Do the Bookkeeping Yourself !
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To save money you might try to do the bookkeeping on your own. For that you will need to accurately record your sales and expenses into the categories:

Income

4-8000 Trade sales of goods & services

Cost of Sales

5-8320 Purchases/cost of materials
5-8360 Trades and sub-contracts
5-8450 Other direct costs

Expenses

6-8520 Advertising and promotion
6-8523 Meals and entertainment
6-8690 Insurance
6-8710 Interest and bank charges
6-8762 Business taxes
6-8764 Government fees
6-8810 Office expenses
6-8860 Professional fees
6-8911 Real estate rental
6-8915 Motor vehicle rentals
6-8960 Repairs and maintenance
6-9014 Garbage removal
6-9110 Subcontracts
6-9130 Supplies
6-9150 Computer-related expenses
6-9200 Travel expenses
6-9225 Telephone and telecommunications
6-9275 Delivery freight and express
6-9281 Vehicle expenses

*depending on the specifics of your business you might need more accounts that can be found here: GIFI Accts

While categorizing the revenues and expenses please keep in mind that revenues and expenses amounts must not include HST, which has to be accounted for separately. The only exception would be if your business is not registered for HST or is providing HST exempt services.

To summarize your businesses revenues or expenses you may use any accounting software such as Simply Accounting, QuickBooks or MYOB Accounting.

However, results just as good can be achieved using Microsoft Excel, that way you may have more clear understanding of the process.
Here is a sample table:



Although MS Excel was not created specifically for accounting use, many of its capabilities often exceed those of QuickBooks and other accounting applications. You can easily group records together to be categorized by vendor for example, by clicking DATA then Sort, and then select the column where your vendors are listed. You may also find a transaction by invoice No. just by pressing Ctrl+f and entering the number you are looking for. If you wish to do that you may be better off by entering your transactions in a more comprehensive table like this one:



Accounting for complex inventories usually renders simple accounting programs absolete as well, and requires a database supported by a professional. Some of simplier inventory databases, such as car inventories, may be done in MS Excel as well:
Here is a sample table:



Database like that can be easily searched to find a car by its VIN number, date purchased, or meilage. Data can be re-arranged to find any repetitions in the database, or be grouped to obtain statistics on specific customer or sales for a time period.

At your request we may consult you to make sure the setup of the accounting process is right from the start, helping you save time and money later on.

Contact us for no obligation evaluation and free of charge initial consultation.





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