GenuBOOK is built on an agile accounting approach. Regardless of if you are an organized or Too busy to do it daily, you should find this software will bring them up up to speed in no time.
What it means is that you can manage your accounting either bottom up or top down both ways. We start with capturing income and expenses which is the fundamental part of the bookkeeping.
Having these simple bookkeeping task done will cut down your overall accounting cost 50% when Genubook team is engaged for the other activities including annual tax return or periodic GST returns.
The best approach for the bookeeping is to:
- Do the daily data entries as the first step.
- Scan the financial records to determine the GST/HST received or paid
- Group or categorize the finiancial records, we call it GIFI Assignment so that we maintain Accounting standards
- Review automatically generated Income Statements and Balancesheet
- Invoicing/Payment/Payroll processing etc will pass along the required information into the bookkeeping database
- GST/HST return report and Annual Tax Return information is always ready to be filed.