Small businesses are the foundation of our economy employing between 1 and 99 people. In 2019, small businesses accounted for 68% of the total private labour force. Your contributions as small business owners, operators, and managers are vital to the economy.
We understand that reliable information is critical for you to make the right decisions and that starts with a strong accounting system to support your business. This will provide you with the financial backbone to support the business to give you the financial results so your decisions are based on concrete information. For us, your accounting system is not just a bunch of transactions. We go above and beyond standard bookkeeping and accounting services to truly understand your business and provide full-cycle accounting that touches on all aspects of your business while providing flexibility with services scaled to match your current needs and those of the future.
Part of SB Advisory
Through SB Advisory, small businesses gain access and insights with four core areas of expertise:
- Virtual CFO Services
- Financial Management Accounting (Full Cycle Accounting)
- ERP Project Management
- Operations Management
Our Small Business Accounting Services
Offering flexibility to small businesses with a suite of accounting services that can be scaled to meet your needs. Our small business accounting solutions include full-cycle accounting services designed to manage all aspects of your accounting system. Our service will get you organized so you can focus on your business to meet its goals.
Billing and Accounts Receivable
Invoicing and accounts receivable are critical to businesses. Poor management of these systems can have negative impacts to cash flow which is critical to business operations. We focus on this to keep your customer accounts current and up-to-date by being consistent and accurate including
- Enterprise reports
- Cash application
- Customer follow up for payment
- Query resolution
- Credit memos
- Email support
Cash and the General Ledger
Your bank account and the daily transactions that occur each day form the basis for the general ledger. If these transactions are not recorded accurately and balanced, it will impact almost all aspects of the data in your financial reporting. Our services include:
- Bank reconciliations
- Standard journals
- Profit and Loss Analysis
- Fixed asset accounting
- Capital spending budgets
Payroll and Government Remittances
Ensure your accounts are current and compliant with CRA requirements.
- Process payroll
- Preparation of government remittances and returns
- Reconciliation of accounts
Stay on top of invoices and on good terms with suppliers and vendors.
- Invoice processing
- Cheque runs
- Vendor reconciliations
- Vendor queries
- Management System (DMS)
- Internal approvals (authorization matrix)
- Email support
- Credit card entries
Management Pack and Key Performance Indicators (“KPI”)
Staying on top of your small business accounting depends on knowing your numbers. Our management pack will provide you with the information to see the results of your business. Our key performance indicator will assess the health of your business so you can easily see what is happening and where you need to focus your efforts. We provide:
- Balance Sheet
- Income statement
- Cash flow statement
- Full period trial balance
- Reports in MS-Excel format/customer reporting formats
- BU performance reports
- Trend analysis
Year-End and Closing
Some businesses view the year-end as a daunting task that they need to deal with every year. This may be the case if you are not preparing the information correctly as the year progresses. By increasing the emphasis on your day to day accounting and preparing the information correctly, the task of year end becomes simplified. In addition, the risk of significant changes is the results are reduced dramatically. We assist by:
- Preparing year-end internal financial statements
- Compiling supporting schedules for year-end
- Completing any necessary accruals
- Liaising with your SB Partners accounting team on the completion of your year-end financial statements and tax returns
Benefits Of Small Business Accounting
We offer small businesses the best in client service. By working with us you will be able to spend more time working on your business, have access to a group of experienced accountants and advisors, and confidence in your financial reporting.
Who We Work With
- Emerging companies
- High-net worth individuals
When you hire a CPA, you know you are getting an accredited individual that has in-depth knowledge of accounting, assurance, and taxation rules. A CPA also brings perspective from years of experience working with different companies and different industries.
A CPA is a good investment for any business.
A general ledger is your listing of every single transaction that has gone through your organization. It is maintained over the year by recording transactions as they occur. This can be done using computers (Quick Books) or by manual means (excel, ledger books).
A business entity, such as a corporation, is a separate legal entity by law. As a result, it is required to maintain its own books and records separate from its shareholders to be able to report its business activities and file its own income tax return.
It is important not to mix personal transactions with business transactions as this can lead to reporting errors for both the corporation and individual and may create potential for significant taxation issues.
Yes, that would be preferred. However, if you are not comfortable organizing your own records, we can help provide solutions to assist you through the process.
Having organized records results in more efficient preparation of your year-end financial statements and lower fees.