68 Valley View Drive, Winnipeg, MB, R2Y 0R6

204-688-2430

Personalized Bookkeeping Services for Winnipeg’s Small Businesses

For over 22 years, Ray-Lo Bookkeeping Services has been committed to the complete satisfaction of our clients throughout Winnipeg. When you hire Ray-Lo Bookkeeping for oversight of your financial services, you can rely on quick response times and services tailored to fit your specific needs. We’re an excellent resource for small businesses in Winnipeg. Trust us to manage your accounts, offer trustworthy consultations, and incorporate your business. For a range of reliable bookkeeping services, call Ray-Lo Bookkeeping today. We offer direct deposit for our bookkeeping and payrolls clients.


Bookkeeping Tips

Ray-Lo Bookkeeping Services offers you a few tips regarding bookkeeping:

  • Keep all your receipts in one place. It is a good idea to keep a pouch or envelope for receipts in your car or briefcase. Don’t worry about sorting the receipts, just collect everything. Save all original bills because a debit or credit card receipt will not be sufficient if you are audited.
  • Set aside time for your books. Committing just 15 minutes a week to sorting and compiling receipts will save you lots of trouble at tax time.
  • Keep business and personal expenses separate. Try to keep business and personal receipts separate. If you have a bill that includes personal and business expenses, use a highlighter to quickly and efficiently separate the two categories in order to more efficiently manage your bookkeeping.
  • Save all asset receipts. Be sure to save all receipts for items that cost more than $300 that will be amortized over time. This can include computers, large equipment and vehicles.
  • Keep an accurate year-end file for your accountant. Put all important documents into a file immediately after you get them to help your accountant compile your taxes or perform other financial duties more efficiently.
  • Know your deadlines. Make sure that you have a calendar in plain sight where you can track your due dates.
  • Use a computer. If you do not have access to an accounting program, it is still a good idea to use a computer to track your expenses and sales. Computerized programs will help you organize and research your finances.
  • Send a monthly statement to customers. If you track receivables on an accounting program, make sure you take time at the end of the month to see who still owes you money. Send out a monthly statement to those customers because sometimes all they need is an extra reminder. Adding interest is also a good way of creating an incentive for customers to pay you on time.
  • Try to reconcile your bank monthly. It’s easiest to reconcile on a monthly basis to spot any mistakes early. It’s also easier to remember specific details within the month of their occurrence as opposed to six months later.
  • Outsource. If you find you are spending more time on your books than on your business, outsource your bookkeeping to a bookkeeper. Remember you didn’t start your business to do your books.


Accounts Payable

With our computerized accounts payable system, we can keep track of your payables and make sure you are current with all payments. We enter the bills and keep track of the vendor balances and due dates. You can either pay the bills yourself or authorize us to pay them with computer cheques. After the cheques are printed, all you would have to do is meet with us and sign them. We can provide reports on how much you spent at each vendor and how much you still owe them.


Accounts Receivable

Improve the efficiency of your customer invoicing and payments. Our accounts receivable system allows you to e-mail or fax invoice details. We enter the invoices into our system and mail them to your customers. Customer statements can be sent out at the end of every month. This is a good reminder to customers who owe you money. Interest can also be added for late paying customers. A current customer list can show you who owes money and how old the invoice on which they owe is. Ray-Lo Bookkeeping Services can also make your bank deposits for you. This ensures that your deposits are made promptly to keep a steady cash flow.


Month-End Services

With regular bank reconciliation and month-end preparation, you can see what your company’s financial position is on a monthly basis. You can send us your month-end information or we can pick it up within the city. We enter data which enables us to reconcile your bank and credit card accounts. After the month-end services are completed, we print out monthly and annual to-date financial statements. We meet with you and review financials after completion of month-end services, where we can spot problem areas and make recommendations. Financials are readily available if they are requested by the bank. Month-end services are usually completed in just one week.


Payroll

Some of the most common mistakes made with payrolls are due to a lack of a good system. Our system is easy and will save you time and money. Our payroll system is outlined below.

  • We set up all of your employees on our system. This ensures accurate information at T4 time.
  • You can e-mail us or fax us your hours.
  • We enter the payroll on the system. This can be done weekly, bi-weekly, semi-monthly or monthly.
  • We can print out computerized cheques at our location or give you the payroll information and you can write the cheques on your end.
  • We also provide a direct deposit option where the payroll is deposited directly into your employees’ accounts.
  • When an employee is terminated, we provide a Record of Employment.
  • Before the 15th day of every month, we provide a report of how much source deductions you owe for the month and advise you of the due date to avoid penalty.
  • At the end of the year, we provide T4 documents.


GST/PST

When your books are recorded monthly, the GST and PST amounts are calculated automatically. Before the due dates for your GST and PST come up, we print out a report and calculate what your payment will be.


You would be advised of the return due dates and the amount of your payment. If you wish, we can make the payment for you at the bank.


Year-End Services

Putting together a year-end package will make it easier for your accountant and should help you save money and improve efficiency.


Preparations for year-end finances:

  • We review the general ledger to make sure all allocations are correct. If needed, we make the necessary corrections.
  • We balance the accounts.
  • Accounts Receivable: We write off bad debts if necessary.
  • Accounts Payable: We make sure there are no unpaid items.
  • Our package for the accountant consists of financials, corporate notice of assessment for the previous year, copies of the GST, PST and the source deduction remittances.


Resources

Canada Revenue Agency

This site has important information for taxes, payroll, GST, and other government payments.


Manitoba Labour Standards

This site has important employment standards information.


Manitoba Companies Office

This site has information on registering your business name and has other business-related links.


Taxpayer Alert Website

This site provides new tax alerts, tax myths and general tax information.

Services

  • Professional Bookkeeping Services
  • Accounting
  • Accounts Payable/Receivable
  • Payroll Services
  • Budgeting
  • Consulting
  • Year End Preparations

Brands

  • QuickBooks
  • Simply Accounting

See Our Partners

We team up with the best businesses in Winnipeg.

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