Direct Bookkeeping

Wednesday, May 15, 2024

Accounts Receivable

Account Receivable will be segregated to show ordinary trade accounts, amount owning by clients and related parties, and other unusual items of a substantial amounts. Anticipated losses due to uncollectable will be accrued. We will process sales receipts (cheques, direct deposits, credit cards) and provide bank and credit card reconciliation.

Accounts Payable

Account Payable will provide you with complete administration of your pay-out transactions including setting up new vendors, receiving, processing, verifying, and reconciling invoices with vendors’ statement. We will process payments via cash, cheques, and credit cards. Direct Bookkeeping will monitor company accounts to ensure payments to be up to date and paid off within a given period of time in order to avoid default.

Job/Project Costing

Job costing is the process of tracking the expenses incurred on a job against the revenue produced by that job. Job costing is an important tool for those who are pairing a relatively high dollar volume per customer with a relatively low number of customers. For example, building contractors, subcontractors, architects and consultants often use job costing. Using job costing will allow you to identify the most and least profitable areas of your business, so that you can focus on the profitable elements, and try to make the less profitable aspects of your business more efficient. It will help you to quote new jobs more accurately, and assist you in managing jobs in progress.

General Ledger Maintenance

The general ledger is the core of your company's financial records. These records constitute the central "books" of your system. Since every transaction flows through the general ledger, a problem with your general ledger causes discontinuity in all your books. Direct Bookkeeping will utilize your chart to the best ability to maximize your business efficiency.

Inventory Reconciliation

Inventory reconciliation involves two steps: physical and accounting. Physical inventory steps including taking a written inventory record and comparing it to the actual goods in the company’s warehouses. Reconciliation steps on the accounting side include verification that all inventory purchases are posted, entering adjustments from the physical count and analyzing the dollar differences between months. Inventory reconciliation frequency depends on the size, location, and type of inventory in a company’s operations. Obsolete and damaged products will need to be written-off. Steps for spillage or other discrepancies will need to be addressed for your inventory values to be presented accurately.

Financial Statements Reporting

Financial statements describe the financial wealth of a company. Financial reporting will provide information that will be useful to potential investors and creditors and other users in making rational investment decision. It will provide information about an enterprise’s economic resources, obligation, owners’ equity and an enterprise's financial performance during a period. Financial reporting will provides information about liquidity, solvency, and funds flows. Direct Bookkeeping will prepare a Balance sheet, Income statement, Statement of cash flows, Statement of stockholders' equity on a monthly basis.

Budget

Budget is an effective tool to maintain clean and concrete vision about the future of your business and its performance in the financial year. Using budgeting will help plan what money you have and where it will be spent. Also budgeting can motivate staff as it can be used for assessing performance in a department and measuring there success.

Payroll Services

Payroll services can be provided as a part of bookkeeping services or separate. It includes collection of timesheets data, allocation of hours to costs, payslip preparation, issue payroll cheques and payroll tax submissions to include monthly CRA remittances and T4’s.

Remittances for payroll, HST and WSIB

Government remittances are prepared in a timely manner, while ensuring all information is recorded accurately and concisely. We will prepare, report and E-File each quarterly/ annual return.

Month end and year end closing

Making your monthly or annual adjusting entries, reconciling your bank and credit cards, balance sheet reconciliations, preparing your monthly, quarterly, or annual financial statements.

Preparation of Year End Package

It is a common arrangement for business owners to have dedicated accountants who look after their entire estate. We prepare all the supporting documents for the external accountant to perform an assurance service the client requests – whether it is compilation, review, or audit we are able to help our clients making sure our work is done accurately, timely and on budget.

Our expertise can help your business succeed.

Direct Bookkeeping is a proud senior member of Canadian Bookkeepers Association (CBA).	As a member of Sage Software Accountants Network we can offer professional services and support for Sage Simply Accounting software.

We can take care of your bookkeeping at your office or ours.

On-Site Bookkeeping

We are available to come and work at your office. We come to your location at prearranged dates and intervals to keep your accounting records up-to-date and accurate.

Off-Site Bookkeeping

We pick up your accounting information/documents and your bookkeeping is conducted at our office. Ensuring that your bookkeeping is up-to-date and housed in one central system provides a sense of organization and simplifies the processes at year-end.

Our rates have been designed to provide your business with an exceptional, cost-effective bookkeeping value added service.

Per Hour Charges

Applies to businesses with variable volume of transactions, seasonal, and new businesses with yet-to-be established steady volume of transactions.

Monthly Fixed Rate

Applies to established businesses with consistent volume of transactions or long-term customers with average bookkeeping cost spread out over a year for easier cash-flow handling. This rate is also applicable to a particular stand-alone service such as payroll for a set amount of employees.

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Wednesday, May 15, 2024