Hassle-free and Affordable Bookkeeping Services in Calgary
We at Peter W Ng Professional Corporation are a team of experienced and professional chartered accountants who have been providing accurate financial information to clients in a timely and precise manner for over a decade. Having well-organized financial records helps you better understand your business’s financial position and oversee operations, allowing you to manage your daily business operations efficiently. You can also feel confident making big financial decisions because you will have the most up-to-date financial records.
For reliable accounting and bookkeeping services in Calgary, choose the team at Peter W Ng Professional Corporation. We provide a comprehensive range of services for small and big business owners. Contact us to discuss any questions or specific needs.
What Is Bookkeeping?
Bookkeeping is the systematic process of recording and organizing financial transactions. It helps businesses track their income and expenses, understand financial performance, and make informed business decisions.
We Help You Make Better Financial Decisions
Owning and operating a business is a full-time job, and you might not have the time, energy, or interest to maintain your company’s books. Therefore, some business owners put off bookkeeping tasks, allowing them to pile up and become an even more overwhelming chore.
Our firm provides a full range of cost-effective bookkeeping and accounting services, from payroll to banking and check writing, so you can spend time doing more important things. Other services we offer include:
• General ledger and financial statement preparation •
• Accurate bookkeeping services (monthly/quarterly / annually)•
• Compilation of financial statements •
• Financial reviews •
Accurate Bookkeeping for Your Business
Whether you are a start-up, growing, or well-established company, we treat each client individually, designing a custom accounting services package to meet their unique needs. We maintain your business records on computers, using highly efficient and unerringly accurate accounting software such as Simply Accounting and QuickBooks. The software that we use is upgraded each year. When you trust the professional accounting team at Peter W Ng Professional Corporation, you will have the peace of mind that:
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General ledger accounts receivable and accounts payable ledgers are maintained accurately.
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Banking transactions are reconciled each month with the bank statements.
With accurate and timely financial information available each month or quarter, as per your choice, you will get the information necessary to run your business operations most proficiently and profitably. As a bonus, outsourcing your business accounting and bookkeeping needs can improve your bottom line by reducing or eliminating the need for onsite staff. We can provide a full range of financial services at a fraction of the cost of a full-time employee.
We Partner with You
​At Peter W Ng Professional Corporation, we go beyond conventional accounting. We're not just number crunchers but your dedicated partners in business success. Our top priority is understanding the intricacies of your business goals and day-to-day operations. This deep dive enables us to pinpoint opportunities for enhanced tax planning, implementation of robust internal controls, and strategic actions geared toward making your business more efficient and profitable.
Even if you prefer managing your books independently, our seasoned staff is here to provide more than just bookkeeping services. We offer professional advice and personalized bookkeeping training to empower you with the knowledge and skills needed for effective financial management.
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Peter W Ng Professional Corporation means choosing a collaborative approach to financial success. Our commitment to your business goes beyond routine services – we actively seek ways to optimize your financial strategies and drive growth.
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Connect with us today for unparalleled bookkeeping services in Calgary that transcend the ordinary. Let's embark on a journey of financial excellence together.
Why Hire Professional Bookkeeping Services in Calgary?
Do you want to make your business operations less stressful? We understand that bookkeeping is a complex task requiring specialized knowledge. When you rely on a professional firm and the expertise of seasoned accounting professionals, you can relax and streamline your business. Let our experienced Chartered Accountants handle your financial records to prepare your business for the future. Here is what you can expect when you hire our services:
Manage your business efficiently
We work towards taking the stress out of bookkeeping so you can get ample time to concentrate on other core business functions. While our accountants handle your bookkeeping preparations, you can utilize the time to better your company and achieve the best results.
Save time and money
Hiring bookkeeping services can save you precious time and money on wages you would otherwise pay a full-time employee. We will also ensure you take advantage of lucrative accounting opportunities with strategic management solutions.
Stay on track
You can stay on track while our professionals handle your finances. Eliminating errors in your financial transactions will reduce the potential for financial risk and allow you to foresee your business's profitability in the long run.
Tax savings
Tax forms are complicated without proper knowledge of the financial system. Our professional accountants are experienced in tax matters and ensure your business aligns with contemporary tax laws and regulations. We will offer advice on tax-related decisions or issues.
At Peter W Ng Professional Corporation, we are passionate about your business needs and provide dependable bookkeeping services in Calgary to help you run your business efficiently. Our experienced team will take the required time to set up financial systems right from the start. You will experience a significant difference in your financial systems compared to your previous processes.
When Does a Business Need a Bookkeeper vs an Accountant?
Businesses usually need both a bookkeeper and an accountant, but the timing and level of involvement depend on the complexity of the financial situation.
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Bookkeepers are essential for managing daily transactions and keeping them up-to-date. They handle routine tasks like processing invoices, reconciling bank statements, and preparing financial reports.
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Accountants are needed when more in-depth financial analysis is required. They step in when businesses need financial statements prepared, tax returns filed, or financial advice on scaling operations.
Small businesses may initially rely solely on a bookkeeper, but having both professionals on board becomes increasingly valuable as they grow. Contact us to know more.
Function of Accounting
People often need help distinguishing between accounting and bookkeeping, while both serve different functions. The goal of accounting is the same as bookkeeping, but the difference lies in the fact that it supports your business in a different stage of the financial cycle. Accounting utilizes financial data compiled in the bookkeeping process or the business owner to produce insights-based financial models. It includes:
-Preparation of adjusting entries (recording expenses not recorded in the bookkeeping process)
-Review of the company's financial statements
-Analysis of costs of operations
-Completion of income tax returns
As a key part of the accounting process, we analyze your financial reports to help you better understand profitability and cash flow in your business. Professional accounting services offer several benefits to help you improve efficiency and boost revenue for your company in the long run. Get in touch with our team for efficient services. We can also help you with personal tax filing and preparation.
Common Bookkeeping Mistakes and How Professional Bookkeeping Services Can Help in Calgary
Bookkeeping is essential for maintaining accurate financial records for businesses, but mistakes can be costly. Below are some common bookkeeping mistakes and how professional bookkeeping services can help in Calgary:
Not keeping up with financial records
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Mistake: Many businesses fall behind in recording transactions, leading to incomplete or inaccurate financial records.
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How professional bookkeeping helps: Professional bookkeepers maintain up-to-date financial records, ensuring no transaction is overlooked. They ensure that all business expenses, revenues, and other transactions are entered into the system regularly.
Mixing personal and business finances
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Mistake: It’s common for business owners to mix personal and business finances, making it difficult to track business expenses accurately.
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How professional bookkeeping helps: An experienced bookkeeper will help separate personal and business finances, setting up different accounts for business transactions. This separation is necessary for tax preparation and maintaining clear financial records.
Inconsistent reconciliation of accounts
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Mistake: Not reconciling bank accounts with the books can cause discrepancies, missing transactions, or errors.
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How professional bookkeeping helps: Professional bookkeepers regularly reconcile bank statements, credit card statements, and other financial records to ensure accuracy and identify discrepancies early.
Failure to track cash flow properly
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Mistake: Poor cash flow management can lead to cash shortages, missed opportunities, or late payments.
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How professional bookkeeping helps: Professional bookkeepers track cash flow carefully, providing regular updates on incoming and outgoing funds to ensure you have enough cash for operations, bills, and investments.
Not categorizing expenses correctly
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Mistake: Incorrectly categorizing business expenses can lead to errors on tax returns and financial statements, resulting in higher taxes or missed deductions.
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How professional bookkeeping helps: Professional bookkeepers ensure that all expenses are correctly categorized and recorded. This lets you track your deductions accurately and file correct tax returns, saving you money.
Inaccurate financial reporting
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Mistake: Poor financial reporting can lead to incorrect business decisions, inaccurate budgeting, or financial mismanagement.
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How professional bookkeeping helps: Professional bookkeepers provide accurate, up-to-date financial reports that allow business owners to make informed decisions, track performance, and effectively plan for the future.
Not keeping receipts or documentation
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Mistake: Losing receipts or failing to keep proper documentation can create problems during tax season and in case of an audit.
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How professional bookkeeping helps: Bookkeepers maintain organized records of all receipts, invoices, and other documentation, ensuring compliance and smooth tax preparation.
Overlooking tax deadlines
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Mistake: Missing tax deadlines can lead to penalties, interest, and delayed filings.
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How professional bookkeeping helps: Professional bookkeeping services help businesses meet essential deadlines, complete tax filings on time, and avoid unnecessary penalties.
Signs You Require a Bookkeeper
Managing a business can be incredibly time-consuming, regardless of how big or small it is. You will have to juggle countless tasks every day. In such a scenario, you might be unable to pay attention to your financial responsibilities. That is where professional bookkeepers like us come in. We can take on the burdens of managing the finances of a business by providing thorough services that keep your books in check. The following are some signs that you should consider hiring a professional bookkeeper:
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Bills: A business owner must pay all bills per the required schedule. This can include utilities, rents, loans and taxes. If you're too busy to keep track of your bill payments, you should hire a professional bookkeeper.
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Finances: A business manager should closely monitor all aspects of their finances. This can be monitoring spending and earnings and creating financial statements. If you notice that you cannot correctly track your finances, you should hire a bookkeeper to help you do the same.
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Money: As a business owner, do you often feel confused about where exactly your money is going? This can affect your bottom line and put you in debt. It might be time to enlist a professional bookkeeper's help to track your spending.
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Stress: Confusion and a lack of a clear picture of your financial situation can cause unnecessary stress. A bookkeeper will provide you with a complete understanding of your financial situation's components so you can make better decisions. This will reduce your stress so that you can do your job better.
With our bookkeeping services in Calgary, you can optimize your business operations. We offer comprehensive solutions that take care of your every need. Please contact us if you have any questions about how we can help you. Besides this, you can view our blog for more information.
Outsourcing Bookkeeping vs In-House Bookkeeping - A Guide for Businesses in Calgary
One pivotal decision businesses face is whether to opt in-house or outsource their bookkeeping services. Let’s delve into the pros and cons of both approaches, shedding light on critical considerations for businesses in Calgary seeking optimal bookkeeping solutions.
In-house Bookkeeping
Pros:
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Direct oversight: In-house bookkeeping allows business owners a hands-on approach to financial management. This can be particularly advantageous for businesses with complex economic structures or specific industry requirements.
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Immediate response: With an in-house bookkeeping team, you can access financial information immediately. This can be beneficial for making real-time decisions and responding promptly to changing market conditions.
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Customization: In-house bookkeepers can customize their services to meet your business's unique needs. This level of customization ensures that your financial processes align seamlessly with your business operations.
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Cons:
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Cost: Maintaining an in-house bookkeeping department can be cost-intensive. The financial burden can be substantial, from salaries and benefits to training and software costs.
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Limited expertise: In-house teams may have limitations in terms of expertise. They might need help to keep up with rapidly changing tax laws and industry-specific regulations.
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Outsourcing Bookkeeping Services
Pros:
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Cost efficiency: One of the primary advantages of outsourcing bookkeeping services is cost efficiency. Businesses can save on salaries, benefits, and overhead costs associated with maintaining an in-house team.
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Access to expertise: Outsourcing firms often specialize in bookkeeping and accounting, bringing a wealth of expertise. This ensures that your financial processes are handled by professionals who are updated on the latest regulations and industry best practices.
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Scalability: As your business grows, outsourcing allows for easy scalability. You can adjust the level of bookkeeping services to match your company's evolving needs without the complexities of hiring additional staff.
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Cons:
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Dependency on external providers: Outsourcing involves relying on external providers for critical financial functions. While reputable firms prioritize security and confidentiality, there is always a level of dependence that businesses need to consider carefully.
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Communication challenges: Working with an external bookkeeping service may introduce communication challenges, especially if there is a significant time zone difference.
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The decision between outsourcing bookkeeping services and maintaining an in-house team depends on your business's unique requirements and priorities in Calgary. Contact us today to explore how our bookkeeping services can benefit your business. Read our blogs for more information!
Get in Touch With Us for Bookkeeping Services in Calgary
No operation is too extensive or too small for us. We would love to assist you with your finances by providing reliable bookkeeping services. Please contact us to discuss your needs. You can also visit our client portal.
