Pricing

Double-Entry Transaction Records

In the world of finance and accounting, double-entry bookkeeping stands as a pivotal system, where every transaction is recorded in at least two accounts, ensuring that for every debit, there is a corresponding credit. This methodical approach not only guarantees the accuracy of financial statements but also provides a clear, interconnected overview of a company's financial health. By meticulously following this system, businesses can maintain balance and transparency in their financial records, making double-entry bookkeeping an essential pillar of modern accounting practices.

Accounts Payable

Accounts Payable serves as the backbone of a company's financial structure, ensuring that the business's wheels keep turning smoothly. Picture it as the ledger or account that keeps track of what a company owes to its suppliers, vendors, or any third parties for goods and services received but not yet paid for. Timely management of accounts payable not only safeguards a company's reputation but also optimizes its cash flow, enabling it to seize opportunities for early payment discounts and avoid late fees.

Accounts Receivable

Accounts Receivable serves as the pulse of a company's financial health. It represents the money owed by customers for goods or services delivered but not yet paid for. This expectation of payment is an asset on the balance sheet, painting a picture of potential future cash inflows. Accounts receivable is the lifeblood of a business, ensuring it remains vigorous and financially sound in the competitive marketplace.

Payroll

Payroll is more than just a list of checks or a ledger of direct deposits. It represents a tangible expression of value exchanged between employer and employee. Payroll encompasses the process of calculating and distributing wages, salaries, and bonuses, while also withholding taxes and other deductions. This ensures compliance with federal and provincial laws. By understanding and managing payroll effectively, companies can maintain a motivated team, foster a positive work environment, and drive their business towards success.

Financial Statements

Financial statements illuminate a company's economic health.

• Balance Sheet: a snapshot of a company's financial standing at a specific point in time, detailing assets, liabilities, and shareholders' equity
• Income Statement (Profit/Loss Statement): the company's operational performance over a period, highlighting revenue, expenses, and net income
• Statement of Cash Flows: shows all of the cash transactions, categorizing them into operating, investing, and financing activities
• Statement of Changes in Equity: a detailed account of the movements in shareholders' equity, encompassing everything from issued share capital to retained earnings over the reporting period