Do you spend a lot of time in your bookkeeping and accounting tasks?
Would you rather have someone take the burden from you?
Our trained bookkeeping and accounting professionals can take care of all your needs.
Take advantage of our collection of CPAs, Bookkeepers and CFOs. Hire an accountant that specializes in your industry.
Engage a CPA for your organization that can support your organization with the following services:
- Review and Analyze its Bookkeeping Records
- Provide Year-End Adjusting and Closing Entries
- Prepare Year-End Financial Statements and Reports
- Remit Government Year-End Reports (Corporate Tax, T4s and T5s)
- Provide Recommendations for Business Efficiency and Sustainability
Appoint a competent bookkeeper that can benefit your business with the following services:
- Record and Classify Daily Transactions
- File Applicable Submissions
- GST/HST Filing
- WSIB Filing
- Payroll Source Deductions, T4, Records of Employment
- EHT Filing
- Union Reports
Recruit a part time CFO/ Controller that can manage your business finances through:
- Bank Reconciliations
- Cash Reconciliations
- Internal Controls (theft prevention and asset protection)
- Inventory Controls
- Internal Financial Reports
- Company Performance Analysis
How it works
Every organization has unique accounting needs ranging from on-site part-time bookkeepers to full-time CFOs. We offer that flexibility by matching your organization’s needs with qualified candidates that meet your requirements.
We will match you with a candidate that has experience in your industry
Flexible in working on-site or off-site at one of our GTA offices.
Bookkeepers will be supported by professional accountants (CPAs) to handle more complex transactions.
No long-term obligations as unqualified candidates can be re-assign or replaced by our firm
Great service. If you are looking for someone who will take care of your taxes, you have to make sure he/she is the right person, whom you feel 100% comfortable to work with. Their service is very different to what I got from my past accountants. I was quite surprised how much range they could cover for me, and how much they cared about me. They will protect you from any possible mistakes you may make now and in the future. I'm sure you will leave the office with confidence for your future, and smile
Sutha Ratnam from RNS Accounting & Financial Services was very professional and he did an excellent job with filing my taxes. He went over everything in detail and really took the time to explain everything to me. I highly recommend and he will now be my go to guy for any kind of financial services in the future.
I appreciate his attention to detail and answering all of my questions until I understand. Love how transparent his service is. All actions thoroughly explained. Very considerate, responsive, professional and timely. Highly recommended.
ACCOUNTING AND BOOKKEEPING GUIDE
In order for you to set up a bookkeeping system, you need to think about the following four aspects of your business:
Money In (Sales)
Every business generates sales by offering a service like catering or selling a product like clothing. There are two types of sales:
The primary difference between the two is based on when you receive payment from your customer. For example, let’s say a customer comes into your store to purchase a pair of jeans. The customer pays you for the jeans and leaves the store. This is considered a cash sale because both the sale and the payment occurred at the same time, regardless of whether the customer paid with cash, credit card, or debit card.
A credit sale is one where some time passes between when you make the sale and when you receive payment from your customer. This is called a credit sale because you have made a sale “on credit” to your customer, anticipating that they will pay you at a later date
Money Out (Expenses)
As the old adage goes, you’ve got to spend money to make money. With that said, every business generates a variety of expenses. In general, expenses fall into one of the following categories:
2.Non-recurring (unexpected expenses)
For recurring expenses like utilities and rent, you might have those payments automatically deducted from your bank account each month. Then, there are unexpected expenses – like repairs on a car that you use for business – that you may pay for those with a check or debit card.
This is also where you need to have a good system in place to help you keep track of how much you owe to your vendors and suppliers (accounts payable) and when payment is due. Different vendors may extend different payment terms, and a bookkeeping system keeps you organized.
If you sell products, then you want to make sure that you keep track of your inventory purchases, cost, and quantities. In general, you should create a purchase order and send it to your supplier when placing orders. Once you receive the product at your warehouse, it should be verified. Once you have verified all product was received, then you can enter the bill you received from your supplier and pay for the goods before the due date.
Liabilities are not expenses. The primary difference between the two is if you were to go out of business tomorrow, you would no longer have to pay expenses. You would stop making payments for utilities and you would lay off your employees and no longer have payroll expenses.
However, liabilities are outstanding balances that you owe, regardless of whether or not you are in business. For example, if you have a business loan that your bank extended to you, then you would still owe the bank that money until you pay off the loan.
One of the first things you will do when setting up your bookkeeping system is to create a chart of accounts list. The chart of accounts is the backbone of your bookkeeping/accounting system. We will discuss the importance of the chart of accounts and how to properly set one up in the next section.
Get in touch
We would love to hear from you. Reach out via the form below and we will help plan your taxes.