Bookkeeping isn’t just about recording transactions—it’s about providing the financial information that determines your company’s health. Inaccurate books can lead to poor decision-making and potential issues with the CRA. At Adept Bookkeeping Services, we understand the importance of compliance with Canadian laws and regulations to ensure your small business bookkeeping is accurate and secure.

At Adept, we work with industry-standard software: QuickBooks Online

Our professional services give you peace of mind, knowing that your finances are being managed with accuracy and integrity. We maintain regular communication so you’re always informed about the status of your finances—not just during the annual review. To make things easier, we offer all necessary forms and documentation online, giving you more time to focus on growing your business. While business owners have to juggle many responsibilities, bookkeeping doesn’t have to be one of them.

Let us handle your small business bookkeeping so you can focus on what you do best.

• Sales
• Purchases
• Receipts
• Payments
• Cash/Bank transactions

Accountants can prepare financial statements in three main ways. Audited financial statements are the most comprehensive and involve an accountant giving their professional opinion on the accuracy and reliability of the document. This means the accountant has thoroughly verified that the statement accurately reflects the company’s financial position. These types of statements are often required in certain situations and take the most time to prepare.

Reviewed financial statements, on the other hand, do not require the accountant to give a formal opinion on their accuracy. Instead, the accountant ensures the statements give a reasonable view of the company’s financial situation, but without the extensive verification processes used in audits.

Finally, if a business receives unreviewed and unaudited financial statements, the accountability level is much lower. In these cases, the accountant issues a Notice to Reader, informing users of the financial statements that the information has not been audited or reviewed. Although this is the quickest method, it offers the least security in terms of accuracy.

We provide a range of bookkeeping services, including:

• Accounts Receivable: Invoicing, customer statements, and reconciliation
• Accounts Payable: Data entry, payment processing, and reconciliation
• GST/PST and Payroll Remittances
• Payroll: T4, T4 Summaries, and Workers’ Compensation Employer’s Statement
• Bank Reconciliations and Inventory Adjustments
• Inventory and Manufacturing Accounting: Work-in-Progress (WIP) accounts
• Departmental Bookkeeping

Adept Bookkeeping Services is a full-service accounting agency dedicated to educating our clients so they can make informed financial decisions. Because we also offer accounting services, we can tailor our bookkeeping solutions to meet the unique needs of your business. We focus on creating clear audit trails, ensuring our records hold up to CRA scrutiny and comply with current financial practices.

Adept Bookkeeping Services adheres to Generally Accepted Accounting Principles (GAAP), a recognized set of standards and practices used across Canadian accounting. Since 2011, Canadian GAAP has been integrated into the International Financial Reporting Standards (IFRS) for publicly accountable enterprises. Private businesses have the option to use the Accounting Standards for Private Enterprises (ASPE). We make sure to stay updated on changes to these standards that could impact your business, particularly in the event of an audit.

Our bookkeepers generate reports and conduct financial analysis based on the records they maintain. We understand how confusing financial statements can be, and we take the time to explain them to our clients. Here are the four primary financial statements:

1. Income Statement: Also called the Profit & Loss (P&L) statement, this report tracks revenue and expenses over a specific period.

2. Cash Flow Statement: This statement reflects how changes in the balance sheet impact your cash flow. It shows your inflows and outflows, helping you assess your ability to meet financial obligations.

3. Balance Sheet: Unlike the other statements, the balance sheet provides a snapshot of your company’s assets, liabilities, and equity at a specific point in time.

4. Statement of Changes in Equity: This statement outlines changes in equity from one period to the next, including owner contributions, dividends, and surplus profit.

ways. Audited financial statements are the most comprehensive and involve an accountant giving their professional opinion on the accuracy and reliability of the document. This means the accountant has thoroughly verified that the statement accurately reflects the company’s financial position. These types of statements are often required in certain situations and take the most time to prepare.

Reviewed financial statements, on the other hand, do not require the accountant to give a formal opinion on their accuracy. Instead, the accountant ensures the statements give a reasonable view of the company’s financial situation, but without the extensive verification processes used in audits.

Finally, if a business receives unreviewed and unaudited financial statements, the accountability level is much lower. In these cases, the accountant issues a Notice to Reader, informing users of the financial statements that the information has not been audited or reviewed. Although this is the quickest method, it offers the least security in terms of accuracy.

Businesses are required to set aside funds, known as remittances, to pay the Canada Revenue Agency (CRA). Once reviewed by an accountant, the bookkeeper is responsible for filing these remittances, which include Provincial Sales Tax (PST), Goods and Services Tax (GST), and source deductions. Source deductions refer to amounts like Canada Pension Plan (CPP) contributions and Employment Insurance (EI) premiums, which are withheld from employees’ pay and sent to the CRA.

Bookkeepers also handle invoicing and payroll services for your company.

Our bookkeepers generate reports and conduct financial analysis based on the records they maintain. We understand how confusing financial statements can be, and we take the time to explain them to our clients. Here are the four primary financial statements:

1. Income Statement: Also called the Profit & Loss (P&L) statement, this report tracks revenue and expenses over a specific period.

2. Cash Flow Statement: This statement reflects how changes in the balance sheet impact your cash flow. It shows your inflows and outflows, helping you assess your ability to meet financial obligations.

3. Balance Sheet: Unlike the other statements, the balance sheet provides a snapshot of your company’s assets, liabilities, and equity at a specific point in time.

4. Statement of Changes in Equity: This statement outlines changes in equity from one period to the next, including owner contributions, dividends, and surplus profit.

ways. Audited financial statements are the most comprehensive and involve an accountant giving their professional opinion on the accuracy and reliability of the document. This means the accountant has thoroughly verified that the statement accurately reflects the company’s financial position. These types of statements are often required in certain situations and take the most time to prepare.

Reviewed financial statements, on the other hand, do not require the accountant to give a formal opinion on their accuracy. Instead, the accountant ensures the statements give a reasonable view of the company’s financial situation, but without the extensive verification processes used in audits.

Finally, if a business receives unreviewed and unaudited financial statements, the accountability level is much lower. In these cases, the accountant issues a Notice to Reader, informing users of the financial statements that the information has not been audited or reviewed. Although this is the quickest method, it offers the least security in terms of accuracy.