Accounting services
Bloom Bookkeeping serves all sizes of businesses across Alberta with custom cloud packages to fit your needs.
Data Processing
This is the careful entering of each transaction whether it is a loan payment, receipt for purchases, invoice from a vendor or payment from a customer. The key to data entry is frequently and accurately classifying each transaction. Categories can and should be customized to your business. You need these transactions for your tax compliance of course but breaking down transactions into custom categories can help business owners see trends and changes in their business more vividly.
Reconciliations
Matching every transaction in your accounting software is vital for compliance with CRA but it also can catch any unusual transactions caused by fraud or accounting errors. This is vital to maintaining the integrity of your books. Every bank, credit or loan account needs to be reconciled and should be done regularly.
Year End Preparation
Even when your books are well maintained throughout the year there is always review and adjustments to make at year end. Every account is carefully reviewed and odds and ends items are addressed. Things like cash over/under or bad debts are dealt with. Interest on loans is recorded. Payables and receivables are confirmed, and any inventory is accounted for. Adjustments from your previous year end tax filing are added to ensure your books match exactly what your accountant has filed. The finishing touches are put on your books to minimize the adjustments your accountant needs to make…saving you money.
Accounts Payable
Many businesses have vendor accounts that often run a balance. To stay on top of your bills and save on interest charges it is important to review and reconcile vendor accounts. This is also a good way to catch any accidental double billing or discrepancies between your records and your suppliers’ records. We can even find systems to help you pay your bills with a few clicks of a mouse rather than spending valuable time paying bills by phone or cheque. Monthly reports are provided to our clients.
Accounts Receivable
A/R is the tracking of sales and money your customers owe your business. Ensuring customers are paying the correct amounts on time is vital to your cash flow and can minimize the use and need for lines of credit and interest your business requires. Sending invoices by email, giving customers easy payment options and sending out payment reminders and monthly statements are important tools to keeping money flowing into your business.
GST Compliance
Most businesses in Canada must charge and collect GST as well as pay GST on business purchases. CRA imposes penalties and interest on late filed and late paid GST. Filings are required either quarterly or monthly and if you collect more than you paid your business must remit that amount. We can help you register for GST if haven’t already, as well as review and file your GST on your behalf
Financial Health Reports
There are almost an endless number of different reports that can show you exactly the information you need to know about your businesses well being. Reporting is an incredible tool to help you make key decisions for your business, monitor trends and see where changes may need to be made to improve your bottom line.
Accountant Collaboration and correspondence
We want to work with you and your favorite Chartered Accountant. We will work with them to answer questions about your business, share information, streamline systems, and implement plans for your business financials. It’s a team effort to help your business succeed!
We're cheering for you!
Challenges and questions about your business transactions and accounting are bound to pop-up from time to time. We are committed to being there to answer them as quickly as possible, usually within 24 hrs. And even if we don’t have the answer immediately, we will find out for you