Why you need a good bookkeeper and accountant.
Bookkeeping and accounting to file your taxes is the bare minimum. Our services are much more than that.
Every business needs to prepare for tax compliance - annual income tax filings, sales tax returns, payroll tax remittances. However, good services will help build business value - complete, searchable records and accurate reports are essential to make decisions, quantify your progress and accurately represent your business to banks, the CRA and potential buyers.
Tax reporting is necessary, but your accounting can be much more.
Above minimum standards. Reporting your income and filing your taxes is a necessary part of doing business - and good bookkeeping and records allow you to do this accurately and correctly. But they can also help you build a stronger business.
Building efficiency. We let the software take care of the simple stuff. You snap photos of your receipts, the software copies the numbers and we review and categorize each one. You can refer back to the digital copies for each transaction right from your reports.
Focus on advisory. Since we aren’t bogged down with data entry, we can focus on building custom reports and giving real-time financial feedback that helps you solve problems, understand your profit and make sound decisions.
The government’s response to COVID-19 was an important reminder of why we keep accurate, up to date financial records. We were able to provide our clients with instant access to the information needed and help them understand eligibility for various supports so they could make informed decisions.
FAQs
What is the difference between bookkeepers and accountants?
A bookkeeper is focused on daily transactions and making sure that all of your records are kept accurately, consistently and well-organized. Your accountant relies on their expertise to be able to look at the financial statements as a whole and make adjustments to comply with tax filing requirements, plan for personal income and prepare year-end financial statements. They are both very important and specialized skillsets for your business. We are part of a new trend of virtual firms that provide a one-stop-shop for small businesses to give them closer contact with their CPA year-round.
What designations and certifications are held by bookkeepers and accountants?
In Canada, the national accounting designation is the Chartered Professional Accountant (CPA) and the national bookkeeping certification is the Canadian Professional Bookkeeper (CPB). At Miranda Murphy Inc., we have one of each - Miranda has held her CPA designation since 2017, while Holly is completing the final steps to write her CPB examination for certification.
How are a CPA’s services regulated in British Columbia?
All bookkeeping and accounting services provided by a CPA British Columbia member firm require a public practice license. Miranda Murphy Inc. CPA holds a Compilation License which requires regular practice reviews of our Compilation engagements, T2 and T1 services to ensure compliance with CPA Canada standards. In addition, individual members have annual minimum professional development standards to meet.
How are bookkeeping services regulated in British Columbia?
Bookkeeping services performed by individuals or firms without CPA designations are not regulated in Canada, so it is the responsibility of business owners to ask about their bookkeepers’ qualifications. The CPB certification represents a strong and growing community of bookkeepers, and it is highly encouraged to hire a bookkeeper who has either a CPB certification or a CPA designation.
How (and when!) do you choose a bookkeeper or accountant for your business?
In the last decade, the movement of cloud accounting software, automation technologies and virtual meetings are changing the options available to small businesses from in-house to online. Checking for the proper certifications are one part of hiring a bookkeeper or accountant, but now it is important to make sure their level of technology use matches yours. You also must ensure that your goals and requirements match the skills and licenses of your accountant and bookkeeper.
Whoever you choose, here is a great guide from our friends at Avalon Accounting about when to hire some financial help.