Calgary, Alberta, is one of Canada’s fastest growing cities, both in terms of its population and its GDP. In addition to Oil & Gas, Calgary has strong financial, construction, science and technology, manufacturing and retail sectors.
According to the Calgary Economic Department, Calgary is host to the second highest concentration of small businesses among Canada’s major cities. Of course, it’s also the host of the Calgary Stampede! Attracting major investments from companies like Amazon and Uber, its comparatively low inflation and favorable tax rates are a draw for entrepreneurs as well. As a Calgary small business bookkeeping firm, our goal is to help these businesses thrive in this Alberta economy.
Whether you’re a Calgary entrepreneur, small business owner, or a director of a non-profit, you need timely and accurate financial data to inform your business decisions. Trying to grow a business without clarity is like driving blind.
At Legacy Advantage, our Calgary bookkeepers support small businesses in Calgary by removing blindfolds and providing the bookkeeping services you need to make informed business decisions.
Our team of CPA-level Calgary bookkeepers:
1. Provide fast, accurate and efficient bookkeeping services
2. Explain how these numbers impact your business
3. Help you use this information to plan for your future
We take the bookkeeping off your hands so that you can take your business to the next level.
Calgary Construction Business
Brian owns a Calgary-based construction business and he services homeowners all across Alberta. Most of his contracts are cost plus. At the end of every month, he needs to send his clients copies of every supplier invoice and expense receipts as proof. Recordkeeping is, therefore, critical to the profitability of his business. Unfortunately, the process by which this was being done was so disorganized that it became overwhelming, and he came to Legacy Advantage for help.
Brian was spending one or more full days a month on paperwork necessary for invoicing his clients. This involved scanning receipts, printing off invoices, and then sorting through these to accurately match each to the appropriate client based on his own recollection and what was recorded in various work reports. At the end of this process, he sent these papers to his Calgary bookkeeper/accountant and then had to wait for the information to be input and a report issued before he could send out any invoices. Not only was the process time-consuming and confusing, but it was so slow that it was disrupting his cashflows.
After consulting with Brian, we set him up with an account on ReceiptBank and walked him through a new expensing process that would go like this. Every time Brian received a bill from a supplier, he just needed to forward the PDF to his ReceiptBank account. When he received a receipt for an expense, say at the Home Depot on Macleod Trail, he simply photographed it, categorized it, and assigned it to a client.
Each week he spent a few minutes scrolling through the list of expenses on ReceiptBank and adding any category or client tags that were missed. At end of month, having followed this process, all of his expenses were categorized by type and assigned to the appropriate client. Our Calgary bookkeeper then sent him separate expense list summaries for each of his construction clients that included attachments of the related receipts and invoices. We also provided Brian with a profit/loss statement per client.
The amount of time Brian spends on paperwork per month has gone from days to an hour or two at most. The new expense filing process has reduced clutter and created an organized and efficient bookkeeping system. In addition, storing his expense information in the cloud gives Brian the added security of knowing his receipts won’t be lost or damaged.
He knows exactly which expenses belong to each of his construction clients, and with detailed client expense reports from his Calgary bookkeeper, Brian can invoice his clients in a regular, timely fashion, which has improved his cashflow and peace of mind. And with client profit/loss reports, he can see where he’s making or losing money, which enables him to make better business decisions.
“Legacy Advantage has been so helpful to our organization! They are professional, knowledgeable, and quick responding. I love working with this accounting team.”
Our super-friendly bookkeepers are all either CPAs or CPA students. We have a rigorous interview process which helps us select the best, most
upbeat bookkeepers in Calgary.
You’ll have a dedicated bookkeeper, but we also work as a team. No matter what happens, we’ll always have your back.