Calgary bookkeeping services | Summer can create a change of pace for many business owners. Staff take holidays, schedules shift, and financial tasks may be pushed aside while everyone focuses on daily operations.
Before fall arrives, it is worth taking time to review the records that shape your financial picture. A short bookkeeping checkup can uncover missing information, overdue invoices, or expenses that need attention. It can also make the final months of the year easier to manage.
Working with Calgary bookkeeping services can help you bring those records together and understand what needs to be addressed before year-end approaches.
Why Review Your Records Before Fall?
September often marks the return to fuller schedules. Projects restart, customer activity increases, and planning for the next year begins.
Waiting until December to review your books can leave little time to correct problems. Looking at them now gives you time to:
- Find missing transactions
- Follow up on unpaid invoices
- Review spending
- Prepare for upcoming tax obligations
- Plan for the rest of the year
You do not need to examine every document at once. Start with the records that have the greatest effect on your business.
1. Bank and Credit Card Reconciliations
Your bank and credit card accounts should match the transactions recorded in your bookkeeping system.
Reconciliation confirms that deposits, withdrawals, fees, and payments have been entered correctly. It can also reveal duplicate entries, missing purchases, or payments that were recorded in the wrong account.
Review each business account and compare it with the corresponding statement. Pay attention to transactions that remain unmatched or balances that do not agree.
If several months have not been reconciled, begin with the oldest unfinished month and work forward. This keeps errors from carrying into later periods.
2. Receipts and Expense Records
Receipts support the expenses recorded by your business. They may also be needed to support tax deductions or GST input tax credit claims.
Check whether receipts have been saved for purchases such as:
- Office supplies
- Software
- Business travel
- Vehicle expenses
- Professional services
- Equipment
- Meals claimed for business purposes
The Canada Revenue Agency explains that business records can include receipts, invoices, bank statements, contracts, logbooks, and other documents that support your transactions.
If receipts are scattered between email accounts, folders, and wallets, choose one system for storing them going forward. A consistent process makes monthly bookkeeping much easier.
3. Outstanding Customer Invoices
Sales do not help your bank balance until customers pay.
Review your accounts receivable report and identify invoices that are past due. Confirm that payments have been applied to the correct customer accounts and that credits or deposits have not been left unallocated.
For overdue invoices, consider:
- Sending a reminder
- Confirming that the invoice was received
- Checking whether the customer has a question
- Reviewing your payment terms
- Following up on any promised payment date
This is also a good time to look for patterns. If several customers regularly pay late, your invoicing process or payment terms may need attention.
Current receivable records give you a better idea of what money may be coming in and when it may arrive.
4. Bills and Accounts Payable
Accounts payable shows what your business owes to suppliers, contractors, lenders, and service providers.
Review unpaid bills and confirm that each one is legitimate, entered once, and assigned to the correct expense category. Look for bills that may have been paid but still appear outstanding.
You should also check for upcoming payments that could affect cash availability. These might include:
- Supplier invoices
- Loan payments
- Insurance
- Rent
- Software renewals
- Equipment purchases
Knowing what is due helps you plan rather than react when several payments arrive close together.
5. Payroll Records
If you have employees, payroll records need regular attention.
Review employee information, hours worked, wages, taxable benefits, deductions, and remittances. Confirm that payroll amounts recorded in your accounting system agree with the payroll reports and payments from your bank account.
The CRA requires employers to keep records of hours worked and amounts withheld for income tax, Canada Pension Plan contributions, and Employment Insurance premiums. Employers must also retain documents such as TD1 forms and issued information slips. You can review these requirements through the CRA’s guidance on GST/HST and payroll records.
Finding a payroll discrepancy in August gives you more time to investigate it before T4 preparation begins.
6. GST Records
If your business is registered for GST/HST, your records must support the amounts reported on each return.
Review the GST collected on sales and the GST paid on eligible business expenses. Make sure invoices and receipts contain the information needed to support any input tax credits you plan to claim.
The CRA states that businesses must retain sales invoices, purchase invoices, and other records related to GST/HST activity. These records should allow the amounts collected, paid, and claimed to be calculated. More information is available in the CRA’s guide to GST/HST records businesses must keep.
Check that filed returns agree with your bookkeeping records. If they do not, identify the source of the difference before the next return is prepared.
7. Your Year-to-Date Profit and Loss Report
A profit and loss report summarizes income and expenses over a chosen period. Reviewing it before fall can help you see how the year is developing.
Compare this year’s results with your budget, earlier months, or the same period last year. Look for changes that need explanation.
Questions worth asking include:
- Is revenue meeting expectations?
- Have any expenses increased?
- Are margins changing?
- Are there costs that were recorded in the wrong category?
- Does the report reflect what has actually happened in the business?
One unusual month may not mean there is a problem. Patterns over several months are more useful. They can help you decide where to focus during the rest of the year.
What to Do When Something Is Missing
Finding incomplete records does not mean you need to fix everything in one day.
Create a short list and work through it in order. Start with items that affect current filings, payroll, unpaid invoices, or account balances.
You may need to:
- Request a copy of an invoice
- Download a missing statement
- Ask a supplier for a receipt
- Review an unfamiliar transaction
- Correct an entry
- Reconcile an account
If your records have fallen behind, professional Calgary bookkeeping services can help sort through the backlog and establish a process for keeping them current.
Blue Skies Accounting provides bookkeeping support for Calgary businesses and uses Xero to help clients maintain online records. You can also learn more about the firm’s approach to Xero accounting software.
Build a Routine That Lasts Beyond August
The best time to organize your records is before they become a year-end project.
A monthly bookkeeping routine can be simple:
- Reconcile bank and credit card accounts.
- Save receipts and invoices.
- Review unpaid customer invoices.
- Check upcoming bills.
- Review payroll and GST records.
- Look over your financial reports.
Setting aside time each month helps keep the workload manageable. It also gives you access to information you can use throughout the year, rather than only when a filing deadline arrives.
Prepare for a More Manageable Fall
Reviewing your records before fall gives you time to correct gaps and plan for the months ahead. It can also reduce the amount of cleanup required when year-end arrives.
Start with your bank accounts, receipts, customer invoices, bills, payroll, GST records, and profit and loss report. Together, they provide a useful picture of how your business is operating.
Blue Skies Accounting offers Calgary bookkeeping services for business owners who want help maintaining their records or catching up after a busy season.
Contact Blue Skies Accounting to discuss what your business needs before fall.
Blue Skies Accounting
📞 (403) 269-2662
🌐 blueskiesaccounting.ca