Whether your business needs a bookkeeper or accountant depends entirely upon what needs to be done.
If you already have an accountant and just need someone to keep on top of monthly transactions for you, then you might consider a bookkeeper.
A bookkeeper can:
Capture and categorize transactions in your book
Manage cheque runs
File HST return
Process your payroll
Alternatively, you’ll need an accountant when you are ready to file your taxes, get financing or set up new controls in your business.
An accountant can help you:
Plan your business by forecasting and analyzing business structure and transactions.
Help you prepare a business plan or business case (ie for setting up financing with banks)
Prepare annual financial statements for filing taxes
Deal with the CRA on your behalf
Make sure your accountant is an accredited Canadian Professional Accountant of Canada. CPAs are highly qualified professionals who demonstrate an ongoing commitment to providing the highest standards of accounting, ethics and best business practices. Learn more about CPAs here.
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