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Audit-Ready Bookkeeping

Our audit-ready bookkeeping service begins with a consultation with the business owners, after which we assign our highly-trained and experienced bookkeepers to completely re-do your books using our proprietary software. All business documents will be organized into binders, numbered and cross-referenced with each software entry. The end result is a crystal-clear and complete picture of every financial transaction involving your business. An auditor will find it self-explanatory and rock-solid. The transformation of your business records into our system becomes the critical tool in defence of an audit.

Once completed, you will receive a copy of the data file we have produced, along with a license for our software which you may use, indefinitely. Our fees vary, depending on the state of your business documents and how detailed your bookkeeping methods have been, but well over 90% of our clients can obtain audit-ready books for around $1,500 for one taxation year or $2,500 for two taxation years. Most CRA audits cover two taxation years.

Here is a more detailed explanation of what we will actually be doing. Key in the process of audit-ready bookkeeping are the "source documents" which are comprised of items such as: deposit slips, invoices, records of business dealings, and receipts. We gather the source documents for all transactions, operations, and other events of your business and organize them in a way that provides a record the evidence of business dealings and justification for business expenses. This is where audit-ready bookkeeping begins and is the starting point in the audit-ready bookkeeping process.

Business events always have a financial impact on a business, in one way or another. An audit-ready bookkeeper understands this and has to determine what information is relevant and how to document the financial effects of each business transaction. A business is better off, worse off, or at least "different off," as the result of its transactions. The bookkeeping process identifies the financial and business aspect of the relevant information about each transaction.

Each financial transaction requires an item or tracking number. This is critical to an audit trail. An audit trail is a traceable sequence of events leading up to a bookkeeping entry in your business's accounts. Identifying the source document(s) for every transaction, the bookkeeper makes the first, or original, entry into a document journal and then enters the data into the business's General Ledger.
These procedures are the critical steps for getting the accounting records up-to-date and ready for the preparation of management accounting reports, tax returns, financial statements and government audits