Record, Classify, & Organize Every Financial Transaction
We prepare all source documents for your businesses transactions, operations, and other events.
Record all your business transactions
Classify & organize all your financial events
Stress free Bookkeeping Services
No matter your business, proper Bookkeeping is essential for ensuring the proper functioning of your business. Bookkeeping is referred to as the backbone of the entire accounting system and it is highly important to make sure that you have accurate, error-free, and up-to-date information.
Receive support for Bookkeeping & Business Accounting services today!
Frequently Asked Questions
WHAT IS BOOK KEEPING
A review typically takes place BEFORE your tax return has been assessed and will often only address a single line item (like Charitable Donations or Medical Expenses) and audit takes place AFTER your return has been filed and can span multiple years.
WHAT IS THE IMPORTANCE OF BOOK KEEPING
- Employment Expenses – Vehicle Expenses & Mileage Logs
- Home Office Expenses
- Long Haul Truck Drivers – Meals and Logbooks
- Canadian Emergency Wage Subsidy
- Canadian Emergency Bank Account
- Canadian Child Benefit – A change in marital status on your Income Tax return could trigger a review of prior CCB payments
WHAT COULD HAPPEN IF I DO NOT HAVE PROPER BOOK KEEPING?
- Don’t Panic! Call OBS – We are professionals! If you have received a phone call – ask the auditor for their contact information, including agent ID number. Beware of scam phone calls. Generally the CRA will alert you of an audit by mail.
- Forward all communication from the CRA to our office, as your authorized representatives we will correspond with the CRA on your behalf!
- Gather up all of the documentation the CRA has requested in the engagement letter they have sent and forward it to our office.
- Relax! You are in good hands with OBS taking care of your audit for you.
WHAT CAN OUR TEAM CAN DO FOR YOU?
- Communicate with the CRA on your behalf, including requesting an extension if required
- Compile all of your documentation into a format accepted by the CRA – this includes any bookkeeping that may need to be done!
- Ensure any changes proposed to your return by the CRA are warranted. If the CRA makes adjustments we feel are unjust, we will file a Notice of Objection when your Notice of Reassessment is received.
- Guide you through the process answering any questions and addressing any concerns as they arise.