Clearly this was not the case. If you have any accounting experience or knowledge it does not qualify someone as an “accountant” or “bookkeeper”.
This file has given me anxiety over the huge discrepancies in bank and liability balances that were off by several thousands of dollars. This could mean and overstatement or understatement of income, it has also mean late filing penalties, interest and a red flag with the CRA.
If you have found my website and are a bookkeeper or accountant and are searching for answers for questions regarding liability balances because you don’t know, stop and ask yourself if you are in over your head. If you took someone’s file on cause you knew the difference between a debit and a credit and thought you could figure it out but you can’t – stop right now, phone your client and fire yourself, please.
If you are a business owner and you have provided your bookkeeper/accountant with timely bank statements and other financial documents for months now and have asked them and asked them for financial reports and still not received anything – do yourself a favor, find a new bookkeeper/accountant. This time of year is busy for accounting, so I get that a slight delay is okay – but I am talking about months and months of non-financial reporting, late remittances, unanswered phone calls and e-mails, etc. As a business owner – you are ultimately responsible for the financial accuracy of reporting of your data.
Invest wisely in whom you trust your financial future with – get references, take referrals from other professionals and still do your research. If you don’t you may be in for a big surprise and a whole lot of trouble.