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Bookkeeping

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Professional Bookkeeping Service

Experience the freedom to focus on what truly matters with VJ Tax & Accounting, your trusted partner for professional bookkeeping services in Ontario. We understand that your time and energy are invaluable, and our dedicated team is here to streamline your financial management. Discover how we can elevate your bookkeeping experience. Contact us today to learn more!

Keeping your finances in order is crucial for the success of your business. At VJ Tax & Accounting, we understand that managing Professional Bookkeeping Service in Ontario can be time-consuming and overwhelming. That’s why we are here to simplify your financial management process. With our comprehensive bookkeeping services, you can focus on what matters most – growing your business.

​Why choose our AccuBooks service:

  1. Expert Bookkeeping Team: Our team of skilled and experienced bookkeepers is well-versed in the latest accounting practices. Whether you’re a small or medium-sized business, we have the expertise to handle your financial records with precision and accuracy.
  2. Customized Solutions: We recognize that every business has unique financial needs. Our bookkeeping services can be tailored to fit your specific requirements, ensuring you get the level of support that aligns with your business goals.
  3. Time-Saving Convenience: Outsourcing your bookkeeping tasks to VJ Tax & Accounting frees up valuable time for you to focus on core business activities. Leave the number crunching to us, and rest assured knowing your financials are in capable hands.
  4. Organized Financial Records: With VJ Tax & Accounting, you’ll have well-organized and up-to-date financial records at your fingertips. Access your financial reports whenever you need them, helping you make informed decisions for your business.
  5. Budget-Friendly Solutions: Our cost-effective bookkeeping services offer you significant savings compared to hiring an in-house bookkeeper. Say goodbye to overhead costs and enjoy our affordable, transparent pricing.
  6. Data Security & Confidentiality: Protecting your financial data is our top priority. We ensure your information remains secure and confidential.

Our AccuBooks service includes:

  • General ledger maintenance
  • Accounts payable and receivable
  • Bank and credit card reconciliations
  • Financial statement preparation
  • Expense tracking and reporting
  • Payroll processing and tax filings
  • Sales tax calculations and filings
  • Customized financial reports

Focus on growing your business while we take care of your financial health. Partner with VJ Tax & Accounting today and experience the ease and efficiency of professional bookkeeping services. We are committed to providing exceptional support and becoming your trusted financial partner.

​Contact us now for a complimentary consultation, and let VJ Tax & Accounting help you achieve financial clarity and success. Your business deserves accurate bookkeeping – let us make it happen!

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The key difference between accrual and cash-based accounting is the timing of when transactions are recorded. Accrual accounting recognizes revenue and expenses when they are earned or incurred, while cash-based accounting relies on actual cash inflows and outflows. The choice between these methods depends on factors like the size and complexity of the business, regulatory requirements, and the need for accurate financial reporting.

Cash Basis Accounting

  1. Simplicity: Cash basis accounting is simpler and easier to use for small businesses with straightforward cash flows.

  2. Recognition of Revenue: Under cash-basis accounting, revenue is recognized only when cash is received. This means that you record revenue when you actually receive payment, not when you complete the sale or service.

  3. Recognition of Expenses: Expenses are recognized when cash is paid. If you pay a bill in December, the expense is recorded in December, even if the goods or services were received earlier.

  4. Limited Financial Insight: It may not provide an accurate picture of a business’s financial performance because it doesn’t account for transactions that have been promised but not yet paid or received.

  5. Tax Implications: Some tax authorities allow smaller businesses to use cash basis accounting for tax reporting purposes, but larger businesses may be required to use the accrual method.

Accrual Basis Accounting

  1. Complexity: Accrual accounting can be more complex because it requires tracking accounts receivable (unpaid invoices) and accounts payable (unpaid bills) to accurately reflect the financial position of a business.

  2. Recognition of Revenue: Under accrual accounting, revenue is recognized when it is earned, regardless of when the cash is received. This means that if you provide a service or sell a product in December, you record the revenue in December, even if you haven’t been paid yet.

  3. Recognition of Expenses: Expenses are recognized when they are incurred, regardless of when they are paid. For example, if you receive an invoice for services in December but pay it in January, you would record the expense in December when you received the service.

  4. Accurate Matching: It provides a more accurate matching of revenue and expenses, making it easier to assess the profitability of a business over time.

  5. GAAP Requirement: Generally Accepted Accounting Principles (GAAP) often require larger businesses and publicly traded companies to use the accrual basis of accounting.