Frequently Asked Questions About Bookkeeping

What does a bookkeeper do for a small business?

A bookkeeper keeps your business's financial records organized and up to date. This can include recording and categorizing transactions, reconciling bank and credit card accounts, and preparing financial reports.

Good bookkeeping gives you current financial information so you can understand your revenue, expenses, and profitability throughout the year.

How often should a small business have its books done?

For most small businesses, monthly bookkeeping is a practical starting point. Keeping your books up to date each month makes it easier to spot errors, monitor your financial performance, and stay organized for tax time.

Businesses with higher transaction volumes or more frequent financial activity may benefit from more frequent bookkeeping.

How much does bookkeeping cost in Edmonton?

The cost of bookkeeping depends on factors such as the number of transactions, number of accounts, complexity of the business, and whether your books are already up to date.

At YEG Bookkeeping, we provide bookkeeping services based on the needs of each business rather than using a one-size-fits-all approach. Contact us to discuss your bookkeeping and receive pricing based on your situation.

Do you provide bookkeeping services for businesses outside Edmonton?

Yes. We provide remote bookkeeping services throughout the Edmonton region, including St. Albert, Sherwood Park, Spruce Grove, Stony Plain, Fort Saskatchewan, Leduc, Beaumont, Morinville, and Nisku.

Because our bookkeeping is handled remotely, you don't need to be located in Edmonton to work with us.

Do you work with small businesses only?

Our services are designed primarily for small businesses and owner-operated businesses that need reliable bookkeeping without maintaining an in-house bookkeeping department.

If you're unsure whether your business is a good fit for our services, contact us and we can discuss your bookkeeping needs.

Do you use QuickBooks Online?

Yes. We provide QuickBooks Online bookkeeping services and can handle your ongoing bookkeeping within QuickBooks Online.

QuickBooks Online allows your business financial information to be maintained online, making it convenient to collaborate remotely and keep your bookkeeping accessible.

Can you catch up bookkeeping that is several months behind?

Yes. We provide bookkeeping catch-up and clean-up services for businesses whose books have fallen behind.

We can review historical transactions, reconcile accounts, identify discrepancies, and bring your records up to date. Once your books are current, ongoing monthly bookkeeping can help keep them that way.

Can you clean up messy bookkeeping?

Yes. If your bookkeeping contains unreconciled accounts, incorrectly categorized transactions, missing information, or other inconsistencies, we can review the records and help bring them into better order.

The amount of work required depends on how far behind the books are and how much needs to be corrected.

What financial reports will I receive?

Our monthly financial reporting can include a profit and loss statement and balance sheet overview, giving you a clearer picture of your business's financial position.

Financial reports can help you understand where your money is coming from, where it's being spent, and whether your business is profitable.

Do I need to send you my receipts?

The records needed depend on how your business operates and what information is already available electronically.

Many business transactions can be recorded using bank and credit card information, while receipts and other supporting documents may be needed to properly identify or substantiate certain transactions.

We'll let you know what information is needed to keep your bookkeeping accurate and complete.

Do you provide bookkeeping for new businesses?

Yes. Starting with organized bookkeeping from the beginning can make managing your business finances much easier.

We can help establish a bookkeeping process in QuickBooks Online, categorize transactions, reconcile accounts, and maintain your books as your business grows.

Can you help if I have never used QuickBooks Online before?

Yes. You don't need to be a QuickBooks Online expert to work with us.

We can manage the bookkeeping within QuickBooks Online while helping ensure your financial records are organized and up to date.

What is the difference between bookkeeping and accounting?

Bookkeeping focuses primarily on recording, organizing, and reconciling a business's financial transactions and maintaining its financial records.

Accounting generally involves interpreting financial information and may include services such as tax preparation, tax planning, audits, and other professional accounting services.

YEG Bookkeeping focuses on bookkeeping and financial reporting. We recommend working with an accountant or tax professional for services outside the scope of bookkeeping.

Do you prepare corporate tax returns?

Our services focus on bookkeeping rather than corporate or personal tax preparation.

We can keep your books organized and your financial records current, which can make it easier to provide accurate information to your accountant or tax professional when your tax return needs to be prepared.

Can you work with my accountant?

Yes. Keeping your bookkeeper and accountant working from the same financial records can make year-end much easier.

We can maintain your bookkeeping throughout the year so your accountant has organized financial information available when it's time to prepare your business's tax return.

Why should I hire a bookkeeper instead of doing my own bookkeeping?

Doing your own bookkeeping can save money, but it also takes time and requires you to stay consistent with reconciliations, transaction categorization, and financial records.

Hiring a bookkeeper can give you back that time while providing more consistent financial records. It can be particularly valuable when your business is growing, your bookkeeping is falling behind, or you want more reliable financial information throughout the year.

How do I get started with YEG Bookkeeping?

Getting started is simple. Contact us and tell us a little about your business, your current bookkeeping setup, and what you need help with.

We'll discuss your bookkeeping needs and determine whether our services are a good fit for your business.

Get Started With Bookkeeping Catch-Up and Clean-Up

Don't let overdue bookkeeping keep you behind. Contact YEG Bookkeeping to discuss your bookkeeping catch-up or clean-up needs.

Help

Questions? Reach out anytime.

Contact

andrew@yegbookkeeping.ca

+1-368-380-4456

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