Procedure
Phase One
Phase Two
Phase Three
In the discovery process, we perform a diagnostic review of your QuickBooks file(s) and related bookkeeping and accounting processes. We will be reviewing the file(s) for accuracy, aiming to understand existing business processes like how income is recorded, bill payments, tax filings, expense categorization, payroll, etc.
During discovery, we will also be looking for ways to improve and streamline financial processes and implement bookkeeping best practices.
After discovery is complete, any catch-up/clean-up work needed will be presented to you for approval and will be completed on an hourly basis. Work like entering historic transactions, performing reconciliations, editing or re-aligning the chart of accounts for better reporting, correcting balance sheet issues, etc. is considered catch-up/clean-up.
Accounting Support
Daily, weekly, and monthly financial activity support as employees of your team.
Bookkeeping & Accounting
Accounts receivable
Accounts payable
Fixed assets depreciation and data maintenance
Home office uses for your business
Auto uses for your business
Royalty and AD fund transactions
Gift card and voucher transactions
HST filing
Work Safety Insurance Board (WSIB)
Bank/debit/credit reconciliation
Monthly and year-end closing and analysis
Quarterly review of internal bookkeeper’s work
Business Consulting
Identification of improvement opportunities to increase profitability
Internal controls evaluation
Design and redesign of internal controls
General business consulting customized to suit any of your issues, needs, or wants
Financial Analysis
Annual planning, budgeting and forecasting
Variance analysis of actual to budget
Revenue stream analysis by product line and by customer, sales trend analysis
Assessing expenditure drivers and savings to support operating and financial decisions.
Profitability analysis, performance assessment
Financial modelling, business case justification, multi scenario analysis
Evaluating new projects ROI, payback period; developing financial models from initial concept through market launch, scenario planning for various pricing and economic models; setting up key financial indicators and measures for success
Interpreting and analyzing financial issues
Business Start-Up
Tax implication analysis for optimum type of entity selection
Government and tax registration (article and certificate of incorporation, NUANS corporate name search, and initial return filing with the Ministry)
WSIB/HST/payroll/income tax account opening
CRA Solutions & Resolutions
Competently represent your business to the CRA in all sales tax and income tax issues
Thoroughly analyze and resolve any and all of your tax related issues, concerns, and problems
Negotiate a practical and fair payment plan for any taxes owed
Estate & Succession Planning
Solution for trapped surplus in a corporation
Minimize tax on transfer of business
Reduce taxes upon death
Income splitting with family members
Tax
Personal tax filing
Corporation tax filing
Canadian real estate tax
Tax audits
Proactive year-end tax planning to avoid last minute rush and support best tax strategy
Payroll
Payroll cheque processing
Payroll source deductions and remittance
Record of Employment (ROE)
Year-end payroll processing (T4 and T4 summary filing)
Payroll consulting
Financial Statements
Monthly/quarterly internal financial statements
Monthly review of financial statements and recommendations for improvement
Compiled financial statements or projections for third parties
System Setup
Quickbooks setup
System training
System review
Problem solving