Accounting and Bookkeeping Services Toronto

ON-SITE BOOKKEEPING

MAQ CPA is a full-service accounting firm that is capable of handling all sorts of bookkeeping, accounting, tax and payroll tasks professionally and with full accuracy. We provide the accounting and bookkeeping services in Toronto and our on-site bookkeeping team backed by office support team is fully capable of handling the tasks that include, but are not limited to, the following:

Accounts Payable:

  • Receive and verify invoices and requisitions for goods and services
  • Verify that transactions comply with financial policies and procedures
  • Prepare batches of invoices for data entry, if required
  • Enter invoices for payment and process backup reports after data entry
  • Manage the weekly cheque run and record all cheques
  • Prepare vendor cheques for mailing, list all vendor cheques in the log book/dispatch record
  • Prepare manual cheques as and when required
  • Maintain the general ledger, maintain updated vendor files and file numbers
  • Print and distribute monthly financial reports
  • Reconciliation of payments and prepare analysis of accounts
  • Monitor accounts to ensure payments are up to date
  • Resolve invoice discrepancies, correspond with vendors and respond to inquiries
  • Process and issue T4A and T5018

Accounts Receivable:

  • Maintain up-to-date billing system
  • Follow up, collection and allocation of payments
  • Carry out billing, collection and reporting activities according to specific deadlines
  • Reconciliation of accounts
  • Monitor customer account details for non-payments, delayed payments and irregularities
  • Maintain accounts receivable customer files
  • Follow established procedures for processing receipts, cash, etc., prepare bank deposits
  • Investigate and resolve customer queries, process adjustments
  • Organize a recovery system and initiate collection efforts
  • Communicate with customers via phone, email or mail

 

Payroll

  • Process TD1 forms
  • Collect and summarize timekeeping information
  • Obtain supervisory approval of time card discrepancies
  • Obtain overtime approvals, calculate commissions
  • Process garnishment requests, employee advances and paybacks
  • Verify pay amounts, hours of work, deductions, etc.
  • Process and prepare payrolls
  • Print, record and distribute pay cheques, process direct deposit payments
  • Prepare and remit source deductions and payroll tax
  • Establish and maintain confidential casual employee files
  • Process employment verifications
  • Issue ROE, T4s, T2200, TL2, etc.
  • Prepare WSIB returns and process payment of premium
  • Calculate EHT and process payments

General Accounting and Tax:

  • Comply with relevant reporting requirements such as GST/HST return
  • Prepare tax computations and returns (not Personal/Corporate/Trust Tax Returns)
  • Allocate and post financial transaction details to subsidiary books
  • Transfer data to general ledger, reconcile and balance all accounts
  • Draw up financial statements (trial balance, income statement, balance sheet, cash flow and notes to the financial statements)
  • Collate and analyze accounting data and generate financial reports
  • Track and maintain inventory records
  • Maintain complete filing system to support financial records
  • Prepare journal entries and general ledgers
  • Reconcile and maintain balance sheet accounts
  • Prepare analysis of accounts, as needed
  • Assist in year-end closings tasks
  • Monitor and resolve bank issues including fee anomalies and check differences
  • Account/bank/credit card reconciliations
  • Review and process expense reports
  • Assist with preparation and coordination of the audit process
  • Assist with implementing and maintaining internal financial controls and procedures 
  • Compile and analyze financial information to prepare financial statements including monthly, quarterly and annual accounts
  • Maintain financial records in compliance with accepted policies and procedures
  • Accurate and timely monthly, quarterly and year-end closing
  • Accurate and appropriate recording and analysis of revenues and expenses

General Administrative Support

  • Maintain a filing system for all financial documents
  • Monitor and order office supplies, and prepare purchase orders
  • Prepare travel and accommodation warrants and travel advances for staffs
  • Review and verify travel claims and employee expenses
  • Ensure the confidentiality and security of all financial and employee files
  • Assist in month-end reporting procedures
  • Liaison with other departments/customers/vendors

Knowledge, Skills, and Attributes of On-Site Bookkeepers and Office Support Team

Knowledge of:

  • general bookkeeping, payroll and accounting procedures
  • relevant accounting software such as QuickBooks, Sage, Wave, Fresh Books, Xero
  • accounts payable, accounts receivable, general ledgers and preparing financial statements
  • maintaining confidentiality concerning financial and employee files
  • relevant regulatory requirements and computer applications
  • data management and financial data analysis and financial reporting

Skills:

  • Excellent interpersonal skills
  • Analytical and problem solving skills
  • Effective communications skills
  • Attention to detail, high level of accuracy
  • Planning and organizational skills
  • Computer skills
  • Stress management skills
  • Time management skills
  • Scheduling and monitoring
  • Initiative, Team Work 

Personal Attributes:

  • Reliable and trustworthy
  • Respectful, Flexible
  • Possess cultural awareness and sensitivity
  • Demonstrate sound work ethic 

Benefits of on-site bookkeeping services:

  • Stay free from anxiety during month/quarter/year-end closing and any other busy periods
  • Flexibility
  • Cost effective
  • Save money and time on payroll, hiring and layoff
  • Invest more time and thoughts to your core business

 

Please contact us at 416-901-4126 or send us your query at abdul@maqcpa.ca

Disclaimer: The content/information provided on these pages are intended to provide general information only, which are up-to-date as of the date of publish, and which may not reflect the latest position/state of the relevant laws/standards/facts/opinions. As such the readers are advised to take an expert opinion or consult related laws before taking any actions in this respect. In case there is any confusion, readers are advised to consult relevant rules and regulations published by the respective government authorities or consult with an appropriate competent professional. MAQCPA Professional Corporation cannot be held liable for reliance on or usage of the general information provided on this page/blog/article, under any situations whatsoever.