A Few of Our Benefits:
We offer fixed fee options from $200 per month! Included are bookkeeping tips and payroll, as well as CRA audit support, complete small business tax filings, with an optional monthly in-person coaching session, all this and much more!
Hi! My name is Denise Mitra and I am one of the co-owners of Always Bookkeeping Ltd. I grew up in Edmonton and I still live there today with my husband and daughter. I originally had a background in the medical administration field before realizing I wanted something else. That is where my education in the financial world began. I worked in various accounting roles including tax law administration and public practice accounting. While working in these roles, I developed my bookkeeping skills and gained my QuickBooks Online Advanced certification.
Problem: Entrepreneurs make bad decisions based on old or inaccurate numbers
Vision: Help 1,000 Canadian businesses for at least 5 years
Mission: Always up to date, always ready to make business decisions
The statistics for small business show that 50% of Canadian small businesses will fail within 5 years of starting their business. Failed entrepreneurs list lack of demand, running out of cash or the inability to find the right team as reasons for their failure. It’s rare to see an entrepreneur who is good at their particular skill do extremely well at running their business, let alone be able to understand their financial statements. Intuit, the makers of QuickBooks, did a survey of small business owners and quizzed them on some basic business financial literacy questions, for example, the role of the balance sheet, accruals, how to improve cash flow, etc. 82% of the respondents scored less than 70% on the test. Most business owners underestimate the value of good bookkeeping. They either hire the cheapest in the market or do the bookkeeping themselves.
Since the bookkeeping industry is not highly regulated, it is not uncommon for entrepreneurs to hire a bookkeeper who they see only a couple of times a year. Unfortunately, most of the cheapest bookkeepers in the market are only skilled to use major accounting software and are not properly trained to understand or provide analysis on the financial statements. They heavily rely on the financial statements created by the accounting software they use and are not able to distinguish the anomalies on the report. This often leads to inaccurate reports. The inaccuracy of the financial reports leads to business owners making erroneous decisions that can ultimately lead to the failure of their business.
With more than a decade of combined experience working in a public accounting firm, we, the owners of Always Bookkeeping, have seen how these bookkeeping errors have negatively affected small businesses. It is shocking that most of these errors can be easily corrected with consistent communication between the bookkeeper and the business owner. Being involved in the yearend accounting process, we have realized how important interim financial reports during the year can help small business owners beat the odds.
Always Bookkeeping was started to assist entrepreneurs change the odds of the failure rate. Entrepreneurs rely heavily on their numbers to measure their company’s performance. We work closely with entrepreneurs and their accountants to ensure their books are up to date so that they can make informed business decisions on a more regular basis rather than at the year end when it may be too late. We find that it is imperative for business owners to review their balance sheet and income statement bi-weekly to understand where their business is financially. This also improves the quality of their report as not only can they see anomalies on the reports right away but they can also make daily decisions that will help grow their business. With up to date financial reports, small business owners can avoid running out of cash as they will be able to monitor their cash flow better.
The main purpose of our fixed rate is to free the entrepreneurs from the fear of getting charged for seeking advice or guidance on understanding their reports. We work closely with the decision makers to ensure that their interim financial statements are a good representation of their business’s performance so that they can make informative decisions. We do not believe that the bookkeeper’s job ends at data entry. Our systems are highly automated to ensure that our reports are done accurately and efficiently. This allows us to have more time to understand the business and devote more time to correcting the anomalies in machine generated reports. We use user-friendly accounting software to ensure that the owners can access their financial reports whenever they need to. Our clients are also not burdened by the software cost as it is built-in to our flat rate monthly fees. The simplicity of our systems enable the clients to focus on running their business rather than focusing on admin duties.
We also understand how payroll can be overwhelming. The labour standards are constantly changing and it can take a business owner’s precious time just to keep up with the changes. We make sure our team of professionals keep up with the updates and help our clients remain compliant with their industry standards. Always Bookkeeping will also assist on T4 filings. As our records are always up to date, payroll is always maintained biweekly and any anomalies in payroll are corrected right away. This makes for a more simplified process of filing T4s and monitoring the source deductions. Many bookkeepers and accountants will charge more just to perform this service. At Always Bookkeeping, we normally have all the required information in time to file T4s. As such, the T4 filings are included in the monthly fee. When we said, “flat-rate monthly fees”, we really mean it!
One of the main reasons that business owners need regular bookkeeping is their GST filing requirement. Again, updated financial statements and regular communication between the business owners and bookkeepers make this process simpler and more accurate. Always bookkeeping’s systems and processes ensure that the business owners are not only up to date with their financial statements, but also with their necessary tax filings.
Our company’s vision is to help 1,000 Canadian businesses for at least 5 years. We believe in services that go beyond the necessary data entry and administrative requirements. At Always Bookkeeping, we believe in maximizing our client’s chances of success by providing up-to-date financial statements and constant support to our clients. We developed our systems and processes to rebuild a new mindset towards bookkeeping: creating accurate reports that are useful tools in decision making rather than required reports for the sole purpose of tax filing. As business owners ourselves, we understand the impact of a small business’ longevity to the owner’s household, its employees, and its economy. This is why we make sure that at Always Bookkeeping our clients are always up to date and always ready to make business decisions.