Providing complete records at the beginning of the bookkeeping process reduces follow-up questions and helps the work move efficiently.
Quick answer: Your bookkeeper normally needs complete statements for business financial accounts, records supporting sales and expenses, payroll reports, details of financing activity and explanations for unusual transactions.
Bank and credit-card information
Provide complete statements for every account used by the business during the period. Include payment-platform and merchant-processing reports when those systems receive or hold customer funds.
Sales and customer payments
Depending on the business, this may include:
- Sales invoices
- Point-of-sale reports
- Deposit summaries
- Customer-payment reports
- Refund and credit information
- Accounts-receivable records
Purchases and operating expenses
Provide supplier bills, receipts and supporting documents. A statement proves that a payment occurred, but it may not explain what was purchased or why it related to the business.
Payroll records
Keep approved payroll summaries, employee changes and relevant payroll-provider reports together. Sensitive employee information should only be shared through an agreed secure method.
Loans, financing and owner activity
Identify new loans, repayments, owner contributions, owner withdrawals and transfers between business accounts. These items should not be categorized based on appearance alone.
A monthly questions note
Include a short note explaining unusual transactions or changes in business activity. This can prevent repeated emails and reduce the risk of incorrect assumptions.
A useful preparation rule
Give the bookkeeper complete information for the period—not selected documents that appear important. Completeness allows the records to be compared and reviewed consistently.
What Simplide can help with
Simplide can provide an agreed records checklist, organize supplied information and identify obvious administrative gaps. The business owner remains responsible for the accuracy and completeness of the information provided.
Questions involving tax treatment, legal obligations or professional accounting judgments should be referred to the appropriately qualified professional.
If your records are several months behind, read our catch-up bookkeeping guide and review catch-up bookkeeping services in Toronto. For ongoing support, compare Simplide’s monthly packages.