Frequently Asked Question


Why should I outsource my bookkeeping?

It's highly recommended that you hire a professional bookkeeper that way you'll avoid all the mistakes that novices make.  We specialize in providing reliable and ongoing bookkeeping services to companies that want to eliminate the overhead and resources required in maintaining their bookkeeping in-house.  There are often challenges with finding a suitable part-time or full-time in-house bookkeeper, resulting in staff turnover and added training costs.  We can also work with your current accounting system to fill in any holes and help you get more relevant and timely information to make key business decisions.

Can you work at my premises?

We prefer to work from our office to ensure clients have up to date programs, productivity and receive help in a timely manor.   However if some cases we are willing to come to your office and help you get a head start.

What's the difference between a Accountant/Bookkeeper and a Chartered Accountant?

An accountant/bookkeeper puts together a complete database of your business income, expense, assets and liability for your fiscal year end or calendar year end.  A Chartered Accountant is necessary for the yearly tax reporting according to the Canadian Tax Act.  They will provide your Business with important tax savings when filing your Sole-proprietorship (T1) or corporate (T2) year end.

I had a Sole-proprietorship and Incorporated part way through the year. How does this affect me?

 The bookkeeping needs to be two distinct bookkeeping records as they are two separate businesses.  It is very important that each business has its own Business # and GST # as well.  The business numbers cannot be shared, and each business requires its own unique bank account.  Sole-proprietorships always uses a calendar year end i.e. December 31st and is filed through your Social Insurance Number.  Incorporations can use any month end i.e. August 31st and is used each and every year after for filing the T2 year end. 

What paper should I bring to Balanced Solutions bookkeeping Ltd?

  • Business Bank Statements - Verification
  • Personal and Business Visa Statements - Clarification
  • Invoices billed out to your clients - Accounts Receivable
  • Bill receipts and invoices/statements - Accounts Payable
  • Receipts of any purchases for business - Even if you used your personal money
  • Loan Documents and Purchase Agreements - Assets and Liability
  • Government Documents - Important Documents!
  • Incorporation Certificate and Share Structure - Security
  • Insurance, ICBC and Corporate Coverage - Liability documents
  • If you use your home or shop for business - Keep all home expenses ie: Internet/Phone, Utilities (Gas, Electric, Water bills) Insurance, Taxes, Yearly Mortgage interest/principle document.  We can use this as additional write offs to your company.

When should I drop off my paperwork off?

 It is recommended to drop off your paperwork once a month, this ensures accurate and up to date financial statements.