Bookkeeping Services Edmonton

Effective bookkeeping is integral to business success because financial statements allow for informed decision making and strategic planning. At WTC Chartered Professional Accountant, we will handle your bookkeeping so you can focus on your business. We’ll pave the way for you to run a sustainable business and achieve your financial goals.

Our Bookkeeping Services in Edmonton

Our online bookkeeping services are catered to all business types. We have bookkeepers to provide everything from basic data entry to full bookkeeping cycles to ensure accurate financial records are maintained so you can focus on growing your business.

We will go through your business and accounting needs to help you customize a bookkeeping solution for you. Whether you need full service solutions like payroll and financial planning or just help with corporate tax and personal tax preparation, we will analyze your business finances to come up with a solution that is right for you.

Our bookkeeping services are designed to help you achieve your long term business goals, provide financial clarity and allow you to be in control.

Small Business Bookkeeping

Proper bookkeeping is crucial for a small business. Accurate financial records mitigates costly fines in the event of a CRA audit, and it saves time and reduces stress to allow business owners to focus on the core operation. Our Edmonton bookkeeping services are tailored to small business and we also offer additional support such as payroll, financial reporting, and business advisory.

Many small business owners outsource bookkeeping to maintain up-to-date financial records. The insights from outsourced bookkeeping helps to manage cash flow and optimize liquidity to ensure financial obligations are met.

Our financial reports are usually delivered within a few weeks after month end so you have a clear view of your financial position on a regular basis. This allows small business owners to concentrate on growth and make informed business decisions instead of getting bogged down with data entry and financial statements created or managing accounts receivable and accounts payable.

Nonprofit Bookkeeping

Nonprofit organizations have unique financial needs that require specialized bookkeeping solutions. Compliance with federal and provincial regulations is crucial and requires meticulous bookkeeping to avoid legal issues. Accurate records makes it easier to report to stakeholders and funders, essential to build trust and secure future funding.

Our nonprofit bookkeeping solutions ensure compliance and financial clarity so organizations can focus on their mission. We provide detailed financial reports and statements to show financial health and accountability to gain donor and sponsor support.

Customized Bookkeeping Solutions

Every business operation is different and has their unique financial requirements. Our custom bookkeeping solutions manage these specific needs. Whether you are a family business, a large corporation, or operate in a niche industry, our customized services can improve operational efficiency and provide financial clarity. Our Edmonton bookkeeping services caters to industry specific needs, so you get the support you need for your business. Our solutions simplify financial management, improves accuracy and helps with better decision making.

Our Online Bookkeeping Services include:

Document and classify financial transactions
Reconcile bank accounts and credit cards
Prepare monthly financial report (Balance Sheet and Income Statement)
Sales tax GST/HST preparation and submission
Maintain payroll journals on salaries, wages, and source deduction remittance
A paperless approach to managing accounts payable
Verification of accounts receivable to manage cash flow
Profitability and financial performance review
CRA representation and help with tax audits
All-in-one payroll solution

Financial Reports and Statements

Bookkeeping is the foundation of any successful business, starting with accurate financial reports and statements. The primary financial statements include income statements, balance sheets and cash flow statements. These statements are vital to understand and manage financial position and provide insights to financial stability and profitability to make informed decisions.

Income Statements

Income statement, or profit and loss statement shows a company’s revenues, expenses and profitability for a specific period. It gives insights to the revenue sources, categories of costs, and overall earnings to analyze operational profitability. Revenues and expenses are summarized in an income statement to provide a clear view of financial performance.

Balance Sheets

Balance sheet is a snapshot of a company’s financial position, outlining the assets, liabilities and equity. The statement shows what a company owns and owes and helps you evaluate the company’s stability and its overall financial health.

Cash Flow Statements

Cash flow statement tracks the inflow and outflow of cash within a business, gives insights to liquidity and operational efficiency. The statement is used to maintain liquidity and manage financial obligations effectively. Understanding cash flow means a business is able to meet its short-term liabilities.

Payroll for Edmonton Businesses

Accurate payroll management is essential for businesses in Edmonton to simplify employee payments. We provide payroll services to ensure compliance with employment laws and regulations, and minimize legal risks. By having us managing the payroll complexities, small business owners can focus on the core operations.

Our online payroll services also include managing employee benefits to increase job satisfaction and reduce turnover. We ensure timely payments and help improve overall financial management by integrating with other accounting functions. We record payroll journals in the bookkeeping system to maintain accurate records and simplify the tax filing process, so the financial operations will be smooth and efficient.

GST/HST Tax Filing and Compliance

GST/HST tax filing and compliance can be complicated for businesses in Edmonton. Our bookkeepers are knowledgeable in financial regulations for GST/HST and will ensure your business is compliant with Canada Revenue Agency (CRA). We provide full service from accurate preparation and timely filing of GST/HST returns to managing audits and resolving disputes. By working with us, your business can avoid penalties, streamline the tax process and focus on growth and operational efficiency.

Accounting Software Integration

Cloud accounting software integration significantly improves the financial management process. Centralized system consolidates data from multiple applications, reduces errors and increases accuracy. We use online accounting tools like Quickbooks Online to provide real-time reporting to make informed decisions.

Using the latest cloud technology to improve the reliability of financial records and support better decision-making with accurate and up-to-date data. It benefits businesses that want to improve efficiency and financial clarity.

Our team can help with transition and set up cloud accounting software such as Quickbooks Online for your business and customize it to fit your needs. If needed, we can also integrate with other third-party applications, so you can get the most out of the online software to streamline the bookkeeping process.

Financial Management

Financial management drives business growth and helps make informed decisions. Working with our Edmonton bookkeeper will improve financial management, save time, ensure compliance and provide strategic insights. You will also have access to our CPA who can provide data analysis and guidance to minimize taxes and grow.

Our online financial reporting is a key element to evaluate a company’s performance, secure financing and make strategic decisions. The insights obtained from the financial statements will make the business agile and perform better, setting up for long-term success.

Budgeting and Forecasting

Our budgeting services help businesses anticipate future financial situations and make informed decisions for sustainable growth. We know that accurate budgeting is key to manage cash flow, allocate resources effectively, and plan for short-term and long-term goals. Our Edmonton bookkeepers will work with you to develop a comprehensive budget that aligns with your business goals and financial capacity.

In addition to budgeting, our financial forecasting services give you valuable insights to market trends, economic conditions and business performance. By using models and data analysis, we can forecast future revenue, expenses and profitability. This allows you to make proactive adjustments to your business strategy, identify growth opportunities and mitigate risks.

Financial Analysis

Financial analysis helps businesses identify opportunities and risks within a business financial framework to inform strategic decisions and achieve success. By analyzing financial statements, cash flow and market trends, our bookkeeper can uncover hidden patterns and insights that would otherwise go unnoticed. This comprehensive approach allows us to provide recommendations tailored to your business needs. Whether it’s to optimize resources, improve profitability or mitigate financial risks, our financial analysis services are designed to support growing businesses and ensure stability.

What Our Clients Are Saying About Us

We offer some of the best online bookkeeping and accounting services in Edmonton. But don’t just take our word for it, here is what some of our clients have to say:

I love the online approach that William and his team implements. It makes the process extremely easy. The deliverables are always on time. The tax advice we got are very helpful and practical. The team is always there whenever we have a question. Excellent work!

William is very knowledgeable in the e-commerce space. He educated me on the sales tax requirement for selling to different provinces and he also helped the company set up the backend system so that the accounting system, inventory system, Amazon, and Shopify are synchronized. Highly recommended for anyone looking for a modern-day accountant that works well with technology.

It's been a wonderful experience with William, who has sound knowledge of tax regulations and helped my business set up a structure to minimizes tax. His team is well proficient in handling both bookkeeping and payroll process. I am a satified with their work and highly recommended.

Whenever we have an accounting or a tax question, William was there to answer them. His advice helped us save a tremendous amount of taxes each year. He is also looking after the company’s books and has been keeping us up-to-date on the company’s performance each month. Excellent work!

William Chong is fantastic. I have had many other accountants in the past, but nobody has done such a great job. Very efficient, knowledgeable, responsive, and his fee is very fair. I highly recommend his company. Thank you William for your outstanding service!

I am very pleased with and highly recommend the accounting and consulting services WTC has offered. William manages my taxes, financial statements and corporate filings so that I can have peace of mind to concentrate on my other aspects of my business. He also provided me with invaluable, actionable advice on methods to streamline and expand my business.

The team at WTC did an amazing job helping my online business set up everything I need. Mohamed and William helped me incorporate my business, set up payroll and did the bookkeeping and year-end tax return. I recommend WTC Chartered Professional Accountant to anyone who needs an accountant to help set up their business.

Need Bookkeeping Support?

Reach out to us for an initial consultation and we’ll take care of your bookkeeping needs. During the call, we’ll review your financials and give you a free estimate on our services.

Behind on Your Books?

Months or years behind? Our catch-up bookkeeping service makes it easy to get caught up. You’ll have up-to-date financials ready for tax filing.

Frequently Asked Questions

Here’s a list of commonly asked questions about our bookkeeping services in Edmonton.

What makes bookkeepers different from accountants?

Bookkeepers handle the company’s financial transactions to maintain updated, accurate, and reconciled bookkeeping records. Accountants use the financial data for analysis and compile the fiscal year financial statements (known as the Compilation Engagement Report or Notice to Reader). The financial statements are used to file the T2 corporate tax return and may be shared with other stakeholders such as lending institutions and potential investors.

How do I choose the right bookkeeping service provider?

Choosing the right Edmonton bookkeeping service provider involves evaluating various factors, including business requirements and service offerings. Knowing your business needs and available options are important to make an informed decision. For example, our small business bookkeeping services offer specialized solutions and tailored packages to meet the specific needs of a business. The right bookkeeper should be flexible and provide customized service for your business.

Also, make sure to check the credentials of the bookkeeping service provider to ensure they have the qualifications and expertise to handle your financial needs. Look for certifications like CPA and ask about their education and experience to get reliable and accurate service.

What is the cost for bookkeeping services?

The business industry, transaction volume and complexity of transactions determine the cost. Get in touch with us for a custom quote based on your business.

My bookkeeping records are not up-to-date. Where should I start?

Send us your historical bank and credit card statements or current financial data in order for us to assess your bookkeeping needs. We’ll make sure your books are caught up just like how we helped our other clients.

What is the process of getting started?

After our contract is signed, we’ll send over a checklist of action items for you to complete (mainly information sharing) based on your situation we gathered from our initial discussion. We can help you catch up on bookkeeping as well if you’re behind.

Do you have a minimum contract term for bookkeeping services?

You have the option to cancel the service with 20 days advance notice. We would like you to stay not because you are obligated to, but because you find value in our bookkeeping services.