Progress Group Bookkeeping Inc. has created a comprehensive set of bookkeeping services to assist you in running your business more effectively. You have more vital things to accomplish as a small business owner than handle your own books. We will take care of your books so you can focus on what you do best.
Apart from that, we are dedicated to delivering exceptional and dependable services. We accomplish this by developing realistic, customer-focused, strategic solutions for our clients. We have a track record of assisting clients in realising their full potential and, as a result, increasing their profitability.
Your organization’s chart of accounts is the foundation that your financial statements are built upon. The chart of accounts is a listing of your business’ individual revenues, expenses, assets, and liability accounts. The classification of each transaction in the chart of accounts provides the user of the financial statements a visual and numerical interpretation of the performance of your business over a specified period of time. The correct setup of the chart of account and the use for each account are key for the initial stages of a new business.
The process of reconciling the bank and credit card statements is done to match the general ledger to the statements, keep track of the card balances, and properly categorize transactions that took place on the statements in the bookkeeping software. We ensure that your business bank account and credit cards are reconciled on a consistent basis on a schedule that works for you and the size of your business. We support your business with quality control over all aspects of your bookkeeping needs and provide accurate and timely reconciliations.
Collecting and remitting sales tax for your province is a key part of your business lifecycle. The requirements to be a sales tax filer varies from province to province. We provide the proper maintenance of your bookkeeping to ensure that you maximize your sales tax refund or minimize your sales tax payable. We also remit sales taxes on your behalf regardless of what province you are in remotely from our office in Ontario.
Most businesses in Ontario qualify to remit WSIB and EHT payments to the Government. You must register with the Workplace Safety and Insurance Board and pay premiums within 10 days of hiring your first employee. You are required to file Employer Health Tax on remuneration paid to employees and former employees. This is especially true if you have employees who physically report for work at your permanent establishment. It’s not too late to get help from our payroll specialist if you are behind on your payments.
We work behind the scenes preparing payroll for you and your employees on a schedule that you see fit for business. We ensure that each employee is paid on time, the correct deductions are taken from each payroll run, and each payroll remittance is processed with the Canada Revenue Agency. Should you have an employee that is dismissed, we prepare and file the Record of Employment with the CRA. At the end of the year, we upload your employees T4s to the CRA and provide them to each employee. In addition, subcontractors will receive their T4A and have it filed with the CRA as well.
Regardless of where your business takes you in the world or wherever your business partners are located, let our team of experienced professionals conduct quarterly financial reporting meetings with you and the team virtually. During the meeting, we will discuss your financial performance, analyze the financial statements with you, and discuss key indicators that will drive business success.
We work in the background providing guidance to your business like a compass, so you can be at the forefront of your business servicing your clients. At the year end, we provide additional bookkeeping value by providing tax planning support to minimize your tax balance.
There is no shortage of seasoned professionals on our bookkeeping team. Our bookkeepers consist of QuickBooks ProAdvisors, B.Comm – Accounting graduates, former Deloitte and Touch Managers and Chartered Professional Accountants.
We assist with data migration from other accounting software applications (including QuickBooks Enterprise) into QuickBooks Online when setting up your new bookkeeping system.
We offer QuickBooks training to you or your staff so that you can invoice your clients, pay bills, write cheques, and receive payments from your clients. We meet with you virtually at a time that works for you to guide you through these steps and more.
A budget is a business’s financial plan to better manage monthly, quarterly, and annual cash inflows and outflows. The purpose of budgeting is to have a point of reference for evaluating performance against financial goals and objectives.
Outsourcing means you'll significantly slash the cost of maintaining a bookkeeping department.
Salary and payroll taxes
Sick and vacation pay
Recruitment, hiring, and training costs
Staff overhead such as rent
Getting expert bookkeeping services at a low cost will help you save money in the long run. It will free up time for you to focus on other aspects of your business in order to boost sales. When it comes to corporate growth planning, the most crucial and strategic duty is resource allocation.
Hector Suriel holds a Bachelor’s in Accounting from the Autonomous University of Santo Domingo and has over 15 years of experience in corporate accounting in a variety of industries including banking, manufacturing, management consulting and other industries. He began his professional career in a manufacturing company as an internal auditor performing various accounting, operational and internal process review, before becoming the accountant of the company’s cost division.
He expanded his career into financial audits and worked for Deloitte as a Senior Auditor, working with multinational clients in retail, manufacturing, and tourism. He joined JH Accounting (now Progress Group) as a senior accountant and was soon promoted to Partner. He now leads Progress Group Bookkeeping Inc., managing all aspects of accounting operations and financial reporting.
A bookkeeper is often responsible for some or all an organization’s accounts, known as the general ledger. They record all transactions and post debits and credits. They also produce financial statements and other reports for supervisors and managers.
We use a combination of QuickBooks (Online, Desktop), Xero and Excel to develop a custom bookkeeping system that’s tailored exactly to your business needs.
WSIB is paid quarterly based on the gross payroll amounts and the rate given when the account was opened.
HST is calculated by subtracting the amount of HST you have collected from clients, from the amount of HST on your business’ expenses.
When the account is opened, CRA will determine the frequency of payment, as well as provide an access code that will be used to file and pay your HST.
Our bookkeeping systems are unique, just like you and your business. Our costs reflect the customization and tailoring needed to give you a system that works best for your needs. Book a free consultation today to receive a quote.