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With an affordable fixed monthly fee, you have the luxury of an experienced bookkeeper working for you. We take care of your GST, PST, Payroll, and other government filings. Plus, you have the monthly financial reports to manage your business.
We have designed a simple bookkeeping solution for you. It takes you only a few minutes a day. With this simple solution, we save you time to grow your business. Plus, we save you money on office space, equipment, software, and employee salaries and benefits.
One common mistake small business owners make is that they do not pay enough attention to bookkeeping as much as it truly deserves. Bookkeeping is at the heart of business success. With a clear financial picture, you will be more prepared to drive your business in the right direction. When you have accurate and timely financial reports in front of you, you will be able to answer questions: Am I making money or not? Is my business financially sound or are there troubles ahead? Meaningful and well-organized financial records also enable you to run your business more efficiently and with less stress at tax time.
Another common mistake small business owners make is that they maintain their own books, even though they may work 12 to 14 hours a day. At the beginning, you may want to save money. Or you may feel that you just cannot let it go. But you have to ask yourself: should I spend my valuable time in doing this? How much does this work contribute to the bottom-line of my business? Do I have a better use of my time? Unless you have an accounting background, why spend your valuable time reinventing the wheel? Having a competent bookkeeper to handle the books can be extremely beneficial since they have the skills to do the job accurately and efficiently and will provide a second pair of eyes to find errors and make suggestions. It can also free up your time so you can focus on growing your business.
Successful business owners outsource accounting work to bookkeeping firms so they can spend more time working on their core business activities.
At Advanced Bookkeeping, we have a simple solution to take your business to the next level.
- As paperwork comes in, simply put them in a file / folder. All it takes is a few minutes a day.
- Hand the file /folder to us once a month. We will pick up your file from your office. We process your file in our system and send you the bookkeeping records, up-to-date reports, completed GST/HST, PST, Payroll and WSIB government filing returns.
It is as simple as 1-2-3.
We don’t just record transactions, we look at the whole picture and provide you business financial advice and suggest strategies to help your business prosper and grow. We help you get organized and run your business more efficiently. We make sure your tax returns are filed on time to give you a peace-of-mind. We maximize your write-off to save you taxes.
Here are the great reasons to use our services:
Make more sales and grow your business!
We free up your time so you can concentrate on what you do best.
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Trust Accounts and Law Society rules add complexity to law firm bookkeeping.
Bookkeepers for law firms should possess a good knowledge of accounting and law firm process and procedure. They should also possess above-average analytical skills, as they are often required to identify and rectify discrepancies in the course of their duties.
At Advanced Bookkeeping, we possess experience for law firm bookkeeping.
We help you keep your books and records in accordance with the Law Society rules. Our service provide you peace of mind so you can focus on your practice.
An important decision every lawyer faces in setting up their practice is how to ensure their books and records are maintained in accordance with the requirements of the Law Society.
There is a prevalent notion among lawyers that the bookkeeper’s role is akin to that of a data entry person. Some lawyers may hire a relative for this job or delegate it to a secretary without careful deliberation of their qualifications. Poor books and records lead to costly administrative suspension by the Law Society.
When it comes to the preparation of the monthly trust bank reconciliations and monthly financial reports, you need a good bookkeeper with above-average analytical skills, as they are often required to identify and rectify discrepancies in the course of their duties.
According to the requirements of the Law Society, you must keep the following records for at least ten full fiscal years:
- Trust Receipts Journal
- Trust Disbursements Journal
- Client Trust Ledger
- Monthly Trust Comparisons, including supporting trust bank reconciliations and client trust lists
- Valuable Property Record
- Bank statements or pass books, cashed cheques, and detailed duplicate deposit slips for all trust and general accounts
- Signed electronic trust transfer requisitions and signed printed confirmations of electronic transfers of trust funds
The remaining records should be maintained for six full fiscal years. The records include:
- General Receipts Journal
- General Disbursements Journal
- Fees Journal or chronological file of copies of billings
Generally, accountants or bookkeepers need the following documents to accurately maintain books for law firm.
- Trust accounts bank statements with cancelled cheques.
- General accounts bank statements with cancelled cheques.
- Invoices to clients. (If not posted into PCLaw)
- Bills from suppliers. (If not posted into PCLaw)
- Deposit slips/ book
- Credit card statements used for Business purpose.
- Merchant accounts statements if you accept Credit card from clients. (optional).
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