Bomcas St Albert Bookkeeping Services

When you want to find a local bookkeeping service in St Albert, Alberta, you can’t go wrong with Bomcas. They are experts at providing you with the services you need, and they’ll make sure you’re satisfied with every aspect of your business’s bookkeeping services. With their expertise, you’ll have the time to concentrate on running your business.

We’re here to help

If you have a growing business, you will definitely want to consider hiring professional bookkeeping services. Keeping detailed financial records is essential for your success. Whether you’re just starting out or you’ve been in business for years, you can’t afford to let your books get out of hand.

There are a lot of companies out there, and it can be hard to choose the best one. However, if you’re in the St Albert area, you will be pleased to know that you have a reliable resource to turn to. Bomcas Accounting, has a wealth of experience and is well-equipped to give you the best accounting and tax services possible.

We’re a local company

Bomcas St Albert Bookkeeping Services is a local accounting company that provides a wide range of services. From personal tax accounting to corporate tax returns, they can help you with all your needs. And they are a group of qualified and experienced professionals. They are able to provide your business with a GST number so you can properly file returns. You can also hire them to help you obtain a business succession plan for your company, if you need it. The best part is that BOMCAS ACCOUNTING is a friendly, professional company that is ready to take your call.

As a locally owned and operated business, BOMCAS Accountants is dedicated to providing you with the highest quality service. In fact, they have many years of experience working in the public accounting sector.

What is Bookkeeping in St Albert?

If you are interested in the bookkeeping industry, you may have heard the term “bookkeeping”. However, what does this term actually mean? It is a process that involves the preparation of source documents for all business transactions and events. In other words, it is an accounting procedure that is used in businesses, nonprofits, and other organizations.

Income statement

The income statement is one of the most important tools for tracking your finances. It helps you identify your company’s strengths and weaknesses and can help you decide how to best generate profit.

An income statement is usually presented in the quarterly or annual form. A standard format includes a few sections to report on expenses, revenue, and taxes. These sections may contain some complicated calculations, though. If you are new to accounting or bookkeeping, you should consult a professional.

Revenue is the first section of an income statement. This section lists all of the money your company made during the reporting period. It does not include earnings from investments. However, it does show how much your company has made in a certain category, such as advertising.

Cost of goods sold is the second section of an income statement. This includes the cost of raw materials, labor, packaging, and storage. In addition, it includes costs of direct material and labor for a particular product.

Depreciation is a practice of spreading the costs of a long-term asset over its useful life. It is often done with large equipment.

One of the most important parts of an income statement is the gross profit line. Gross profit is the total revenues minus the cost of goods sold. Using a computer, it is possible to calculate the cost of goods sold. This can be used as a benchmark against competitors.

Another item to watch is the net revenue line. Net revenue is the sum of two lines, a revenue line and a cost of goods sold on line. Many companies prefer to combine these two line items, while others may get them separately.

A related component of an income statement is the statement of cash flows. Cash flow is the flow of money from one account to another. Various accounts are involved in the process, including revenues, expenses, and other gains and losses. When these are combined, the statement of cash flows can tell you how your money is flowing, and how it has changed over time.

Other notable sections of an income statement are the operating and non-operating items. Non-operating items include non-cash transactions, such as the sale of an asset. On the other hand, the operating items are those that involve core business activities. Among these are the general and administrative expenses, salaries, rent, and office supplies.

While an income statement may be complex, it does not have to be. Using accounting software, you can create a comprehensive statement of cash flows in just a few minutes. For more information, check out our free income statement template.

An income statement can also be used for other purposes, such as to determine how your business compares with others in your industry. Research analysts and investors use it to measure the performance of competing companies.

Year-end statement

A year-end statement can help you see your business on a more granular level. It shows you what you spent and how much you made during a given period. This will help you plan ahead for the coming year. When doing bookkeeping, the financial statements are the lifeline of any small business. They provide a clearer picture of your finances for the next year and may help you decide if it’s time to invest in your company.

Getting an inventory count done at year end will tell you how much inventory you have on hand. In addition, it will allow you to determine what products are selling well. Also, it’s important to have the right paperwork on hand for major purchases. For example, if you purchase a new computer, you’ll want to record the details of the purchase in your books.

There’s a lot to do during the year-end bookkeeping process. However, it’s best to get started before December ends. You don’t want to have to scramble around in the last few weeks of the year to find receipts and other documentation. And if you have employees, you’ll also need to make sure you’re not missing any paychecks.

A lot of companies use a year-end income statement to tell investors and management if they’re profitable or not. The income statement lists 12 months of revenue, expenses, and taxes. Net income is shown in red, whereas, the net loss is in black. If you have a large balance on your books, it’s likely you have some bad debts.

Among the many things to do at the end of the year is to file your annual tax return. While this may seem like a daunting task, it’s actually a simple process. During this time, you should gather all your tax-related documents.

Another item to consider is the annual insurance payment. This can include a membership due. Although it’s not a big deal, it’s a good idea to have your accountant or bookkeeper review your insurance records. Not only will this allow you to find out what you need to claim, but it will also make filing your taxes that much easier.

Checking your credit card statements should also be on the list. Most companies make a corresponding report available for your use. If you’re doing your own bookkeeping, you should use a software solution that will sync with your bank account and credit cards.

You may also want to take a look at your customer accounts. You can’t expect to collect payments from your customers if they’ve moved away. By checking your customer’s files, you’ll also be able to determine if you need to contact them about their past-due invoices.

Other things to do at the end of the year include reviewing your payroll records and getting a head start on the budgeting for the upcoming year. These tasks will help you prepare for a smooth transition in the New Year.

Single-entry bookkeeping

Single-entry bookkeeping is one of the common accounting methods. It is suitable for small and new firms that do not require complicated financial tracking. The main purpose of this type of bookkeeping is to record income and expenses. While the method is not very complicated, it can make it difficult to maintain accurate records. This is because single-entry bookkeeping only records transactions once. In order to track assets and liabilities, the business owner will have to make an additional entry.

Single-entry bookkeeping works best for smaller businesses with a low volume of transactions. However, it can also be a good way to get your feet wet with bookkeeping. There are two ways to use this system: you can do it yourself or you can hire an accountant. Regardless of the method, it is important to make sure your accounting is done accurately. Bookkeeping can help you determine the health of your business and prepare a budget.

When you decide to use a single-entry accounting system, you should keep a cash book. The cash book is a book similar to a check register that contains columns for each transaction. Depending on the type of business you have, the book is used for different purposes. For example, a service-based business may not need to keep an inventory of supplies, while a retailer will need to account for their inventory.

As you enter the transactions into your cash book, you will need to record the date, the amount, and the source of the transaction. You should also make an individual line item for each transaction. If you do not do so, you may make an error. A mistake like this may not be discovered until you receive a bank statement with a negative account balance.

The first line of the cash book should reflect the starting balance of the business. At the end of the accounting period, the last line should reflect the final balance.

You can use a simple Excel sheet to keep up with your business finances. You can also purchase do-it-yourself bookkeeping software. Using software is a convenient option, but it is not necessary. Whether you do it yourself or hire an accountant, making your own bookkeeping is an excellent way to start learning how to handle your finances.

Another benefit of using a single-entry system is that it makes it easy to spot mistakes. Many small businesses fail to implement the process properly, leading to mistakes that can lead to inaccurate financial reporting. These errors can negatively affect the profitability of the business and can cause poor judgment.

If you’re interested in learning more about single-entry bookkeeping, talk to your local accountant. They can provide advice about the most efficient way to use this method of accounting for your business.