Bookkeeping: the record
Bookkeeping is the day-to-day recording of what the business does: sales, purchases, payments, payroll and sales tax. It includes reconciling the bank and credit card statements each month and producing a monthly summary. Good bookkeeping keeps the data complete, current and ready for anything built on top of it.
Accounting: the interpretation
Accounting takes those records and makes them useful: year-end financial statements and tax returns, advice on what is deductible and how to plan, reading the reports for trends and risks, and the budgets and forecasts that guide decisions. Accounting cannot be done well on poor bookkeeping, and bookkeeping on its own does not tell you what to do next.
Why both matter
Weak bookkeeping leads to inaccurate statements, missed deductions and awkward conversations with the CRA. Missing accounting means missed opportunities: tax that could have been deferred, cash problems seen too late, decisions made on stale numbers. Whether you are starting out or established, you want both functions handled, and handled together.
How we do it
Our cloud accounting service covers the bookkeeping, monthly reporting and HST filing. The year-end, tax and advisory work sits on top of it, with the same people and the same data.