a good option. The software makes sure that all of the entries are allocated properly, that your entries balance and provides financial statements to you whenever you want them and for year end. For example, it can track your client information like a database, builds and sends invoices, tracks what is owed to you and what you owe to vendors, and reconciles your business bank accounts and credit cards.
2. You decided on a method - now what?
Once you've decided on a method of bookkeeping you need to decide how you are going to proceed.
Do some of it on your own: If you are comfortable enough with bookkeeping, you can do most of it on your own, no matter what method you decide upon. Training and additional help is also available for both Microsoft Excel and for Quickbooks software to help you along.
Hire a bookkeeper: If you don't want to do your own bookkeeping no matter what your reasons, hire a bookkeeper. Make sure that you interview more than one bookkeeper! You are going to be trusting the bookkeeper that you choose with your financial and personal information - you have to make sure that you are comfortable with the person or company that you choose. If you hire a company that has more than one bookkeeper at it's firm, you should be meeting with the individual that will actually be working on your books.
We provide the following services for off-site corporate bookkeeping:
- Full-Cycle or Partial bookkeeping Monthly, Quarterly, Semi-Annually or Yearly
- Payroll including T-slips at calendar year end (Including T4's, T5's, T5018's)
- GST/HST returns
- Excel spreadsheet template and training
- Quickbooks training
- Quickbooks Software discounts
- Consulting
For pricing information relating to bookkeeping services please visit our Fees - Corporate page.
For more information regarding any of these bookkeeping services or about Quickbooks software please contact us.