It's important to have a bookkeeper because...

Bookkeepers perform a critical function for the firms and organizations they serve. Not only are bookkeepers challenged to record routine money transactions, to reconcile accounts and to locate misguided transactions, they also must be able to communicate both verbally and on paper all the activities within a business in order to explain accounting matters to owners and managers.

Bookkeepers produce the vital reports that keep business up to date on the financial condition of their companies. They prepare monthly financial statements, budgets and cost analysis for business products and services.
By outsourcing your bookkeeping and business requirements you leave yourself free to grow and market your business to its full potential.

There is a saying “Do what you do well and delegate the rest”.

What you should look for in a bookkeeping and business service

• Experience, Trust, Reliability and Confidentiality head the list of qualities that you should look for when selecting a firm. Strong organization and communication skills are also important
• Computer literacy and constant up to date experience with accounting software programs is essential

The Difference between Accounting and Bookkeeping

Bookkeepers:

• Maintain complete sets of books
• Keep financial records and establish, maintain and balance various accounts
• Calculate and prepare cheques for payrolls, complete and submit workers’ compensation forms, GST and PST remittance forms and other government forms when required
• Prepare other statistical, financial and accounting reports – Budgets, Cash Flow Statements
  

Accountants:

• Prepare tax returns at year end
• Financial Planning