Accounting & Bookkeeping


Accounting

Accounting Principles and Concepts are a pair of comprehensive agreements which were invented to support financial reporting. As financial coverage involves important professional decisions by accountants, those theories and fundamentals make sure the users of financial information aren't misled by the adoption of accounting practices and policies which are not in accordance with accountancy profession. Applicants should consciously consider if the accounting treatments adopted are in agreement with the accounting principles and theories.

Bookkeeping

Bookkeeping, as far as a company is concerned, is just the record of financial transactions. Transactions comprise purchases, sales, receipts and obligations by a company or person. A lot of people wrongly consider accounting and bookkeeping to be exactly the same. This confusion is reasonable since the bookkeeping procedure contains the accounting feature, but is only one area of this bookkeeping procedure. The accountant creates reports by the listed financial transactions that the book keeper listed and records forms together with government bureaus. There are a number of basic procedures of accounting, such as, the single entry accounting system and also the double entry accounting system. However, while these procedures might be viewed as "real" accounting, almost any procedure that includes the listing of financial transactions can be really just a bookkeeping procedure.

A bookkeeper usually performs bookkeeping. A bookkeeper, also called a bookkeeping clerk or bookkeeping tech, is somebody who records the daily financial transactions of a company. A book keeper is normally accountable for writing the "daybooks". The daybooks contain purchases, receipts, sales, and obligations. The book keeper is accountable for ensuring all trades are listed in the right day book, general ledger, customer ledger or supplier ledger. The bookkeeper helps the books to step into the trial balance period. We provide bookkeeping services employing strategies which lower your tax refunds and also we deal with your own business for tax and management. You don't need to be worried about doing it.

These solutions are included:

  • Income statement and balance sheet
  • Government reports and forms as needed
  • Expenses and income situation
  • Cash receipts control
  • Cash and accrual method
  • Depreciation
  • Bank reconciliation
  • Ledger
  • Journal
  • Double entry system
  • Daybooks
  • Chart accounts

Would you like us to investigate your enterprise situation? Contact us to get free information.

  (416) 925-2927
  info@globaltaxation.ca

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