What is Bookkeeping?
A bookkeeper is someone who keeps records of a business’s financial transactions. They are responsible for entering expenses and invoices, sorting receipts, and creating accounting journal entries following the double entry bookkeeping system. Good bookkeepers can categorize financial transactions within your chart of accounts to follow international financial reporting standards (IFRS) in Canada, or generally accepted accounting principles (GAAP) in the USA.
Bookkeepers need to be able to think critically, as their work can affect the financial stability of a business. They should also be organized and have strong attention to detail to keep the income statement and balance sheet orderly. Bookkeeping is an important part of any business and is often the first line of defence in preventing fraud. The oversight of a Certified Management Accountant (CMA) is recommended to maintain the accuracy and completeness of a company’s financial books.
What is Payroll?
Any business with employees, even a small business with 1 or 2, need to be aware of payroll management, which is the process of setting up and managing employee’s pay. This includes much more than calculating wages and sending paychecks, hiring a remote firm with the payroll knowledge to make setup and management quick and easy can be greatly beneficial.
There are many key things to keep in mind when setting up payroll:
- Payroll scheduling.
- Choosing between employees and independent contractors.
- Deductions for tax and benefits purposes.
- Employer and employee payments for pensions plans, and the types of plans.
- Registering a payroll account with the federal government.
- Employers must also file various tax returns with the federal government, such as the T4 and T4A slips.
- Insurance payments such as: Unemployment, Life, Accidental death and Dismemberment, Health, Dental, E.A.P, and Critical Illness.
Why use a remote Bookkeeping/Payroll specialist?
Bookkeeping can be a time-consuming and expensive task, that’s where a remote bookkeeping and payroll service can help. By outsourcing your bookkeeping and payroll needs to Zillion Solutions, you can save on the cost of hiring an employee, and save your valuable time for something else, while enjoying all of the benefits of having an entire team of experts at your disposal.
A remote bookkeeping and payroll expert can help you with a variety of tasks, including:
- Preparing and filing taxes
- Handling payroll
- Managing invoices and payments
- Tracking inventory and expenses
Which accounting software should I use?
When it comes to accounting software, Quickbooks Online is our choice for most clients. It’s easily accessible from anywhere, letting us begin managing your finances right away. Quickbooks Online offers a variety of features including taxes, GST tracking, receivables, payables, customer management, employee management, payroll/benefits, and inventory. It’s a powerful program that is easy to understand for business owners, with everything an accountant needs to keep your finances in check. If you’re looking for a comprehensive accounting software that is easy to use, Quickbooks Online is a perfect choice.
What if I currently use a different program?
If you are currently using a different program than Quickbooks Online, don’t worry – Zillion Solutions can more than likely accommodate your needs. Ideally, we can migrate your existing records over to Quickbooks Online. Otherwise, depending on your current accounting setup, programs like SAGE and Quickbooks Desktop may require us to have physical access to the computer where they are installed, though we have utilized remote desktop access for these before. Payroll software like Payworks and Payweb are already online and we would only need to log in.
We highly recommend contacting us for a consultation whatever your current setup may be. We can use your current system setup or put together a new one specific to your business. No matter the situation, our team at Zillion Solutions will work with you to move forward.
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