Financial Statement Compilations
If you run a corporation, you’ll need to produce a set of financial statements at your fiscal year-end. We’ll go through your accounting data to ensure that your numbers are organized and accurate. Then we’ll produce a set of statements that best suits your financial goals.
Corporation Tax Filings
As a corporation, you’ll have to file your corporate income tax return at your fiscal year end. We’ll produce a set of financial statements and file your T2 corporate income tax return, aligning it with your financial goals and working to minimize your income tax liability. Typically, tax filings follow the preparation of financial statements.
Your long-term personal financial goals should align with your business. We’ll work with you to ensure your business and long term plans are aligned be it by choosing the right balance of salary, bonus, or dividends or by determining the optimal corporate structure.
As a corporation, you may need your financial statements formally reviewed for either your bank or your Board of Directors. We’ll work with you to compile your financial statements and prepare a review engagement report.
Budgeting & Cash Flow Planning
Most businesses will want to keep a close eye on cash flow. We’ll work together to provide the right tools to manage and forecast your cash flow and create a budget that will help meet your financial goals.
Loans, Grants & Funding
Whether you’re a start-up looking for funding or an established business looking for a bank loan, there will likely be documents you’ll need to prepare. We’ll work together throughout the process to prepare and review any pro-forma financial statements, applications or other documents necessary to secure funding.
Unincorporated Business Tax Filings
If you operate as an unincorporated entity, we’ll file your personal T1 income tax return, aligning it with your financial goals and working to minimize your income tax liability.
Partnership Tax Filings
If you operate as a general or limited partnership, we’ll prepare your partnership financial statements and file your personal T1 income tax return or T5013 partnership return, ensuring that it meets the financial goals of you and your partners while minimizing the income tax liability.
Your long-term personal financial goals should align with your business. We’ll work with you to ensure your business and long term plans are aligned by determining the ideal business structure, planning your RRSP contributions and optimizing your deductions.
Bookkeeping and Payroll
You may want to focus your time on other areas of the business and leave the bookkeeping to us! We’ll setup a workflow to ensure your bank and credit card transactions are accurately categorized, linking entries directly to receipts and invoices online.
If you’re registered for GST/HST, you’ll be filing sales tax returns on a regular basis. Whether you’re preparing your own books or would like us to manage the process, we’ll review and file your sales tax returns each period to ensure you file accurately and on time.
If you have employees, we’ll setup a payroll system to streamline the payroll process. We’ll manage onboarding of new employees, CRA remittances, terminations, and information return filings. Most importantly, we’ll ensure your employees are paid the right amount and on time.
Technology & Systems
Your business’ accounting system and software choices can significantly affect the cost and efficiency of doing business. Whether you’re looking to work remotely, manage projects, or explore an inventory tracking system, we’ll work with you to research and investigate your options and ultimately identify the right software choice. With an implementation plan in place, we’ll manage the setup and training to ensure a smooth transition.
Whether you’re looking to do your own bookkeeping or run your payroll online, we’ll be there to offer training and support throughout the process. Our hands on training will ensure you gain practical experience to understand the process and our support team is always on call for questions. Throughout the year we’ll continue to review your work and share important updates so you can continue to learn with us!
Starting a business? We can help!
If you’re starting a business, you may want to discuss the pros and cons of incorporation, GST/HST rules, the optimal accounting system to choose, and a host of other questions. We’ll work with you to ensure that you get your business started on the right foot.