A good bookkeeping service provides the baseline for proper reporting and allows for effective strategic advice and actionable steps to improve your business.
At Zenbooks, we adapt to the needs of your business by doing your record keeping anywhere from basic to highly detailed.
For example, some businesses need more detailed record keeping around their payable tracking, but their inventory tracking may not need to be as detailed.
In fact, we help a lot of business owners improve upon their previous experience with bookkeeping services by providing them with many advisory-level reports. These reports help business owners better manage their cashflow, predict cash shortages and find efficiencies in their operations.
Here are the most common bookkeeping services we provide for our clients ranging from basic to more detailed:
Project Accounting
Basic
Just recording the revenue to a single revenue account and expenses to office, utilities and general expenses.
Here you’re keeping things as simple as possible without getting in trouble with CRA.
Detailed
Recording each revenue invoice/deposit to a specific project your company is working on and recording each and every expenses to a project your working on or to your overhead accounts.
This option provides the ability to see how profitable each and every project your business is working on, really is. This can be incredibly powerful to address chronically unprofitable projects or invest in those projects that are more profitable.
By Product Line or Location
Basic
Just recording the revenue to a single revenue account and expenses to office, utilities and general expenses.
Here you’re keeping things as simple as possible without getting in trouble with CRA.
Detailed
Recording each revenue invoice/deposit to a specific product line or location the revenue relates to and recording each and every expenses to a specific product line or location the expense relates to.
This option provides the ability to see how profitable each and every location or product line your business is working on, really is. This can be incredibly powerful to address chronically unprofitable product line/locations or invest in those product lines/locations that are more profitable.
This option provides the ability to see how profitable each and every project your business is working on, really is. This can be incredibly powerful to address chronically unprofitable projects or invest in those projects that are more profitable.
Inventory Tracking
Basic
When you buy inventory, its recorded as a expense right away. Then at year-end you do a inventory count to record the change in your actual inventory levels.
What if you do seasonal buying? What if your buying is a few months before you sell it? Your costs just will not align with your revenue accurately.
You follow the rules with CRA. But you get no insight into your profitability by month.
Detailed
We can record every purchase into a live inventory system, which gets adjusted every time to sell a widget. Every time a widget is sold, we see how much money you made on that specific widget.
You have a live tracking of your inventory at all time!
This make re-ordering much easier and your costs accurately follow your revenue, to provide accurate profitability per month (or day!)
Audit Proofing
Basic
You use your credit card and bank account to buy products and services for the business. Then when you can, you try and save the receipts in case CRA comes knocking.
Do you have ALL your receipts? Is that OK? If CRA comes knocking, they usually don’t just accept your credit card statement as support for an expense.
Detailed
You send in all your receipts to us electronically as you buy products and services. We go through your receipts to let you know which ones you forgot to send us. We remind you to send it to us. If you decide not to send it to us, you know exactly which ones you don’t have support for, if CRA comes knocking.
It is a lot more time involved, but you sleep better at night knowing that your audit proofed should CRA ask you to show your receipts.
Zenbooks' bookkeeping services are designed with you in mind.
Contact us today to see how we can help.
