This is the centre of all accounting and therefore it is necessary to have a business’s bookkeeping, (the ledgers & journals), in order. This facilitates monitoring a business’s financial health showing where allocated funds go to cover liabilities and expenses, in addition to where other resourced funds may show as revenue or income. The information contained in the financial statements, derived from these bookkeeping, garners the information needed to pay taxes.
This same or similar information plays the same role when looking to pay personal taxes. Stating this, businesses, receive the treatment of a single entity, and as such, the burden of having to file taxes falls to a business with similar weight as it does to an individual. In either scenario, tax time may be confusing, overwhelming, and time consuming for the uninitiated. The reason behind keeping the books up to date and accurate is, when tax time arrives the accountant preparing the tax return needs to correlated all transactions listed in the books to the tax return. This means having all the proper documentation that should accompany this information as well. This is important because, while most understand that remuneration is necessary for income, not all are aware that certain expenses may reduce the amount needed thus putting more profit into the business. Therefore, having ENVOLTA do your bookkeeping and accounting we can ensure that your taxes are right and filed correctly. ENVOLTA provides the following bookkeeping services for Small to Medium Size businesses within the Ottawa region.
Our Ottawa bookkeeping services include:
- Accounting System Setup
- Government reporting
- Bank & Credit Card Reconciliations
- Accounts Receivable
- Accounts Payable