If You are a business owner or an entrepreneur, you are definitely aware that bookkeeping and taxation in the important pillars of a business. If it is not done correctly, it creates a huge problem for a business.  At SJT CPA, our team is on a mission to take all of your burden of bookkeeping and taxation so that you can focus on the other important aspects of the business. We are providing the best bookkeeping and taxation services in Montreal. In this guide, we will deepen your understanding of both bookkeeping and taxation services in Montreal.

Understating Bookkeeping in Detail

Bookkeeping is a very important aspect of company finances. It impacts your company's growth and profitability. It is basically a process of recording and managing the company's financial transactions. The main responsibilities of a bookkeeper are of an accounting firm in Montreal to collect information and turn it into reports that show how the business is performing. Additionally, it also helps in invoicing, paying bills, filing tax returns, measuring performance metrics, and much more. It also helps in strategic guidance.  It is used in each and every business, whether it is a sole proprietorship, partnership, limited liability company or corporation.

Function Of a Bookkeeping

The main function of the booking is to measure all the money that comes in and out of a business. It offers a right to pay or collect the funds. The financial transactions handled by the bookkeeping are

  • Overdue Payments
  • Record and tracking of employee payroll actions
  • Invoices tracked - Suppliers, contractors, and others
  • Invoices - Goods sold
  • Bank reconciliation statement
  • Credit invoice - Vendors. Contactors and others
  • Accountant data or CPA
  • Depreciation and Bad Debts

Importance of Bookkeeping

Incorporating accounting software in business makes your bookkeeping work easier. Here are the points that cover the importance of bookkeeping.

  • It helps to separate your personal funds from corporate funds, which shows you are not responsible for business problems and issues.
  • Managing the bank reconciliation statement helps to discover the crucial financial mistakes in the business.
  • It provides you an opportunity to strengthen and adjust the operations by monitoring the financial health of the company.
  • Tax bookkeeping in Montreal simplifies your business finances.

The different types of bookkeeping are account receivables, accounts payable, loan payable accounts, cash accounts, owners' equity accounts, retained earnings accounts, payroll expenses accounts, purchasing accounts, sales accounts, inventory accounts, and more.

Taxation Services in Montreal

 At SJT CPA, our team is on a mission to make life easier for business owners and entrepreneurs by taking charge of the entire process. As we all know, companies that are established in Canada or Montreal must comply with Canadian tax regulations, which are strictly governed by the CRA (Canada Revenue Agency) or provincial authorities.

This a very complex process and you need to hire an expert to resolve this.

For more information regarding accounting and taxation, you can visit their official website.