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Bookkeeping is the process of recording and organizing financial transactions for a business or organization. It involves keeping track of all the financial transactions such as sales, purchases, payments, and receipts, and organizing them into financial statements such as the balance sheet, income statement, and cash flow statement.
Payroll compliance in Canada refers to the legal requirements that employers must follow when paying their employees. This includes things like deducting and remitting payroll taxes, providing employees with a pay statement, and complying with minimum wage laws. The Canada Revenue Agency (CRA) is the federal agency responsible for administering and enforcing payroll-related taxes and regulations.
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