My Assistant Services have chartered accountants and financial specialists on staff that can provide basic financial advice to your business.
Bookkeeping is the practice of keeping track of financial transactions and data every day. Transfers to suppliers, loan payments, customer invoice payments, asset depreciation tracking, and financial report generation are all examples of account accounting services.
Bookkeeping is keeping a record of a company's financial transactions. It is an integral part of an organisation that plays a crucial role in making the company's decisions related to investing, operating and finance. A bookkeeper is a professional who does bookkeeping.
Bookkeeping comes under accounting. A company's accounting relies on an accurately detailed and proper bookkeeping system. Bookkeeping involves the following :
1. Recording Financial Transactions
2. Producing invoices (A commercial document issued by a seller to a buyer containing information related to product detail and the sales transaction between them)
3. Maintaining current accounts and general ledgers
4. Completing payroll (Managing and recording an employees compensations)
Bookkeeping is the very backbone of accounting. Without a proper bookkeeping system, the financial system could collapse, and hence the company could face serious issues. Small businesses often ignore this critical task of recording every penny spent as a trivial matter.
It systematically records, updates, and maintains a company's financial transactions for future reference.
When a record of transactions is adequately maintained, it gives the company a clear idea of where its company stands and what its future will look like. It provides detailed information about the profits and losses the company has sustained.
Since a proper record of the transactions is made, it can help the company develop new policy decisions in the future.
The bookkeeping system is designed to record and update every little detail regularly, leaving no room for fraudulent businesses.
Another essential aspect of bookkeeping financial statements is a collection of summary reports of a company's financial state and transactions. It shows the summary of complete transactions made by the company, its profits or losses, loans taken and paid, and more. Bookkeeping plays a significant role in generating financial statements.
Financial Statements are essential as they play a significant role in many services, some of which include:
1. Determine the ability of a business to generate cash.
2. Determine the capability of a company to pay back debts.
3. Indicate the financial condition of a business.
4. To use annual reports distributed to their investors as a reference.
- Financial statements determine a company's future and show its credibility as a successful business. Financial information tells the tale of the years of trust put in a trade by investors. A flaw in this can reduce their value as a good business and break the years of faith built by a company.
- Many small companies or startups don't hire individual professionals as it can be expensive and instead entrust it to agencies that provide bookkeeping and financial services.
- One such agency is My Assistant Services, which has proved its credibility with exceptional digital assistant services in bookkeeping, financial statements, virtual assistance and many more.
My Assistant Services is a virtual assistant and bookkeeping service provider with age-long experience and its services spread across the globe.
One of the exceptional services they provide is bookkeeping and financial services. The company uses modern technologies such as cloud software, AI, and automation to provide its clients with the best and most honest services. They have always exceeded their client's expectations by providing them access to high-quality financial data.
They have exceptional chartered accountants and financial specialists with significant experience who work around the clock and provide the best service. They work with a carefully chosen tech stack to optimise financial procedures.
They also promise complete transparency and honesty in their services. The company has made its place as one of the best virtual assistant services and has succeeded in gaining several clients throughout the globe. Their credibility is reflected through their client's positive reviews and their services.
Another feature of the company is that it offers its services at affordable prices, which puts it an upper hand over small businesses.
Under bookkeeping services, the company does the following procedures :
1. Bank deposits and receivables
2. Cheque and payable
3. Salary and fringe benefits
The company is also responsible for government reporting
1. Remittances from payroll
2. Payroll reporting at the end of the year (T4s, T4As)
3. Taxes on purchases (GST, PST, HST)
1. Adjust bank, loan, investment, payroll, and other balance sheet funds and assess their work at month's end.
2. Produce paperwork for audit or your tax preparation at the end of the year
3. Updating their client's budgets and cash flow sheets with updated actual figures yearly.
With the advancement in technology, the business's financial structures are becoming more complex daily. My Assistant Bookkeeping Service committed and dedicated team of professionals make it easier for their clients to create effective and accurate financial statements.
1. Team of experienced, dedicated individuals.
2. Their services are hosted in the cloud, which will give you 24/7 access to your data.
3. Promise security and transparency in their services.
4. Help in decreasing compliance costs by keeping accurate data of transactions.
5. Provides unbiased accounting data.
My Assistant Bookkeeping and Financial Service has been a person's first choice for virtual assistant services because of their dedication and integrity. The company's experience and affordable prices make it a fantastic choice for businesses.
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