Accounting & Bookkeeping
Clean-Up Services: We review and organize your existing financial records to ensure accuracy and completeness. This involves correcting discrepancies, updating outdated entries, and restructuring your accounts for clarity and efficiency.
Company Setup: We assist with the setup of your company’s financial structure, including creating your chart of accounts, establishing accounting policies, and configuring your bookkeeping software to meet your business needs.
Data Transfer: Transitioning from one software to another can be daunting. Our team ensures a seamless transfer of your financial data from other software platforms to your new system, preserving data integrity and continuity.
Accurate Chart of Accounts Creation: We create a detailed and tailored chart of accounts that aligns with your business structure, facilitating easier tracking and reporting of financial transactions
Transaction Categorization: Every transaction is categorized accurately to ensure precise financial reporting and ease of access. This helps in maintaining organized records and provides clarity on financial performance.
Monthly Bank Reconciliations: We perform regular reconciliations of your bank statements with your financial records to identify and resolve discrepancies, ensuring that your accounts are accurate and up-to-date.
Financial Report Preparation: We generate comprehensive financial reports, including balance sheets, income statements, and cash flow statements, providing you with clear insights into your business’s financial health.
We are proficient in a range of accounting software, including:- QuickBooks Online/Desktop, xero, wave, excel, freshbooks. Our team of experts is dedicated to delivering precise and efficient bookkeeping services tailored to your specific needs, ensuring that your financial records are in expert hands.
Payroll
Employee Payroll Management: We handle all aspects of employee payroll, including calculating wages, withholding taxes, and managing deductions. Our services ensure that employees are paid accurately and on time, in compliance with current payroll regulations.
Automated Pay Runs: Using advanced payroll software integrations, we automate the payroll process, including generating paychecks and direct deposits. This reduces administrative burden and ensures consistency in payroll processing.
Benefits Administration: We manage employee benefits such as health insurance, retirement contributions, and other perks. Our services ensure that benefits are correctly administered and deducted, providing employees with the benefits they expect.
Payroll Reports and Analytics: We generate detailed payroll reports, including summaries of wages, taxes, and deductions. These reports offer valuable insights into your payroll expenses and help with budgeting and financial planning.
Custom Payroll Solutions: For businesses with unique payroll needs, we offer customized solutions and configurations within your chosen software platform. Whether it’s handling complex pay structures, multiple pay schedules, or different types of employee compensation, we tailor our services to fit your specific requirements.
Data Security and Confidentiality: We prioritize the security and confidentiality of your payroll data. Our systems are equipped with robust security measures to protect sensitive employee information and ensure compliance with data protection regulations.
Taxation, on the other hand, involves the mandatory contribution to government funds based on income, profits, or other financial transactions. It ensures funding for public services and infrastructure while shaping economic policies. Understanding tax regulations and filing obligations is essential for individuals and businesses to avoid penalties and optimize financial planning. Both payroll and taxation require accuracy, adherence to legal frameworks, and strategic planning to effectively manage financial responsibilities and uphold organizational integrity.
Taxation
Individual Tax Return Preparation: Our experts provide comprehensive preparation of personal income tax returns, ensuring compliance with Canadian tax laws. We meticulously review your financial situation, including income, deductions, and credits, to maximize your tax benefits and minimize liability. We handle various complexities, such as employment income, investment income, and eligible deductions, to ensure accurate and efficient filing.
Corporate Tax Return Preparation: We specialize in preparing corporate tax returns, ensuring full compliance with CRA regulations. Our services cover the preparation of financial statements, calculation of corporate taxes, and optimization of tax strategies. We handle various aspects of corporate taxation, including income, expenses, and available credits, to ensure your business pays the correct amount of tax and maximizes potential benefits.
GST/HST Registration: Assistance with registering for GST/HST, ensuring you meet your obligations from the outset. GST/ HST Calculation: Accurate calculation of GST/HST on your business transactions, helping manage your tax credits and liabilities effectively. GST/ HST Filing Preparation and submission of GST/HST returns, ensuring timely compliance and avoiding penalties.
Pay Stubs: Creation of detailed pay stubs that reflect accurate earnings, deductions, and net pay, ensuring transparency and compliance. - T4 SlipsPreparation of T4 slips summarizing income and deductions, facilitating accurate reporting on personal tax returns.By choosing our specialized taxation services, you benefit from expert handling of all your tax obligations, whether personal or corporate, allowing you to focus on your financial goals with confidence.
Financial Reporting and Analysis
Financial Reporting: We offer in-depth financial reporting to provide a clear and accurate picture of your business’s financial health. Our services include:
Income Statements: Detailed reports showing your company’s revenues, expenses, and profits over a specific period. This helps in understanding profitability and operational efficiency.
Balance Sheets: Statements that provide a snapshot of your assets, liabilities, and equity at a particular point in time. This helps assess your company’s financial position and stability.
Cash Flow Statements: Reports that track the flow of cash in and out of your business, highlighting operational, investing, and financing activities. This assists in managing liquidity and cash flow.
Statement of Retained Earnings: Displays changes in retained earnings over a period, including profits retained in the business versus those distributed to shareholders.
Financial Analysis: We conduct tailored financial analysis to offer deeper insights into your financial performance and guide strategic decision-making:
Analysis: Evaluation of key financial ratios such as profitability, liquidity, solvency, and efficiency ratios. This helps in assessing financial performance and comparing it to industry benchmarks.
Trend Analysis: Examination of financial trends over multiple periods to identify patterns, growth areas, and potential concerns. This analysis aids in forecasting and strategic planning.
Variance Analysis: Comparison of actual financial results against budgeted or forecasted figures to identify deviations and understand their causes. This helps in adjusting financial strategies and operations.
Budgeting and Forecasting: We assist in developing and managing budgets and financial forecasts to plan for the future and achieve your business goals:
Budget Preparation: Creation of detailed budgets that align with your business objectives and operational plans. This includes revenue, expense, and capital budgets.
Forecasting: Development of financial forecasts based on historical data, market conditions, and business plans. This helps in anticipating future financial performance and making informed decisions.
Risk Management: Evaluation of financial risks and development of strategies to mitigate them, ensuring financial stability and resilience.
Compliance and Accuracy: We ensure that all financial reports and analyses comply with accounting standards and regulations, maintaining accuracy and reliability in all financial documentation.