Bookkeeping Services

We provide professional bookkeeping services for startups, small businesses, medium-sized businesses, large corporations and enterprises, non-profit organizations, and international businesses.

Managing your finances efficiently is crucial for success in today's fast-paced business landscape. Businesses have many responsibilities and challenges, and handling bookkeeping tasks alone can be overwhelming. That's where our professional outsourced bookkeeping services come in to simplify your financial processes and allow you to focus on growing your business.

100 Accounting Inc. Bookkeeping
Our dedicated team of expert bookkeepers at 100+ Accounting Inc. is committed to ensuring the financial success of your business by providing convenient, accurate, and affordable bookkeeping services to meet your unique business needs on time. We offer both on-demand and full-cycle bookkeeping and accounting services. Contact us here for more information.

Our bookkeeping services include:

1 — Accounting System Setup

Our dedicated team will provide tailored services to set up your bookkeeping system, including but not limited to customized software implementation, data migration and integration, cash management, chart of accounts design and adaptation, workflow optimization, training and support, security, compliance, and thoughtful tax planning. We can transfer your data from different systems and software, including but not limited to QuickBooks, Xero, Sage, Simply Accounting, Excel, etc. See our Accounting System Setup Services.

2 — Accurate Bookkeeping

Our professional bookkeepers meticulously handle your day-to-day financial transactions, maintaining accurate records (such as ledgers and journals) and ensuring compliance with Canadian accounting standards. We provide a wide range of bookkeeping, from simple data entries to full-cycle bookkeeping. Contact us here for more information.

3 — Payroll Administration

Streamline your payroll processes with our efficient payroll administration services. We handle everything from employee payroll to government remittances, allowing you to focus on growing your business. Our professional payroll reports will assist your Human Resources (HR) and management teams make informed decisions for human resource management, new hires, insurance policies, and employee benefits. We will provide T4 and T4A records for easy filing when due. See our Payroll Administration Services

4 — Accounts Reconciliation

We provide reconciliation to ensure the accuracy and integrity of your financial information. We match your bank statements and credit card transactions with your internal financial records. We verify vendor invoices, ensuring they match the purchase orders and receipts. We match customer invoices with payments received. We also comprehensively reconcile the general ledger accounts to maintain overall financial accuracy. We identify and resolve discrepancies to maintain financial integrity. See our Account Reconciliation Services

5 — Financial Reporting

Gain valuable insights into your business's financial health through our detailed financial reporting services. We provide crystal clear, easy-to-understand financial statements and reports (such as balance sheets, cash flow statements, income statements, statements of capital, trial balance, accounts receivable statements, accounts payable statements, consolidated bank statements, other monetary records, statements of taxes paid and due, and other critical financial metrics) that empower you to have visibility on your business' performance throughout the year and make informed decisions. We will reconcile all your accounts to ensure accuracy. All the financial information to prepare and file your taxes will be readily available when the tax season arrives. See our Financial Reporting (Financial Statements) Services.

Why Choose 100+ Accounting?

1 — Experienced Professional Bookkeepers and CPAs

Our team comprises seasoned professionals with extensive experience in Canadian accounting practices. We provide professional bookkeeping for both cash basis and accrual basis accounting.

2 — Tailored Solutions

Every business is unique, so our services are customized to meet your specific requirements and industry nuances.

3 — Compliance Assurance

Stay compliant with Canadian accounting and tax regulations! We ensure that your financial records adhere to the latest standards!
Staying compliant with ever-changing financial regulations is daunting. Our professional bookkeepers stay up-to-date with the latest laws and regulations, ensuring that your financial records fully comply with industry standards. Read more on our Tax Compliance Services

4 — Technology Integration

We leverage cutting-edge accounting software to enhance accuracy, efficiency, and collaboration.

5 — Time and Cost-Effective

  • Outsourcing your bookkeeping needs to us saves you valuable time and resources. Instead of dedicating hours to managing complex or tedious financial records, you can concentrate on core business activities, boosting productivity and profitability.
  • Our integrated bookkeeping and CPA accounting services save you time and increase your bookkeeping and accounting work efficiency.
  • Our services are competitively priced, providing excellent value for your investment at an affordable price irrespective of the size of your business
  • Clients using our small business bookkeeping services have the option to use our more budget-friendly online bookkeeping services tailored for small businesses requiring retail bookkeeping, E-commerce accounting services, construction industry bookkeepers, healthcare business bookkeeping, and service industry financial management.

6 — Accuracy and Precision

Our team of experienced bookkeepers ensures that every financial transaction is accurately recorded and meticulously organized. This precision eliminates errors and provides reliable financial data for informed decision-making.

7 — Financial Clarity

Gain a clear understanding of your business's financial health with regularly updated financial reports. Our bookkeeping services provide you with insights that empower you to make informed strategic decisions.

8 — Reduced Stress

Eliminate the stress of managing intricate financial tasks. Our streamline financial processes, efficient expense tracking and cash flow, hassle-free tax compliance, and improved financial reporting saves you time and our dedicated team ensures that your books are always in order, giving you peace of mind and the freedom to focus on what you do best – running your business.

9 — Scalability

As your business grows, so do your financial responsibilities. Our bookkeeping services are scalable, adapting to the changing needs of your business and ensuring consistent support as you expand. We can provide our bookkeeping services both on-premises and off-premises (online bookkeeping) per your business needs.

10 — Training

While we can provide periodic on-demand booking services at your premises (such as on a weekly or monthly basis), 100+ Accounting can also provide training services tailored to your business requirements if you prefer to have your in-house bookkeepers. Our courteous professional bookkeepers and CPAs (Chartered Professional Accountants) can train your in-house staff in one-on-one or group sessions. Our professional CPAs can also provide your bookkeeping staff with periodic or on-demand brush-up seminars. We do not provide bookkeeping courses to the general public.

Get in Touch with Us!

Ready to take the hassle out of your business's bookkeeping? Contact us today for a personalized bookkeeping consultation and benefit from our competitive bookkeeping rates. Let 100+ Accounting Inc. be your partner in achieving financial success for your business.

Bookkeeping Knowledge

What is Bookkeeping?

Bookkeeping is the process of tracking, organizing, recording, and summarizing a business's financial transactions. These activities adhere to the accounting principles of the company and are supported by relevant documentation.

Some examples of financial records include:

  • Bills

  • Receipts

  • Invoices

  • Purchase orders

  • Bank notes

  • Deposit slips

  • Cheques

Bookkeeping functions as a specialized language designed for communicating business financial information, employing distinct terms and processes. Its purpose is multifaceted: serving accountants in tax preparation and remittances, aiding business managers in financial management and strategic planning, assisting financial institutions in evaluating a business's creditworthiness, informing current or prospective investors about their return on investment, aiding governments in confirming a business's tax liabilities, and providing valuable information to other stakeholders interested in a company's activities and financial standing. This communication is achieved by applying specific processes and terminology tailored to convey accurate and meaningful details about the company.

Everyone engaged in this facet of a business should comprehend and apply this language, its principles, and its rules.

Who decided what the bookkeeping rules should be?

Before 1973 (some sources indicate as early as the 1930s), accountants, acting through the American Institute of Certified Public Accountants, established a set of rules termed the "Generally Accepted Accounting Principles," commonly abbreviated as GAAP. Despite its historical roots, this term remains prevalent today.

However, recognizing the importance of diverse perspectives, professionals from various financial institutions sought to contribute to the content of Financial Statements. Consequently, they joined with accountants to create the Financial Accounting Standards Board (FASB).

Over time, the FASB, in alignment with government regulations, has developed a standardized set of rules for preparing accounting records and reports. These rules encompass assumptions, concepts, principles, and procedures that businesses must adhere to.

In 1968, the Canadian Institute of Chartered Accountants (CICA) produced a handbook for Canada that accountants use extensively across the country as their 'source of authority'. The Canadian Business Corporations Act and provincial statutes require the use of GAAPs in financial reporting to shareholders of companies in Canada.

In 2014, CICA merged with Canada's two other major accounting designations to form the Chartered Professional Accountants of Canada.

Commencing in 2011, when Canada mandated the adoption of International Financial Reporting Standards (IFRS), publicly accountable enterprises (PAEs) are obligated to assess, appraise, and present financial statements in a manner distinct from those formulated under the Canadian Generally Accepted Accounting Principles (GAAP) in preceding years. Additionally, other qualifying enterprises have the choice to embrace IFRS for the preparation of their financial statements.

Types of Bookkeeping

There are two types of bookkeeping, known as “Accounting Basis":

1 — Cash-Basis Accounting

This involves recording a Company's financial transactions (such as sales to customers and purchases made by the company) ONLY WHEN the cash is received or paid out, rather than when the sale or purchase occurs or the commitment is made. While it is a more straightforward method, it may pose challenges in securing financing and lacks a comprehensive record of outstanding obligations. In Canada, the federal government regulates the use of Cash-based accounting; permission is required to employ this method. It is more commonly utilized by small service and seasonal companies that operate on a "cash on delivery" basis and promptly settle their bills. Typically, the Accountant only needs the company's checkbook to prepare the taxes. An example of a business in Western Canada permitted to use this method is farming.

2 — Accrual-Basis Accounting

The term "accrue" denotes accumulation, and this approach records a company's financial transactions REGARDLESS of when the revenue is received or the payment is made. The recording is not directly tied to the actual money exchange. Accrual Basis is also recognized as the "principle of matching costs and revenue" and is the prevalent choice for most businesses in Canada. It is a more robust method, providing a real-time overview of amounts owed to and by the company —crucial factors for effective business management and securing financing.

Useful Links Related to Bookkeeping

Canada Revenue Agency — Accounting Methods
https://www.canada.ca/en/revenue-agency/services/tax/businesses/topics/sole-proprietorships-partnerships/accounting-methods.html

Canada Revenue Agency — Books and Records Guidance
https://www.canada.ca/en/revenue-agency/services/tax/businesses/topics/international-financial-reporting-standards-ifrs/books-records-guidance.html

Canada Revenue Agency — Employers’ Guide – Payroll Deductions and Remittances
https://www.canada.ca/en/revenue-agency/services/forms-publications/publications/t4001/employers-guide-payroll-deductions-remittances.html

Small Business Bookkeeping
https://100accounting.ca/services/accounting-for-corporations/accounting-for-small-businesses

Contact us today! 

Contact 100 Accounting Inc
We provide our bookkeeping services throughout Alberta, British Columbia, Saskatchewan, and Ontario. We also offer services in international locations directed through our headquarters office in Edmonton, Alberta. Major cities include Edmonton, Calgary, Red Deer, Fort McMurray (AB — Alberta), Vancouver (BC — British Columbia), and Saskatoon (SK — Saskatchewan). 

— Call us Toll-Free: 1-833-4-TAXCUT (833-482-9288) or please Contact Us here! for more information.

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