Services provided by Black Bear Bookkeeping
Black Bear Bookkeeping offers various, consistent and continuous bookkeeping services for small businesses with their bookkeeping needs.
Post receipts and invoices
Accounts Receivable (AR) is the proceeds or payment which the company will receive from its customers who have purchased its goods & services on credit. Usually the credit period is short ranging from a few days to months or in some cases maybe a year.
Prepare and review Financial Statements
The Income Statement, Balance Sheet and the Cash Flow Statement are three core statements that are intricately linked to each other.
Prepare and manage payroll
One of the largest expenses for a business is usually payroll. However the myriad of laws makes it a subject easily susceptible to errors. When payroll is done in-house it can be difficult for a small business to maintain an appropriate division of duties. By outsourcing your payroll to an independent party, the integrity and accuracy of the pay statements is maintained.
Prepare and file T5’s for dividend and interest payments
Under the income Tax act the filer must prepare and file a T5 information return, Return of investment income.
Prepare and file WCB/Worksafe BC Annual Reports
As an employer, your responsibilities include reporting your payroll and paying your premiums; even if you have zero payroll or owe zero premiums, you must still report your payroll.
When a company purchases goods on credit which needs to be paid back in a short period of time, it is known as Accounts Payable. It is treated as a liability and comes under the head ‘current liabilities’. Accounts Payable is a short-term debt payment which needs to be paid to avoid default.
Prepare and file GST/HST remittances
The Goods and Services Tax/ Harmonized Sales Tax your business collects on sales needs to be remitted to the Canada Revenue Agency. Based on your annual sale of GST/HST taxable goods and services, the Canada Revenue Agency assigns you a GST/HST reporting period. This reporting period may be monthly, quarterly or annual.
Prepare and file T4’s
A Statement of Remuneration Paid (T4), is an information slip prepared and issued by an employer to tell a specific employee and the Canada Revenue Agency how much employment income was paid during a tax year and the amount of income tax that was deducted.
Prepare and file Records of Employment
The Record of employment is a record of insurable earnings and hours for employees who leave your business for any reason or experience an interruption in earnings, such as maternity, parental or adoption leave.
Prepare personal Income Tax
When tax season is around the corner a lot of people throw up their hands and give up. Let Black Bear Bookkeeping help you to get your taxes under control. We can file your taxes and get you back on track! In case the CRA has any questions about your return, we will be there to assist you, no extra charge.