About FINANCIALS PROCUREMENT LTD BOOKKEEPING PRACTICE

FINANCIALS PROCUREMENT LTD BOOKKEEPING PRACTICE provides professional accounting and bookkeeping services to small and medium-sized businesses. Our accounting and bookkeeping services include:

• Accounts Receivable
• Accounts Payable
• Bank Reconciliation
• General Ledger General Journal
• Payroll
• Payroll Reconciliation
• Bookkeeping Clean-up
• Financial reporting whenever you need it
• Certified Bookkeepers
• General Journal, General Ledger
• Business and Personal Accounts
• Not-for-Profit Bookkeeping
• Balance Sheet, Custom Reports
• Cloud Computing
• E-Commerce
• Profit & Loss, Trial Balance

• Accounts Payable

  We get it, it always hurts a little inside when you must spend money in your business. However, accounts payable gives you a much clearer view of everything you spend. Think of this account as one that represents the money that your business owes in the form of bills and invoices from vendors.

  If you’re good at bookkeeping, then you’ll ensure timely payments but most importantly, you won’t end up paying anybody twice.

• Accounts Receivable

  Accounts receivable (AR) is pretty much the exact opposite of accounts payable. If you sell a product or service and you don’t collect payment immediately, then your small business has receivables which you track in this account.

  AR is money due to your business from your customers. It’s important you keep this up to date so that you can send timely and accurate bills and invoices.

• Cash

  Perhaps the simplest one on this entire list. A cash account is one where all of your business transactions pass through to track all of your financial activity. Plus, a cash account is arguably the simplest way to record cash payments, withdrawals, and deposits.

• Inventory

  All the products your business has in stock (whether they’re sitting at the back or still sat on the shelf) need to be carefully tracked and accounted for. This part is important because the numbers you have in your books should match by doing physical counts of the inventory on hand. You can track inventory in two ways. Either periodically where you make a physical count of the inventory daily, monthly, yearly or any other period that matches your business needs. Or whenever you make a sale - do whichever is easier for you and your business.

• Loans Payable

  Let’s say you’ve borrowed money. It can be anything from buying equipment like computers, vehicle to help you get from A to B when on the job or even furniture and other items for your business. All of these expenses fall under the loans payable account which tracks what you owe and what’s due for you to pay.

• Owner’s Equity

  The owner’s equity account follows the amount each owner puts into the business. Small businesses are usually owned by one person or a group of partners, so there are no real stock shares to divide the ownership. Instead, all the money put into the business is tracked in capital accounts and money taken out appears in drawing accounts. What’s important here is that your books should carefully record all of the owners’ equity accounts.

• Purchases

  The purchases account should also be something you look at when doing your books. This is where you track any raw materials or finished goods that you buy for your business.

  It’s a big part of calculating the costs of goods sold which you subtract from the sales account to find your business’ gross profit.

• Payroll Expenses

  If your small business is one that has employees, then this could be the most significant cost and an account you can’t ignore when doing your books. Nobody wants to work for free. So keeping this account accurate and always up-to-date is vital for when you need to meet tax reporting requirements. Ignore this and don’t be surprised if you land in hot water with the taxman.

• Retained Earnings

  When you do your books, the retained earnings account is one which tracks your company’s profits that you reinvest into the business and don’t keep for yourself or pay out to other owners.

  Retained earnings are cumulative, which means that they’ll appear as a running total of money you’ve maintained since your business started. In all honesty, managing this account doesn’t take much time, so make sure you track it to see how much your business has grown.

• Sales

  Another necessary yet massively important account to follow when doing your books. It’s no surprise why business owners love this one, as the sales account is where you record all incoming revenue from what you sell. Make sure you record your sales accurately and on time so that you know where your business stands. Remember, it’s to help both your business grow so you should be aware of the different types of accounts that you need to maintain. So, we posted a checklist for you to keep in mind for transparency.

About The Founder:

Our Founder, Sita Taylor, is an Associate Accountant, Certified Professional Bookkeeper and holds a degree in marketing. She is also a certified QuickBooks ProAdvisor and a member of the Canadian Payroll Association. FINANCIALS PROCUREMENT LTD BOOKKEEPING PRACTICE was incepted as a result of being unable to utilize her complete expertise and love for numbers as an employee. The primary objective behind starting FINANCIALS PROCUREMENT LTD BOOKKEEPING PRACTICE was to help small and medium-sized businesses with all aspects of their finances.

From day-to-day data entry and bookkeeping to banking reconciling and financial reporting, we provide transparent Accounting and Bookkeeping services to Business Owners. We believe getting to know a company through its finances is similar to getting to know a person - every business is unique. Unlike interpersonal communication, however, numbers also reveal areas for improvement, and therein lies our expertise. In short, we specialize in filing personal and corporate income tax. We provide full-service bookkeeping and tax practice, accounting consultancy and payroll services.

Our services Include: Accounting | Bookkeeping | Taxes | Payroll

Financials Procurement Ltd Bookkeeping Practice serves clients across Rocky Mountain House, Balzac, Crossfield, Bragg Creek, Chestermere, Calgary, Redwood Meadows, Cochrane, Okotoks, Longview, Turner Valley, Black Diamond, Alberta, and the surrounding areas.

Contact FINANCIALS PROCUREMENT LTD BOOKKEEPING PRACTICE - Certified Professional Bookkeeper / QuickBooks ProAdvisor in Calgary, Alberta