No, accounting and bookkeeping serve different roles in your company's financial cycle. Bookkeeping is transactional and administrative, focusing on day-to-day tasks like recording payments, managing accounts payable and receivable, conducting bank reconciliations, and processing payroll. It ensures that financial transactions are tracked accurately. Accounting, on the other hand, is more analytical and strategic. Accountants use the data prepared by bookkeepers to provide insights on your business’s health, prepare financial reports, conduct audits, ensure compliance with CRA regulations, and advise on operational costs. Depending on the size of your business, you may need both bookkeepers and accountants to ensure smooth and efficient financial processes.

Bookkeeping Tasks Bookkeepers handle the day-to-day financial tasks, including: Recording and categorizing daily payments and expenses Managing accounts payable (AP) and printing cheques Sending customer invoices and recording payments received Managing accounts receivable (AR) and collections Conducting bank reconciliations Processing GST and provincial tax requirements Generating internal management reports Processing payroll, if qualified Processing CRA source remittances and preparing T4s, if compliant Preparing accounting data for accountants Providing complete year-end financial data to accountants In-House Accounting Tasks In-house accountants typically manage more complex, analytical tasks, including: Training and mentoring bookkeeping staff Specializing in industry-specific accounting software and processes Reviewing datasets monthly and reconciling chart of accounts Preparing adjusting entries and CRA documentation Analyzing operational costs and financial statements Overseeing payroll compliance and HR processes Performing monthly bank reconciliations and closing books Monitoring cash flow and advising business owners on financial decisions Occasionally performing in-house audits External Accounting Tasks External accountants typically handle higher-level, strategic functions, such as: Performing audits and cash flow reviews Preparing year-end financial statements and reports Filing corporate tax returns, conducting tax planning, and offering tax advisory services Reviewing the fiscal year with in-house accountants or bookkeepers to provide year-end adjustments Offering business and financial advice based on financial health assessments Conducting review or compilation engagements for the corporation For external accounting, you're typically looking for a CPA firm, which provides certified professional accounting services, including tax filing and financial advisory functions.

Brio offers a comprehensive Full Cycle Bookkeeping solution that handles every aspect of your business’s financial processes. This includes the accurate input and processing of all financial transactions, ensuring that payments, expenses, and receipts are recorded efficiently. We manage both Accounts Receivable (AR), tracking customer invoices and payments, and Accounts Payable (AP), handling vendor bills and timely payments to ensure smooth cash flow management. Additionally, we focus on optimizing your bookkeeping workflows through automation and software integration. With expertise in over 9 different accounting platforms, including QuickBooks, Sage, and Xero, we help implement the best solutions for your business. Our services extend beyond just entering data, we ensure your financial processes are fully integrated with cloud-based software and supporting applications, enhancing workflow efficiency, reducing manual effort, and promoting real-time financial visibility. From the day-to-day transaction management to strategic financial planning, Brio’s Full-Cycle Bookkeeping ensures that every element of your business’s financial health is accounted for, allowing you to focus on growth and decision-making.

Full Cycle Accounting refers to the complete accounting process from the moment a Financial transaction occurs until it is reflected in financial reporting. This includes Accounts Payable, Accounts Receivable, Bank Reconciliations, Payroll integration, Journal Entries, Month-End procedures, Financial Reporting, and year-end preparation. At BRIO, Full Cycle Accounting means more than simply recording transactions. We ensure Financial information is accurate, organized, and meaningful so Business owners can make informed decisions with confidence.

Most businesses should update Bookkeeping monthly at a minimum. Growing businesses often benefit from weekly or even daily Bookkeeping to maintain visibility into cash flow, profitability, and operational performance.

Bank, credit card, loan, and balance sheet reconciliations ensure your financial records accurately reflect reality. Reconciliations help identify errors, missing transactions, fraud risks, and reporting inconsistencies before they become larger issues It is highly suggested that all Asset and Liability Accounts be reconciled monthly to ensure errors and corrections are identified and month-ends can be properly closed and any required remittances be processed.

Falling behind on Bookkeeping can impact Tax filings, Payroll accuracy, Reporting, Financing opportunities, and decision making. BRIO regularly assists businesses with catch-up Bookkeeping, historical cleanup, and Accounting recovery projects.

Accurate Reporting depends on complete Bookkeeping, Proper Reconciliations, Payroll integration, and consistent Accounting processes. BRIO reviews Financial data, Internal Controls, and Reporting structures to ensure information can be relied upon for decision making.

We are certified in over 9 different Accounting software platforms and specialize in QuickBooks, Sage, and Xero. We offer training and implementation programs for these platforms to help businesses automate workflows and integrate cloud-based solutions. Our expertise allows us to streamline your Bookkeeping using the best software for your needs.

Yes, we have Certified Payroll Practitioners on staff and are in good standing with the National Payroll Institution. We stay current on payroll regulations to ensure accuracy. Additionally, we offer templates and resources to support your business’s payroll and HR functions, utilizing cloud portals, CRM systems, and other integrations for seamless management.

We ensure all CRA remittances (monthly, quarterly, and yearly) are filed correctly, including source deductions, GST, PST, WCB, NR4s, T4s, T4As, T5s, T2200s, and more. We can file on your behalf or guide you through the process. Our team stays up to date on any changes to CRA requirements, ensuring compliance and timely filings for your business.