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Bookkeeper Job Responsibilities Defined C2online

A bookkeeper is someone who is hired to handle the recording of a company’s financial transactions.  He manages the company’s books of original entries – which is called the Journal, and the books of final entries – otherwise known as the ledger.



He plays a crucial role in making sure that a company’s financial records are kept up to date, and making sure that all transactions are accounted for correctly.

He also plays other important roles, and his duties include the following:

Assists in Payroll Preparation.

A bookkeeper makes sure that employees’ payroll is prepared and the corresponding taxes, and government mandated benefits are tracked accordingly.  He makes sure that correct tax exemptions are given to each employee, this is so that no major tax adjustments will be necessary during the year-end preparation of employees’ withholding taxes.  Though he may be not directly involved in the payroll preparation process, he works hand in hand with the payroll master to make sure that payroll is prepared accordingly.

Tax Filing.

A bookkeeper makes sure that all receipts, invoices and any other documents are kept and recorded.  This helps in properly accounting for all transactions that may impact tax declaration, most especially during the year-end financial statement preparations.

Help in the Preparation of Financial Statements.

Since the bookkeeper takes care of the company’s book of accounts, it’s but logical that he works hand in hand with the accountant during the preparation of the company’s balance sheet and income statement.  And others, like the statement of cash flow.

He must make sure that everything is recorded.  Even small amount that are not recorded shouldn’t be missed.  This is because everything adds up eventually. 

And companies may lose a lot of great deal by ignoring minor expenses that go unnoticed.

Monitoring Bank Transactions and Preparing Bank Reconciliation Statement.

The bookkeeper helps ensure that cash in bank balances match the cash balances reflected in the company’s books. Any discrepancy is a cause for alarm because that shows that there are transactions that weren’t recorded by the bookkeeper.  This should be done on a regular basis, like monthly or quarterly.


When are you taxable in Canada? Lisa Patrick

Residency is the determining factor.  Are you ordinarly resident meaning you have residential ties as in dwelling places,dwelling place of your spouse or dependants.

Secondary ties are personal property in Canada(such as furniture,clothing),social ties(membership in Canadian recreational organizations),a drivers license from a province in Canada, or a Canadian passport.


Don’t be part of the statistic about Wills especially if you own a business. Lisa Patrick

Are any of these answers your answer to why you don’t have a Will?

There is no definitive statistics In Canada that I could find, but there is the collaboration  of research that states that many Canadians do not have Will.

Why?

  1. I don’t have enough money to worry about it.
  2. I am single.
  3. I don’t have any children.
  4. I don’t like to think about my death.
  5. Writing a will is time consuming, expensive and complicated.
  6. I am too busy building my business or working trying to make a living.
  7. I don’t want to deal with a lawyer.
  8. I don’t have money to get a Will drawn up.

Why have a Will here are several good reasons why:

  1. Avoid, or at least reduce, estate taxes.
  2. Don’t leave your children to the care of the government, name a legal guardian for any children you have.
  3. Don’t leave your family who are mourning for you in a mess handling your estate.  Appoint an executor to handle your estate and/or resolve any disputes over your estate.
  4. You have no assets, no bank account and nothing of monetary value, but maybe you have items of sentimental value that names may need to be placed on them.
  5. If you have children, preserve your assets by setting up a trust fund.
  6. You are single and have no dependents.  Make sure that what you have assets, those items that have sentimental value, etc. are appointed to who you want them to go to .. .don’t let the government decide … maybe there is no one to leave your estate to big or small .. .maybe the local hospital, or a child in need in your community could use the estate funds for education, food shelter…
  7. You own a business – YOU NEED a succession plan for your business.

Lisa Patrick
CEO


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