[et_pb_section fb_built=”1″ admin_label=”Hero” _builder_version=”4.23.3″ background_color=”#084666″ use_background_color_gradient=”on” background_color_gradient_direction=”170deg” background_color_gradient_stops=”#084666 1%|rgba(7,53,99,0.8) 100%” background_color_gradient_overlays_image=”on” background_color_gradient_start=”#002e4f” background_color_gradient_start_position=”1%” background_color_gradient_end=”rgba(8,70,102,0.8)” background_image=”https:\/\/adeptbookkeepingservices.com\/wp-content\/uploads\/2024\/09\/pexels-sora-shimazaki-5668877-scaled.jpg” parallax=”on” custom_padding=”|||” global_colors_info=”{}”][et_pb_row _builder_version=”4.27.0″ _module_preset=”default” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.27.0″ _module_preset=”default” global_colors_info=”{}”][et_pb_heading title=”General Bookkeeping” _builder_version=”4.27.0″ _module_preset=”default” title_font=”Aboreto|700|||||||” title_text_align=”center” title_text_color=”#FFFFFF” global_colors_info=”{}”][\/et_pb_heading][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=”1″ theme_builder_area=”post_content” specialty=”on” _builder_version=”4.27.0″ _module_preset=”default”][et_pb_column type=”1_2″ specialty_columns=”2″ theme_builder_area=”post_content”][et_pb_row_inner _builder_version=”4.27.0″ _module_preset=”default” theme_builder_area=”post_content”][et_pb_column_inner saved_specialty_column_type=”1_2″ _builder_version=”4.27.0″ _module_preset=”default” theme_builder_area=”post_content”][et_pb_text _builder_version=”4.27.0″ _module_preset=”default” theme_builder_area=”post_content” hover_enabled=”0″ sticky_enabled=”0″]<\/p>\n
At Adept Bookkeeping Services, we specialize in small business bookkeeping. With the Canada Revenue Agency (CRA) now placing increased emphasis on proper documentation and line audits, it’s crucial to maintain accurate records. We provide our clients with detailed audit trails, offering protection against potential fines or penalties that could arise from something as simple as a small error or missing record. Let a professional handle your bookkeeping to avoid costly mistakes.<\/p>\n
[\/et_pb_text][\/et_pb_column_inner][\/et_pb_row_inner][\/et_pb_column][et_pb_column type=”1_2″ theme_builder_area=”post_content”][et_pb_image src=”https:\/\/adeptbookkeepingservices.com\/wp-content\/uploads\/2024\/11\/Books.png” _builder_version=”4.27.0″ _module_preset=”default” theme_builder_area=”post_content” title_text=”Books” hover_enabled=”0″ sticky_enabled=”0″][\/et_pb_image][\/et_pb_column][\/et_pb_section][et_pb_section fb_built=”1″ theme_builder_area=”post_content” _builder_version=”4.27.0″ _module_preset=”default”][et_pb_row _builder_version=”4.27.0″ _module_preset=”default” theme_builder_area=”post_content”][et_pb_column _builder_version=”4.27.0″ _module_preset=”default” type=”4_4″ theme_builder_area=”post_content”][et_pb_text _builder_version=”4.27.0″ _module_preset=”default” theme_builder_area=”post_content” hover_enabled=”0″ sticky_enabled=”0″]<\/p>\n
Bookkeeping involves the day-to-day recording of all your company\u2019s financial transactions. As Bookkeepers, we maintain various ledgers, such as the general ledger, customer ledger, supplier ledger, and daybooks, which document transactions as they happen. These records are supported by source documents like employee timecards, receipts, or supplier invoices.<\/p>\n
[\/et_pb_text][\/et_pb_column][\/et_pb_row][et_pb_row _builder_version=”4.27.0″ _module_preset=”default” column_structure=”1_4,1_4,1_4,1_4″ theme_builder_area=”post_content”][et_pb_column _builder_version=”4.27.0″ _module_preset=”default” type=”1_4″ theme_builder_area=”post_content”][et_pb_blurb title=”One-on-one Expert Support” image=”https:\/\/adeptbookkeepingservices.com\/wp-content\/uploads\/2024\/11\/undraw_Chat_bot_re_e2gj-1.png” _builder_version=”4.27.0″ _module_preset=”default” theme_builder_area=”post_content” title_text=”undraw_Chat_bot_re_e2gj (1)” header_text_color=”#E02B20″ header_text_align=”center” hover_enabled=”0″ sticky_enabled=”0″][\/et_pb_blurb][\/et_pb_column][et_pb_column _builder_version=”4.27.0″ _module_preset=”default” type=”1_4″ theme_builder_area=”post_content”][et_pb_blurb title=”Financial Reporting” image=”https:\/\/adeptbookkeepingservices.com\/wp-content\/uploads\/2024\/11\/undraw_Resume_folder_re_e0bi.png” _builder_version=”4.27.0″ _module_preset=”default” theme_builder_area=”post_content” hover_enabled=”0″ sticky_enabled=”0″ title_text=”undraw_Resume_folder_re_e0bi” image_icon_width=”100%” header_text_align=”center” header_text_color=”#E02B20″][\/et_pb_blurb][\/et_pb_column][et_pb_column _builder_version=”4.27.0″ _module_preset=”default” type=”1_4″ theme_builder_area=”post_content”][et_pb_blurb title=”In-dept Insights” image=”https:\/\/adeptbookkeepingservices.com\/wp-content\/uploads\/2024\/11\/undraw_Data_trends_re_2cdy.png” _builder_version=”4.27.0″ _module_preset=”default” theme_builder_area=”post_content” hover_enabled=”0″ sticky_enabled=”0″ title_text=”undraw_Data_trends_re_2cdy” header_text_color=”#E02B20″ header_text_align=”center” image_icon_width=”87%”][\/et_pb_blurb][\/et_pb_column][et_pb_column _builder_version=”4.27.0″ _module_preset=”default” type=”1_4″ theme_builder_area=”post_content”][et_pb_blurb title=”Stress-free Tax season” image=”https:\/\/adeptbookkeepingservices.com\/wp-content\/uploads\/2024\/11\/undraw_Progress_data_re_rv4p.png” _builder_version=”4.27.0″ _module_preset=”default” theme_builder_area=”post_content” hover_enabled=”0″ sticky_enabled=”0″ title_text=”undraw_Progress_data_re_rv4p” image_icon_width=”87%” text_orientation=”center” header_text_color=”#E02B20″ header_text_align=”center”][\/et_pb_blurb][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=”1″ theme_builder_area=”post_content” _builder_version=”4.27.0″ _module_preset=”default” custom_padding=”||0px|||”][et_pb_row _builder_version=”4.27.0″ _module_preset=”default” theme_builder_area=”post_content” custom_padding=”||14px|||”][et_pb_column _builder_version=”4.27.0″ _module_preset=”default” type=”4_4″ theme_builder_area=”post_content”][et_pb_divider _builder_version=”4.27.0″ _module_preset=”default” theme_builder_area=”post_content” hover_enabled=”0″ sticky_enabled=”0″][\/et_pb_divider][et_pb_heading title=”FAQ” _builder_version=”4.27.0″ _module_preset=”default” theme_builder_area=”post_content” title_font=”|–et_global_heading_font_weight|||||||” title_text_color=”#0C71C3″ hover_enabled=”0″ sticky_enabled=”0″][\/et_pb_heading][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=”1″ theme_builder_area=”post_content” _builder_version=”4.27.0″ _module_preset=”default” custom_padding=”0px|||||”][et_pb_row _builder_version=”4.27.0″ _module_preset=”default” theme_builder_area=”post_content” custom_padding=”0px|||||”][et_pb_column _builder_version=”4.27.0″ _module_preset=”default” type=”4_4″ theme_builder_area=”post_content”][et_pb_toggle title=”Why is Professional Bookkeeping Important?” _builder_version=”4.27.0″ _module_preset=”default” theme_builder_area=”post_content” hover_enabled=”0″ sticky_enabled=”0″ toggle_icon=”;||divi||400″ icon_color=”#0C71C3″ closed_toggle_background_color__hover_enabled=”off|desktop”]<\/p>\n
Bookkeeping isn\u2019t just about recording transactions\u2014it\u2019s about providing the financial information that determines your company\u2019s 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.<\/p>\n
[\/et_pb_toggle][et_pb_toggle title=”What Software Do We Use?” _builder_version=”4.27.0″ _module_preset=”default” theme_builder_area=”post_content” hover_enabled=”0″ sticky_enabled=”0″ toggle_icon=”;||divi||400″ icon_color=”#0C71C3″ closed_toggle_background_color__hover_enabled=”off|desktop”]<\/p>\n
At Adept, we work with industry-standard software: QuickBooks Online<\/strong><\/p>\n [\/et_pb_toggle][et_pb_toggle title=”Why Choose Adept Bookkeeping Services?” _builder_version=”4.27.0″ _module_preset=”default” theme_builder_area=”post_content” hover_enabled=”0″ sticky_enabled=”0″ toggle_icon=”;||divi||400″ icon_color=”#0C71C3″ closed_toggle_background_color__hover_enabled=”off|desktop”]<\/p>\n 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\u2014not 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\u2019t have to be one of them.<\/p>\n Let us handle your small business bookkeeping so you can focus on what you do best.<\/p>\n [\/et_pb_toggle][et_pb_toggle title=”What Records Are Part of Bookkeeping?” _builder_version=”4.27.0″ _module_preset=”default” theme_builder_area=”post_content” hover_enabled=”0″ sticky_enabled=”0″ toggle_icon=”;||divi||400″ icon_color=”#0C71C3″ closed_toggle_background_color__hover_enabled=”off|desktop”]<\/p>\n [\/et_pb_toggle][et_pb_toggle title=”Different Types of Financial Statements” _builder_version=”4.27.0″ _module_preset=”default” theme_builder_area=”post_content” hover_enabled=”0″ sticky_enabled=”0″ toggle_icon=”;||divi||400″ icon_color=”#0C71C3″ closed_toggle_background_color__hover_enabled=”off|desktop”]<\/p>\n Accountants can prepare financial statements in three main ways. Audited financial statements<\/strong> 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\u2019s financial position. These types of statements are often required in certain situations and take the most time to prepare.<\/p>\n Reviewed financial statements<\/strong>, 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\u2019s financial situation, but without the extensive verification processes used in audits.<\/p>\n Finally, if a business receives unreviewed and unaudited financial statements<\/strong>, the accountability level is much lower. In these cases, the accountant issues a Notice to Reader<\/strong>, 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.<\/p>\n [\/et_pb_toggle][et_pb_toggle title=”What Adept Bookkeeping Services Offers” _builder_version=”4.27.0″ _module_preset=”default” theme_builder_area=”post_content” hover_enabled=”0″ sticky_enabled=”0″ toggle_icon=”;||divi||400″ icon_color=”#0C71C3″ closed_toggle_background_color__hover_enabled=”off|desktop”]<\/p>\n We provide a range of bookkeeping services, including:<\/p>\n 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.<\/p>\n [\/et_pb_toggle][et_pb_toggle title=”Standards We Follow” _builder_version=”4.27.0″ _module_preset=”default” theme_builder_area=”post_content” hover_enabled=”0″ sticky_enabled=”0″ toggle_icon=”;||divi||400″ icon_color=”#0C71C3″ closed_toggle_background_color__hover_enabled=”off|desktop”]<\/p>\n Adept Bookkeeping Services adheres to Generally Accepted Accounting Principles (GAAP)<\/strong>, 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)<\/strong> for publicly accountable enterprises. Private businesses have the option to use the Accounting Standards for Private Enterprises (ASPE)<\/strong>. We make sure to stay updated on changes to these standards that could impact your business, particularly in the event of an audit.<\/p>\n [\/et_pb_toggle][et_pb_toggle title=”What Does Small Business Bookkeeping Include?” _builder_version=”4.27.0″ _module_preset=”default” theme_builder_area=”post_content” hover_enabled=”0″ sticky_enabled=”0″ toggle_icon=”;||divi||400″ icon_color=”#0C71C3″ closed_toggle_background_color__hover_enabled=”off|desktop”]<\/p>\n 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:<\/p>\n Income Statement<\/strong>: Also called the Profit & Loss (P&L) statement, this report tracks revenue and expenses over a specific period.<\/p>\n<\/li>\n Cash Flow Statement<\/strong>: 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.<\/p>\n<\/li>\n Balance Sheet<\/strong>: Unlike the other statements, the balance sheet provides a snapshot of your company\u2019s assets, liabilities, and equity at a specific point in time.<\/p>\n<\/li>\n Statement of Changes in Equity<\/strong>: This statement outlines changes in equity from one period to the next, including owner contributions, dividends, and surplus profit.<\/p>\n<\/li>\n<\/ol>\n ways. Audited financial statements<\/strong> 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\u2019s financial position. These types of statements are often required in certain situations and take the most time to prepare.<\/p>\n Reviewed financial statements<\/strong>, 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\u2019s financial situation, but without the extensive verification processes used in audits.<\/p>\n Finally, if a business receives unreviewed and unaudited financial statements<\/strong>, the accountability level is much lower. In these cases, the accountant issues a Notice to Reader<\/strong>, 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.<\/p>\n [\/et_pb_toggle][et_pb_toggle title=”Filing Remittances” _builder_version=”4.27.0″ _module_preset=”default” theme_builder_area=”post_content” hover_enabled=”0″ sticky_enabled=”0″ toggle_icon=”;||divi||400″ icon_color=”#0C71C3″ closed_toggle_background_color__hover_enabled=”off|desktop”]<\/p>\n 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<\/strong> 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.<\/p>\n Bookkeepers also handle invoicing and payroll services for your company.<\/p>\n [\/et_pb_toggle][et_pb_toggle title=”What Does Small Business Bookkeeping Include?” _builder_version=”4.27.0″ _module_preset=”default” theme_builder_area=”post_content” hover_enabled=”0″ sticky_enabled=”0″ toggle_icon=”;||divi||400″ icon_color=”#0C71C3″ closed_toggle_background_color__hover_enabled=”off|desktop”]<\/p>\n 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:<\/p>\n Income Statement<\/strong>: Also called the Profit & Loss (P&L) statement, this report tracks revenue and expenses over a specific period.<\/p>\n<\/li>\n Cash Flow Statement<\/strong>: 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.<\/p>\n<\/li>\n Balance Sheet<\/strong>: Unlike the other statements, the balance sheet provides a snapshot of your company\u2019s assets, liabilities, and equity at a specific point in time.<\/p>\n<\/li>\n Statement of Changes in Equity<\/strong>: This statement outlines changes in equity from one period to the next, including owner contributions, dividends, and surplus profit.<\/p>\n<\/li>\n<\/ol>\n ways. Audited financial statements<\/strong> 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\u2019s financial position. These types of statements are often required in certain situations and take the most time to prepare.<\/p>\n Reviewed financial statements<\/strong>, 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\u2019s financial situation, but without the extensive verification processes used in audits.<\/p>\n Finally, if a business receives unreviewed and unaudited financial statements<\/strong>, the accountability level is much lower. In these cases, the accountant issues a Notice to Reader<\/strong>, 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.<\/p>\n [\/et_pb_toggle][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=”1″ _builder_version=”4.27.0″ _module_preset=”default” custom_padding=”||4px|||” global_colors_info=”{}” disabled_on=”on|on|on” disabled=”on”][et_pb_row _builder_version=”4.27.0″ _module_preset=”default” custom_margin=”|auto|56px|auto||” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.27.0″ _module_preset=”default” global_colors_info=”{}”][et_pb_text _builder_version=”4.27.0″ _module_preset=”default” text_orientation=”justified” global_colors_info=”{}” disabled_on=”on|on|on” disabled=”on”]<\/p>\n At Adept Bookkeeping Services, we specialize in small business bookkeeping. With the Canada Revenue Agency (CRA) now placing increased emphasis on proper documentation and line audits, it’s crucial to maintain accurate records. We provide our clients with detailed audit trails, offering protection against potential fines or penalties that could arise from something as simple as a small error or missing record. Let a professional handle your bookkeeping to avoid costly mistakes.<\/p>\n Accounting, which encompasses bookkeeping, is often referred to as the language of business. It involves measuring, processing, and communicating financial data about your company. Bookkeeping is the foundation of this process\u2014it helps you track the resources, their funding, and the results generated. Just as you would see a doctor to ensure your physical health, it\u2019s important to regularly consult your accountant to keep your business\u2019s financial health in check. At Adept Bookkeeping Services, we act as your financial advisor to help you stay on top of your business\u2019s finances.<\/p>\n [\/et_pb_text][et_pb_divider _builder_version=”4.27.0″ _module_preset=”default” global_colors_info=”{}”][\/et_pb_divider][et_pb_text _builder_version=”4.27.0″ _module_preset=”default” global_colors_info=”{}” disabled_on=”on|on|on” disabled=”on”]<\/p>\n Bookkeeping involves the day-to-day recording of all your company\u2019s financial transactions. Bookkeepers maintain various ledgers, such as the general ledger, customer ledger, supplier ledger, and daybooks, which document transactions as they happen. These records are supported by source documents like employee timecards, receipts, or supplier invoices.<\/p>\n In addition to recording transactions, bookkeepers balance the books. This means ensuring that all accounts and ledgers match. Any discrepancies could be the result of an error, such as a missing transaction, or could indicate issues with finances, such as an uncashed check. Adept\u2019s bookkeepers work closely with accountants and understand the importance of detail\u2014software alone can’t catch everything. A bookkeeper needs to know when to expense items, how to classify expenses, and what taxes are applicable. The complexity of the bookkeeping process depends on the size of your business and the volume of transactions.<\/p>\n [\/et_pb_text][et_pb_divider _builder_version=”4.27.0″ _module_preset=”default” global_colors_info=”{}” disabled_on=”on|on|on” disabled=”on”][\/et_pb_divider][et_pb_text _builder_version=”4.27.0″ _module_preset=”default” global_colors_info=”{}”]<\/p>\n Bookkeeping isn\u2019t just about recording transactions\u2014it\u2019s about providing the financial information that determines your company\u2019s 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.<\/p>\n [\/et_pb_text][\/et_pb_column][\/et_pb_row][et_pb_row _builder_version=”4.27.0″ _module_preset=”default” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.27.0″ _module_preset=”default” global_colors_info=”{}”][et_pb_image src=”https:\/\/adeptbookkeepingservices.com\/wp-content\/uploads\/2024\/10\/pexels-kindelmedia-7054757-scaled.jpg” title_text=”pexels-kindelmedia-7054757″ _builder_version=”4.27.0″ _module_preset=”default” global_colors_info=”{}”][\/et_pb_image][\/et_pb_column][\/et_pb_row][et_pb_row column_structure=”1_2,1_2″ _builder_version=”4.27.0″ _module_preset=”default” global_colors_info=”{}” disabled_on=”on|on|on” disabled=”on”][et_pb_column type=”1_2″ _builder_version=”4.27.0″ _module_preset=”default” global_colors_info=”{}”][et_pb_text _builder_version=”4.27.0″ _module_preset=”default” global_colors_info=”{}”]<\/p>\n [\/et_pb_text][et_pb_divider _builder_version=”4.27.0″ _module_preset=”default” global_colors_info=”{}”][\/et_pb_divider][et_pb_text _builder_version=”4.27.0″ _module_preset=”default” global_colors_info=”{}”]<\/p>\n Accountants can prepare financial statements in three main ways. Audited financial statements<\/strong> 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\u2019s financial position. These types of statements are often required in certain situations and take the most time to prepare.<\/p>\n Reviewed financial statements<\/strong>, 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\u2019s financial situation, but without the extensive verification processes used in audits.<\/p>\n Finally, if a business receives unreviewed and unaudited financial statements<\/strong>, the accountability level is much lower. In these cases, the accountant issues a Notice to Reader<\/strong>, 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.<\/p>\n [\/et_pb_text][et_pb_divider _builder_version=”4.27.0″ _module_preset=”default” global_colors_info=”{}”][\/et_pb_divider][et_pb_text _builder_version=”4.27.0″ _module_preset=”default” global_colors_info=”{}”]<\/p>\n We provide a range of bookkeeping services, including:<\/p>\n 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.<\/p>\n [\/et_pb_text][et_pb_divider _builder_version=”4.27.0″ _module_preset=”default” global_colors_info=”{}”][\/et_pb_divider][et_pb_text _builder_version=”4.27.0″ _module_preset=”default” global_colors_info=”{}”]<\/p>\n Adept Bookkeeping Services adheres to Generally Accepted Accounting Principles (GAAP)<\/strong>, 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)<\/strong> for publicly accountable enterprises. Private businesses have the option to use the Accounting Standards for Private Enterprises (ASPE)<\/strong>. We make sure to stay updated on changes to these standards that could impact your business, particularly in the event of an audit.<\/p>\n [\/et_pb_text][et_pb_divider _builder_version=”4.27.0″ _module_preset=”default” global_colors_info=”{}”][\/et_pb_divider][\/et_pb_column][et_pb_column type=”1_2″ _builder_version=”4.27.0″ _module_preset=”default” global_colors_info=”{}”][et_pb_text _builder_version=”4.27.0″ _module_preset=”default” global_colors_info=”{}”]<\/p>\n 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:<\/p>\n Income Statement<\/strong>: Also called the Profit & Loss (P&L) statement, this report tracks revenue and expenses over a specific period.<\/p>\n<\/li>\n Cash Flow Statement<\/strong>: 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.<\/p>\n<\/li>\n Balance Sheet<\/strong>: Unlike the other statements, the balance sheet provides a snapshot of your company\u2019s assets, liabilities, and equity at a specific point in time.<\/p>\n<\/li>\n Statement of Changes in Equity<\/strong>: This statement outlines changes in equity from one period to the next, including owner contributions, dividends, and surplus profit.<\/p>\n<\/li>\n<\/ol>\n [\/et_pb_text][et_pb_divider _builder_version=”4.27.0″ _module_preset=”default” global_colors_info=”{}”][\/et_pb_divider][et_pb_text _builder_version=”4.27.0″ _module_preset=”default” global_colors_info=”{}”]<\/p>\n 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<\/strong> 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.<\/p>\n Bookkeepers also handle invoicing and payroll services for your company.<\/p>\n [\/et_pb_text][et_pb_divider _builder_version=”4.27.0″ _module_preset=”default” global_colors_info=”{}”][\/et_pb_divider][et_pb_text _builder_version=”4.27.0″ _module_preset=”default” global_colors_info=”{}”]<\/p>\n At Adept, we work with industry-standard software: QuickBooks Online<\/strong><\/p>\n [\/et_pb_text][et_pb_text _builder_version=”4.27.0″ _module_preset=”default” global_colors_info=”{}”]<\/p>\n 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\u2014not 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. 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We are here to assist you in navigating the complexities of your business\u2019s financial landscape with precision and expertise<\/span>.<\/em><\/p>\n [\/et_pb_text][\/et_pb_column][\/et_pb_row][et_pb_row column_structure=”1_2,1_2″ _builder_version=”4.27.0″ _module_preset=”default” global_colors_info=”{}”][et_pb_column type=”1_2″ _builder_version=”4.27.0″ _module_preset=”default” global_colors_info=”{}”][et_pb_blurb title=”M-F: 9am-6pm, Sat: 10am-4pm, Sun: Closed” use_icon=”on” font_icon=”||divi||400″ icon_color=”#ffffff” icon_placement=”left” image_icon_width=”20px” content_max_width=”1100px” _builder_version=”4.23.3″ header_font=”Montserrat|500|||||||” header_font_size=”16px” header_line_height=”1.5em” body_font=”||||||||” body_font_size=”16px” body_line_height=”2em” background_layout=”dark” custom_margin=”||20px|” custom_margin_tablet=”|||” custom_margin_phone=”|||0px” custom_margin_last_edited=”off|desktop” animation=”off” icon_font_size=”20px” locked=”off” global_colors_info=”{}”][\/et_pb_blurb][\/et_pb_column][et_pb_column type=”1_2″ _builder_version=”4.27.0″ _module_preset=”default” global_colors_info=”{}”][et_pb_blurb title=”Hello@adeptbookkeepingservices.com” use_icon=”on” font_icon=”||divi||400″ icon_color=”#ffffff” icon_placement=”left” image_icon_width=”20px” content_max_width=”1100px” _builder_version=”4.23.3″ header_font=”Montserrat|500|||||||” header_font_size=”16px” header_line_height=”1.5em” body_font=”||||||||” body_font_size=”16px” body_line_height=”2em” background_layout=”dark” custom_margin=”||20px|” custom_margin_tablet=”|||” custom_margin_phone=”|||0px” custom_margin_last_edited=”off|desktop” animation=”off” icon_font_size=”20px” locked=”off” global_colors_info=”{}”][\/et_pb_blurb][\/et_pb_column][\/et_pb_row][\/et_pb_section]<\/p>\n","protected":false},"excerpt":{"rendered":" Adept Bookkeeping At Adept Bookkeeping Services, we specialize in small business bookkeeping. 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Adept Bookkeeping<\/strong><\/span><\/h3>\n
What Do Bookkeepers Do?<\/strong><\/span><\/h3>\n
Why is Professional Bookkeeping Important?<\/strong><\/span><\/h3>\n
What Records Are Part of Bookkeeping?<\/strong><\/span><\/h3>\n
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Different Types of Financial Statements<\/strong><\/span><\/h3>\n
What Adept Bookkeeping Services Offers<\/strong><\/span><\/h3>\n
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Standards We Follow<\/strong><\/span><\/h3>\n
What Does Small Business Bookkeeping Include?<\/strong><\/span><\/h3>\n
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Filing Remittances<\/strong><\/span><\/h3>\n
Software We Use<\/strong><\/span><\/h3>\n
Why Choose Adept Bookkeeping Services?<\/strong><\/span><\/h3>\n
Contact Us<\/h2>\n
Contact Us<\/h2>\n