Type: Corporation
Industry: Construction & Property Restoration
This was a former client of ours that decided to do their own bookkeeping to save money and we were thrilled to hear from them again.
The owner, juggling on-site management and client relationships, found it challenging to maintain accurate books and meet CRA filing deadlines.
The Challenge
The company had bookkeeping records that had fallen behind and contained inconsistencies. Payroll deductions, bank reconciliations, and expense categorization all needed attention to ensure accurate financial reporting and compliance.
By early 2025, the books were not fully up to date. Several issues required correction:
- Payroll benefits and deductions had been incorrectly set up on employee profiles which- if left unfixed – would mean that the T4’s would be filed incorrectly.
- Client-posted expenses needed review and clean-up for accuracy.
- Bank reconciliations were incomplete beyond December 2024.
- Uncategorized and A/P transactions were unresolved, leaving uncertainty in the financials.
The client needed a reliable partner to bring their books current and provide clarity before mid-year reporting.
Our Solution:
We provided a structured clean-up process to restore accuracy and confidence in the financial data:
- Corrected payroll benefits and deductions directly in employee profiles. Worked with QBO support to make a year-to-date adjustment to ensure that the T4’s would be correct at the end of the year.
- Reviewed and adjusted client-entered expenses to ensure proper categorization.
- Completed the credit card feed setup and reconciliations for each month during the catch-up period.
- Matched as many transactions as possible in the bank feed, ensuring accurate coding and posting.
- Noted that some bills were paid in large lump sums several months after the original bill date — adjustments and attention were given to ensure proper matching in the bank feed.
- Completed bank reconciliations from December 2024 through May 2025.
- Sent custom Excel spreadsheets to the owner highlighting outstanding A/P and uncategorized transactions—primarily employee reimbursements—so they could be addressed promptly.
The Results
By May 2025, the client’s books were fully caught up and clean.
Key outcomes:
- Accurate payroll deductions set up for all employees.
- Complete reconciliations providing clear, reliable financials.
- Outstanding reimbursements identified and resolved.
- Increased client confidence with a transparent view of payables and expenses.
- Monthly reporting of P&L to client moving forward.
Takeaway
With reconciled accounts and corrected payroll, the client now has up-to-date, dependable financial records. This allows them to focus on growing their business without worrying about compliance gaps or bookkeeping backlogs.